MT940 Cash Application Module

MT940 is a common bank statement file used across Europe. Cforia's
integrated MT940 solution allows companies to upload bank statements
and auto match payments against customer invoices inside their ERP systems.
This functionality can automate as much as 90% of daily cash transactions.

The process begins with uploading a MT940 or other format bank statement.
Bank statement reference data is automatically matched against invoice accounts
receivable transactions. The system also suggests manual journal postings as
well, based upon the bank statement reference data. The word “suggest” is used
as no automatic postings are completed, everything must be approved by the
appropriate credit controller.

Supports Benelux and other European Countries with excellent match rates.
  • 70 - 90% auto match rates in Sweden, Finland, Norway, Germany,
    Switzerland, Austria and Netherlands.
  • 30 - 50% auto match rates in France and Belgium.

Features
  • Integrates across multiple ERP systems including  SAP, Oracle, Baan,
     Lawson, Microsoft Dynamics NAV, QAD, JD Edwards, PeopleSoft, BPCS,
     MAPICS and many more.
  • Can support any global bank.
  • Standard bank statement upload process regardless of the bank, currency or ERP system.
  • Algorithms support customer numbers, invoices, sales orders, customer bank accounts, pick list, packing numbers,
    customer purchase orders, shipment numbers and sales orders.
  • Upload and store multiple bank accounts, bank statement numbers, opening and closing bank balances.
  • Excellent auto post validation rules.
  • Reports all auto cash applications and manual matches.
  • Supports country specific privacy laws through aliasing of bank statement information to avoid uploading sensitive bank
    account information.
  • Handles partial payments, credit/debit notes, unallocated payments, multiple discount terms, foreign exchange gain or
    losses, write-offs, bank charges, suspense account postings.
  • Integrated with Excel, EDI, PDF and Customer Lockbox Modules and Bank Reconciliation which enables usage with high
    and low volume customers
  • Supports multiple customer sites and structures with Grand Parent, Parent and Child relationships.
  • Transaction identification Codes and ‘character strings’ can be auto posted to specific general ledger accounts
  • View all bank statement information from Cforia Journals.

Benefits
  • Elimination of manual effort allows companies to allocate more staff time to other higher-value activities.
  • Enable Financial Shared Service Centers without the need for a common ERP platform or version updates.
  • Global companies can employ a global solution for all sites across multiple different banks.

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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