Bank Statement Automation

Automatically upload bank statements and apply cash receipts and
manual payments directly into any ERP. Automate up to 80% of your
daily cash transactions.

The process begins with uploading a bank statement. If the bank statement
includes good quality reference data this solution can automatically suggest
invoice allocations for accounts receivable transactions. The solution also
suggests manual journal postings based upon the reference data in the bank
statement. The word “suggest” is used as all postings must be approved.

The variation in automation from 30-80% depends upon the bank that
your business is using and the way your customers pay you. We can easily
assess the level of automation you are likely to get at no charge if you
supply an example of one of your daily bank statements.

This solution can be implemented worldwide..

Features
  • JDBC access to multiple ERP systems either directly integrating with
    system data or via staging databases.
  • Approval process, ensures excellent workflow.
  • Can be adapted for any Bank globally.
  • Standard bank statement upload process no matter what bank, currency
    or ERP you are using.
  • Supports algorithms across customer numbers, invoices, sales orders,
    customer bank accounts, pick list, packing numbers, customer purchase orders, shipment numbers, sales orders.
  • Processes partial payments, credit/debit notes, unallocated payments, multiple discount terms, foreign exchange gain or
    losses, write-offs, bank charges and suspense account postings.
  • Integration with Excel, Customer Lockbox Modules and Bank Reconciliation enables usage with high and low volume
    customers.
  • Supports multiple sites, environments and ERP systems.

Benefits
  • Creates the ability to run Shared Service Centers for companies that run on disparate ERP platforms.
  • Global companies can employ one solution across multiple regions and different banks..
  • Automated processing of bank statement data reduces manual entry while increasing financial control.  
  • Elimination of manual effort allows companies to allocate more staff time to other higher value activities.
  • Assures that cash application is handled in a consistent, controlled manner.

Click on this link to view Lockbox Auto Cash Application Webinar replay.  Presented by a 20 year veteran.

Click to view cash application background for Greg Coulter.
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