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Lockbox functionality

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edited Jan 30, 2019 4:31PM in Receivables & Collections 9 comments

Summary

Electronic Fund Transfer

Content

Hello,

Had a question on Lockbox feature. I know Lockboxes are used when customers send across checks to a particular lockbox and banks send the information to us in a specified format which is then uploaded into AR using the Lockbox functionality. Does the LB have the same functionality when customers make eft for invoices. So basically the customer is making electronic funds to our bank accounts against specific AR Invoices or On-Account. Would these transactions show up on the Bank Lockbox files as well? Is this the BAI2 format?

Thanks!

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