AR - what is the use of lockboxes?

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what is the use of lockboxes?

to import receits from a bank file using lockboxes.

Total Answers and Comments: 3

Last Update: May 05, 2007 Asked by: sivakumari

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November 14, 2005 23:19:57

geethika

RE: what is the use of lockboxes?

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.

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January 27, 2006 03:01:06

Anu

RE: what is the use of lockboxes?

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.

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May 05, 2007 09:59:19

HARI KUMAR . K

RE: what is the use of lockboxes?

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.

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