What is the use of lockboxes?

To import receits from a bank file using lockboxes.

Interview Candidate
Nov 2nd, 2005
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geethika

Nov 14th, 2005

Auto lock box is used create receipts automatically and match against the invoices, customers.
Steps for lock box are :
The first step involves reading and formatting data from your bank file into AutoLockbox tables.
The second step involves submitting the validation program which checks data in the AutoLockbox tables for compatibility with Receivables. Once data is validated, it is transferred into QuickCash tables. At this point, you can optionally query your receipts in the QuickCash window and change how they will be applied before submitting the final step, Post QuickCash. Submitting Post QuickCash updates your customer's balances.

Anu

Jan 27th, 2006

AutoLockbox (or Lockbox) is a service that commercial banks offer corporate customers to enable them to outsource their accounts receivable payment processing. An AutoLockbox operation can process millions of transactions a month.
AutoLockbox eliminates manual data entry by automatically processing receipts that are sent directly to your bank. You specify how you want this information transmitted and Receivables ensures that the data is valid before creating QuickCash receipt batches.

HARI KUMAR . K

May 5th, 2007

Lock box is enabled to import the receipts from bank file

there are three steps in process

1. Import: in this step it reads and formats the data transferring to interface tables

2. Validations: here it will validate the data. Once the data got validated it will be transferred to post request tables

3. Post quick cash: here it will apply receipts to customers as per auto cash rule sets and it transfers into receivables.

regards

k.hari kumar.

viren56
Profile Answers by viren56

Mar 12th, 2010

Auto Lockbox eliminates manual data entry by automatically processing receipts that are sent directly to your bank. ARLPLB (auto lockbox program) imports, Validates and loads the payment receipt records in the base tables and runs Post Quick Cash to update customer’s account balances using Auto Lockbox using ‘Auto Cash’ rules.