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Using Drupal 7.44 and CiviCRM 4.7.8.
When using CiviCRM 4.6.18 a Pending (Pay Later) contribution can be completed by editing the Membership that it relates to, checking the box 'Update Payment Status' and completing the payment. When this is done in a copy of the (upgraded) database in version 4.7.8 an error is displayed 'Please enter the financial type'.
This is almost certainly an error of the database upgrade or the application itself.
I'm relatively new to CiviCRM and realize this is an old thread, but I just got the same error on Wordpress 4.7.4 and CiviCRM 4.7.15. I was trying to record a update a membership based on a cash payment. Screen shot below shows the error received. I unchecked "Update Payment Status" and was able to save and continue. I had to add a new contribution for this person after saving the the membership changes.
Glad I could help - regarding "Update Payment Status" - there is an action that allows you to "Update pending contribution status", but I don't recall seeing a check box anywhere - if you do happen to see it again (assuming you are not drinking), send a screen shot.
Thanks!
