OCR Remittance Reconciliation

Testimonial

OCR Remittance Reconciliation

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

Cash Receipts

At the helm of cash
automation for over 18
years

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MT940

USA Bank Lockbox

EDI Uploads

Excel Uploads

Customer Direct Debits

AR Draft Management

Bank Deposit Slip

Deduction Reconciliation

OCR Remittance Reconciliation

EMEA Shared Services Centers

Customer Hierarchy

Since 1999 we have implemented
Cashbook solutions in approximately 18
sites across Europe. We have found SAI’
s team of consultants to be diligent and
effective in implementing their solutions.

Richard Larter, IT Director, Autobar Group,
EMEA - Customer since 1999