AutoLockBox is a service
that commercial banks offer corporate customers to enable them to outsource
their accounts receivable payment processing.
Auto Lock Box eliminates manual
data entry by automatically processing receipts that are sent directly to the
bank.
AutoLockBox can also be used
to for historical data conversion. It can be used to transfer receipts from
previous accounting system into Receivables.
AutoLock Box is a three step
process
·
Import : Data
from the bank file format is read into the Autolockbox tables.
·
Validation : The data is check for
compatibility with receivables and then the data is transferred to Quick Cash
tables. At this point the receipts can be viewed and corrected if needed before
they are sent for final posting in the Post Cash
·
Post Quick Cash
: The
receipts are applied to either customer accounts or to invoices and the
customer balances are updated
Post
QuickCash Transfers data in the following tables
AR_CASH_RECEIPTS_ALL
AR_RECEIVABLES_APPLCATIONS_ALL
AR_CASH_RECEIPT_HISTORY_ALL
