This module allows companies to upload a bank statement (SWIFT MT940 or CODA or Multicash
or any other file type) into Cashbook and apply algorithms so that cash receipts and manual
payments are automatically applied. The module can automate anything from 30-80% of your
daily cash transactions.

The process begins with uploading a bank statement into Cashbook. If the bank statement
includes good quality reference data our solution can automatically suggest invoice allocations
for accounts receivable transactions. Cashbook will also suggest manual journal postings as well
based upon the reference data in the bank statement. The word “suggest” is used as no
automatic postings are completed, everything must be approved by the appropriate credit
controller or accountant.

The variation in automation from 30-80% depends upon the bank that your business is using and
the way your customers pay you. We can easily assess the level of automation you are likely to
get at no charge if you supply an example of one of your daily bank statements.
This module can be implemented anywhere in the world.

Features:

Can be adapted for any Bank globally
Standard bank statement upload process no matter what bank/currency or ERP you are
using
Approval process, ensures excellent workflow
Supports algorithms across customer numbers, invoices, sales orders, customer bank
accounts, pick list, packing numbers, customer purchase orders, shipment numbers, sales
orders
Caters for partial payments, credit/debit notes, unallocated payments, multiple discount
terms, foreign exchange gain or losses, automatic write-offs, bank charges, suspense
account postings
Includes ability to upload EDI or Excel customer remittances into the bank statement from
an external source with auto-matching already completed
Ability to view the bank statement from an individual bank statement line
Auto-stamping of transactions to facilitate 100% auto-matching for the bank reconciliation
Integrated with Excel and Customer Lockbox Modules and Bank Reconciliation which
enables usage with high and low volume customers
Multiple sites, environments or ERP systems can be catered for
Security controlled actions, company controls, reporting, audit facilities

Benefits:

Creates the ability to run Shared Service Centers without the need for a common ERP
platform or version updates
Global companies can employ a global solution for all sites across multiple different banks
Automated processing of bank statement data reduces manual entry and consequently
increases financial control
Elimination of manual effort allows companies to allocate more staff time to other higher-
value activities
For many companies the automation can be 50% or greater

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Automatic Cash Application

We are very pleased with the product
(Cashbook Electronic Payments) as well
as the ongoing support and
responsiveness of Cashbook. My goal
was to systematize and streamline our
A/P payment process - that was definitely
achieved.

Melanie D. McElroy, Director of Finance, RC
Bigelow Tea, USA - Customer since 2004

Testimonial