Request a Demo

Massively reduce manual work

Reduce time spent processing lockbox files by up to 95%

Let technology do the work!

If your department is spending >2 hours
a day processing lockbox data you should automate.

Datasheet Download
cash application automation

Downloads


CASE STUDY

How to reduce cash application
time by >50%.

View Case Study
Datasheet

Achieve up to 98%
of cash application processes.

View Datasheet
Features of Lockbox Processing Module

Bank & ERP Integration

Powering an unprecedented level of lockbox processing automation throughout the US and Canada

Our Lockbox Automation module caters for multiple locations, environments and ERP systems. What’s more, it can be adapted to any bank file or format used in the US and Canada.

 

Advanced Intelligence

Specific functionality to cater for an array of lockbox processing needs

Standard matching algorithms available include combinations of the following reference data: invoice amount, invoice number, purchase order reference, sales order reference, discount amount and due date. Algorithms can also be easily modified or enhanced to handle specific reference fields or requirements. Automatic G/L write-offs are based upon your pre-determined tolerances (by amount or percentage). Deduction handling and auto-coding also catered for.

This module enables auto-generation of on account payments. It utilizes MICR numbers for auto-matching customer numbers. Posting files are provided to ensure updates to your ERP’s A/R and G/L. Automated processing significantly reduces exposure to human error.

Each Lockbox has its own ‘Cashbook’ journal, so multiple Lockboxes can be worked on simultaneously. Splitting of Lockbox’s is possible by bank account, company, collector or number of journal lines. Includes the ability to use OCR technology on Bank Lockbox image files to extract data from images that can be used to automate against your open invoice files.

Greater Financial Control

A clear window from which to observe your lockbox file processing

This module is proven to be an excellent tool for ensuring cash application is handled in a consistent, controlled manner. Clean, efficient processing of bank Lockbox data reduces overall reporting time needed at month-end, quarter-end and year-end. Reduces DSO by more rapidly processing customer receipts. Allows you to increase receipt volume without adding additional resources. Opportunity to redeploy resources to higher-value work.

SUCCESS STORY
Exide Technologies

A streamlined, automated solution for a demanding lockbox process

READ THE SUCCESS STORY
CONTACT

Whatever your ERP we’ll fire up its Cash Management engine.
Enjoy an incredible level of automation, functionality and control.

Watch Video   Request a discovery call
Formica
Bridgestone
Sulzer
Nice Pak
Skiffy
Essentra
Live chat