Infor10 Distribution Business (SX.enterprise) Accounts Receivable Lockbox

Infor10 Distribution Business SX.enterprise Accounts Receivable AR Lockbox streamlines payments processing and eliminates manual data entry by automatically processing receipts that are sent directly to your bank.

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Save Time and Improve Your Cash Flow

Accelerate your incoming cash flow by importing your bank's proprietary lockbox file, matching the payments up against your customer's invoices and then processing the payment application batch. With AR Lockbox you can eliminate the time consuming process of receiving the checks, opening, sorting and manually entering the payment applications.

• Minimize manual intervention
• Works with industry standard document transports
• Centralization of data for security and documentation
• Billing data availability at the end of processing

Key Benefits of AR Lockbox

• Better availability of funds. Payments are deposited on the same day they are received, which gives you immediate access to your money. You don't have to worry about making it to the bank with your deposit by 2 PM, and checks are securely in the bank rather than residing on a cash receipt clerk's desk.
• Redirection of human resources. Using a lockbox will give you the opportunity to redirect your staff to focus on collections or handling those few payments that cannot be automatically applied.
• Audit and control. A lockbox establishes an audit trail outside of your company for payments received, and isolates the function of opening mail and depositing checks from other AR functions.
• Lockbox data is received as an electronic flat file from your bank or a check processing facility. The level of service and amount of detail will vary from one banking institution to another.
• Import lockbox data transmissions from banks and update your Accounts Receivable and General Ledger records with customer payment transactions to replace manual entry of lockbox data.

Automatic Electronic Processing

Automate cash receipts from your bank lockbox and create cash transaction records electronically, saving significant data entry time and eliminating manual data entry errors. Import, update, inquire upon and report on a range of lockbox transactions including:

• Set up and assign lockbox numbers to each customer who submits payments to the lockbox
• Enter, import, edit and maintain all lock-box data
• Inquire and report on lockbox detail, check detail, transactions, batch header information, records set up in your AR module 

If you have purchased Infor's eBill application, you can also use the AR Lockbox module to process incoming credit card or Automated Clearing House (ACH) payments your customers make online through eBill. The same AR Entry Lockbox Import function is performed, usually on a recurring basis, so that customer payments are being recorded within a short time of their online entry.