USA Bank Lockbox Solution

By: Cashbook  05/12/2011
Keywords: erp systems, Reference Data, cashbook


Cash Receipts

At the helm of cash
automation for over 18

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
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.
  • 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
  • Multiple sites, environments or ERP systems can be catered for

  • 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

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Keywords: cashbook, erp systems, Reference Data

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