One of the common challenges in the automotive sector is receiving a huge volume of payments that do not relate to invoices. Customers such as Ford, Chrysler, NAPA, General Motors send across EDI files with a multitude of different reference data. There is a standard EDI format but it is almost never filled in the same way by two different companies. Suppliers in the Automotive area need to be able to apply cash at an invoice level or sometimes sub-line invoice level using the detail provided in the EDI remittance files.
A further challenge is the process of self-billing so Automotive clients are paying on order numbers or item numbers. Cashbook’s algorithms facilitate matching on many different criteria by linking from the order number provided to match to your invoice on the system. Dealing with deductions based upon shortages, damages, late delivery is a labour intensive process. With Cashbook we can automate the coding of deductions directly from the remittances received through our configurable EDI file reader.