AP Draft ManagementThe management of draft processing is a uniquely European business requirement.France and Southern European countries require Draft Management as part of their day-to-day cash processing. A Draft is essentially a promise to pay a certain amount on a certain day in the future, comparable to a post-dated check. Cashbook AP Draft Management allows users to create AP drafts in Cashbook, modify the evolution of the draft’s status (a key feature of drafts), and send draft files in electronic format directly to the bank (similar to sending an electronic credit or debit file to the bank). Cashbook AP Draft Management removes many of the manual processes associated with paper drafts. The solution was also designed for pan-European corporations to replace local country solutions, thereby facilitating the adoption of a common platform, data and process model across the business, and ensuring continuity in corporate software systems solutions. Features
This Cashbook Drafts module is fully integrated with the company’s ERP system. Creation of drafts is driven directly from the AP data in the ERP. The module permits:
In the module drafts can be tracked through multiple status levels to maturity. Appropriate accounting entries are made to the ERP system at each status point, including the ability to reverse or dishonour individually drafts, essentially reversing all previously posted accounting entries and subsystem records. This module can be integrated with any bank accepting AP drafts either manually or electronically. Ideally suited for European Shared Service Center operations who need to cater for specific country requirements. Benefits
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