US Bank Lockbox

Any company in the US spending more than 2 hours a day handling
manual Lockbox data should consider automating this key A/R process.

This Cforia Software module uploads US bank Lockbox files into any ERP
system and applies cash automatically based on the check and invoice
reference data contained within the file.

Today, many A/R departments in the US receive Lockbox information
from their bank manually (by fax, or by printing reports available through
banking software). As part of a Lockbox project, we will work with your
bank to ensure that you receive this information electronically in the correct
format. We then work with you to establish the matching rules required. We
handle single-site scenarios, as well as consolidated Lockbox files to be
applied across multiple company divisions and ERP environments.

Current daily matching rates at our U.S. Lockbox sites range from 60%
to 100%. Return on Investment models for U.S. Lockbox projects average
from 6 to 12 months.

Features
  • Can be adapted for any Bank file or format in the US and Canada.
  • Standard matching algorithms available include combinations of the
    following reference data: invoice amount, invoice number, purchase
    order reference, sales order reference, discount amount, due date.
  • Algorithms can be modified or enhanced to include other specific reference fields.
  • Deduction handling
  • G/L write-offs
  • Unallocated Cash
  • Makes all necessary updates to your ERP’s A/R and G/L
  • Each Lockbox has its own Cforia journal, so multiple Lockboxes can be worked on simultaneously.
  • Supports multiple sites and ERP systems including SAP, Oracle, PeopleSoft, Baan, Lawson, JD Edwards, BPCS,
    MAPICS, Microsoft Dynamics NAV, QAD and many more.

Benefits
  • Reduces A/R processing time of bank Lockbox files by an average of 50% to 95%.
  • Allows companies to increase receipt volume without adding additional resources.
  • Automated processing of data reduces likelihood of manual entry errors.  
  • Clean, efficient processing bank Lockbox data reduces overall reporting time needed at month, quarter and year end
    periods.
  • 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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