Cashbook. A proven, intelligent, reliable solution to lockbox processing automation
Exide Technologies Ltd. Adopted the Cashbook AR Bank Lockbox solution which integrated with their existing ERP, JDE. Using a scheduled overnight job, Cashbook takes the bank lockbox ﬁle and, through the ﬁle upload process, automatically runs the various matching rules which have been customized for Exide such that users only have to work with the exceptions at the start of each day.
Using a combination of algorithms, i.e. matching against invoice no. and/or sales order no., has proven highly successful for Exide who are achieving a high hit rate against open AR data. A large bank lockbox is subdivided into Cashbook journal records corresponding to actual bank batches facilitating Exide’s work assignments and enabling the one lockbox ﬁle to be worked on by a number of users.
Full Bank & ERP Integration
Seamless integration with existing ERP system
- Automatic integration with the JDE environment and its processes.
More Advanced Intelligence
Let technology do the work; massively reduce manual entry
- Lockbox automatic uploads.
- Matching algorithms based on a combination of invoice number and sales order number.
- Creation of separate batches based on the batch number assigned by the bank.
- Upload Excel remittances into Cashbook and have specific customer algorithms set-up.
- North American lockbox, up to 95% invoice automation.
- European MT940 automation, up to 95% invoice automation.
- European miscellaneous journal automation up to 85%.
- Reconciliation automation is over 99%.
- >50% time saving in the cash application process.
Greater Financial Control
A clearer window into lockbox and cash management for Exide Technologies
- User retains full control and can review all details before posting the cash to AR and GL.
- Control reports available to facilitate work assignments with metrics.