USA Bank Lockbox Solution

Testimonial

Cash Receipts

At the helm of cash
automation for over 18
years

We are very pleased with the product
(Cashbook Electronic Payments) as well
as the ongoing support and
responsiveness of SAI. 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

USA Bank Lockbox

This Cashbook module uploads U.S. bank Lockbox files into the ERP and applies cash
automatically based on the check and invoice reference data contained in the file.

Any company in the U.S. spending more than 2 hours a day handling manual Lockbox data
should consider automating this key A/R process.

Today, many A/R departments in the U.S. receive Lockbox information from their bank manually
(by fax, or by printing reports available through banking software). As part of a Lockbox project,
we will work with your bank to ensure that you receive this information electronically in the correct
format. We then work with you to establish the matching rules required. We handle single-site
scenarios, as well as consolidated Lockbox files to be applied across multiple company divisions
and ERP environments.

Current daily matching rates at our U.S. Lockbox sites range from 60% to 100%. Return on
Investment models for U.S. Lockbox projects average from 6 to 12 months.

Features:

Can be adapted for any Bank file or format in the U.S. and Canada
Standard matching algorithms available include combinations of the following reference
data: invoice amount, invoice number, purchase order reference, sales order reference,
discount amount, due date
Algorithms can be modified or enhanced to include other specific reference fields
Deduction handling
G/L write-offs
Unallocated Cash
Makes all necessary updates to your ERP’s A/R and G/L
Each Lockbox has its own Cashbook journal, so multiple Lockboxes can be worked on
simultaneously
Multiple sites, environments or ERP systems can be catered for

Benefits:

Reduces A/R processing time of bank Lockbox files by an average of 50% to 95%
Allows companies to increase receipt volume without adding additional resources
Automated processing of data reduces likelihood of manual entry errors
Elimination of manual effort allows companies to allocate more staff time to other higher-
value activities
Clean, efficient processing bank Lockbox data reduces overall reporting time needed at
month-, quarter- and year-end periods
Excellent tool for ensuring cash application is handled in a consistent, controlled manner