OCR Remittance Recognition

This Cashbook Solution is designed to specifically meet the needs of customers who receive paper based AR remittance information and through the use of Cashbook’s OCR technology automates the processing and application of AR cash.

Within Europe and USA, a large number of remittance advices are still received in hard copy and in various shapes and sizes. Upon receipt of these remittances AR departments manually record the payment information in the ERP and manually process the cash application from the hard copy remittance.

Cashbook’s OCR solution deals with remittance advices, cheque remittance advices, general ledger listings or any other hard copy remittance document. Documents are scanned and stored, accessible by multiple users in diverse locations simultaneously. Using Cashbooks inbuilt recognition technology it identifies keys data fields on the scanned document required to process the cash and apply to open AR i.e Customer, Reference, Amount. This then creates an electronic file which is uploaded into Cashbooks Cash Application Module. Upon upload various matching rules are applied to the file in order to electronically match to the open AR data within your ERP. Discount validation also takes place to ensure that discount terms are verified on invoices and discount incorporated into the allocation process. Users have the ability to review the automatic AR applications (and modify if necessary), create deductions, write off bank charges and create unallocated cash payments if required.

Features

  • Any format of remittance advice can be used e.g. customer specific remittance advice, remittance attached to cheque or general ledger listing etc.
  • Fully automated data capture from both structured, semi structured and unstructured paper remittances.
  • Fast, powerful verification of AR remittance information.
  • Significant time saving in capturing data and elimination of processor keying errors.
  • Incorporated intelligence so that once a customer remittance is scanned once, detection of data fields for future remittances is complete.
  • Cashbooks automated matching rules can include various combinations of the following reference data: invoice amount, invoice number, purchase order reference, sales order reference, discount amount, due date.
  • Automated matching rules can be modified or enhanced to include other customer specific reference fields.
  • Automatic creation of Deductions.
  • Automatic processing of GL Write off’s, Unallocated cash payments and all necessary posting to AR & GL completed.
  • Full report set available, including AR allocation report, Discount validation report, Posted Journal report and Cash balance reporting.

Benefits

  • Eliminates manual keying of all remittance information, thus reducing manual entry errors.
  • Electronic storage of all remittance details.
  • Straight through automatic process from receipt of hard copy remittance to cash application.
  • Automatic matching rules produce on average 80%+ matching rate to open AR.
  • Payments can be allocated across company and across customer should one cheque be received and all related accounting entries processed automatically via Cashbook.
  • Elimination of manual effort allows companies to allocated staff time to other higher value activities.
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