OCR Remittance Recognition and Posting

Automate uploading and cash application of paper based remittance
information from an OCR file directly into any ERP system.

Within Europe and USA, a large number of remittance advices are still received
in hard copy of various shapes and sizes. Many AR departments manually
record the payment information and compare against invoices in their ERP.

Cforia's OCR solution tackles paper based remittance advices, checks, general
ledger listings and any other hard copy remittance documents. Documents are
scanned and stored electronically.  The Electronic documents as accessible by
multiple users in diverse locations simultaneously.

Recognition Technology scans documents to identify and map keys data fields
including Customers, References and Amounts. The resulting electronic file is
uploaded into Cforia's Cash Application Module. Various matching rules are
applied against this file and open AR data within your ERP. Discount validation
logic verifies terms.

Users can review and modify the automatic AR applications, create deductions,
write off bank charges and create unallocated cash payments.

Features
  • Scan any format of remittance advice including customer specific
    remittance advice, check remittance and general ledger listing.
  • Fully automate data capture from structured, semi structured and
    unstructured paper remittances.
  • Fast, powerful verification of paper based AR remittance information..
  • Increase productivity while reducing keying errors.
  • Fast learning system that requires each document instance to be mapped once. Other instances of the same document
    type will be fully automated.
  • Cforia's automated matching rules can include various combinations of the following reference data: invoice amount,
    invoice number, purchase order reference, sales order reference, discount amount and due date.
  • Automated matching rules can supports custom and customer specific reference fields.
  • Automatic deduction coding from paper documents.
  • Automatic processing of GL Write off’s, Unallocated cash payments and all necessary posting to AR and GL.
  • Reporting includes AR allocation, Discount validation, Posted Journal and Cash balance.

Benefits
  • Eliminates manual keying of all remittance information, thus reducing manual entry errors..
  • Converts paper based documents to electronic storage of all remittance details.
  • Automatic matching rules produce on average 80%+ matching rate to open AR..
  • Single check payments can be allocated across company and customers with automatic accounting entries.
  • Allow A/R staff to focus on exception handling instead of data entry.  

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

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