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The OCR Remittance Reconciliation Solution is designed to specifically meet the needs of
customers who receive paper based AR remittance information. Through the use of Cashbook’s
OCR technology, the processing and application of AR cash can be automated.

Large numbers of remittance advices are still received in hard copy in various shapes and sizes.
Upon receipt of these remittances, AR departments manually record the payment information in
the ERP and then 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
and are accessible by multiple users in diverse locations simultaneously. Our inbuilt recognition
technology identifies keys data fields required to process the cash and apply it to open AR on
the scanned document i.e. Customer, Reference, Amount. An electronic file is then created which
is uploaded into Cashbook’s Cash Application Module.

Upon upload various matching rules are applied to the file in order to electronically match against
the open AR data within your ERP. Discount validation also takes place to ensure that discount
terms are verified on invoices and discounts are 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 based upon specific rules and tolerances
  • 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
  • Scanned images are displayable for user to view the source data


Benefits:

  • Eliminates manual keying of all remittance information, thus reducing manual errors
  • Electronic storage of all remittance details
  • Straight through automatic process from receipt of hard copy remittance to cash application
  • 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 allocate staff time to other higher value
    activities

Automated PDF Remittances Using OCR Technology

OCR Remittance Reconciliation

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