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.
Documents are scanned and stored and are accessible by multiple users in diverse locations simultaneously. Our inbuilt recognition technology identifies key data fields required to process the cash and apply it to open AR on the scanned document, i.e. Customer, Reference and 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.