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auto lockbox

in Receivables & Collections 2 comments

Summary:

we currently receive a BAI file from the bank that is loaded into OFC daily. It creates a receipt record for EFT transactions only. Most times, it posts incorrectly and the A/R processor has to correct. We'd like to better understand why this happens and how to improve. Also, was there a configuration where all the receivable transactions were posted and subsequently turned off? Are there limitations in the system that were not working that should be revisited (ie as a result of subsequent quarterly patches)?

We would like to better understand the AutoLockbox functionality. Currently, lockbox receipts are posted; however, for miscellaneous transactions, the cash application clerk has to reverse the receipt and create a new one to post to a general ledger account. Additionally, the A/R processor has to pull in the applicable invoice that the lockbox receipt relates to. What are the matching rules for the lockbox?

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