Auto lockbox

what is LockBox

  • Process where customers mail payments to a post office box near your remittance bank and the bank deposits the payments in your account at regular intervals
  • Bank provides you with computer files detailing about the receipts and their application
  • Receivables uses AutoLockbox to import details about receipts directly into the system

Benifits of Auto LockBox

  • Eliminates manual data entry
  • Streamlines the application of receipts to outstanding transactions
  • Effectively manages cash flow by reducing turnover for converting checks into cash

Use of Auto LockBox

  • Apply receipts to outstanding invoices
  • Import historical receipt data
  • Autolockbox reports, such as the Post Quikcash Execution Report, are a good tool to reconcile autolockbox

Prerequisites for Auto LockBox

  • Set up agreements with banks
  • Define lockboxes in Oracle Receivables
  • Define AutoLockbox transmission formats
  • Define receipt classes and payment methods
  • Test AutoLockbox transmission with bank

Oracle Applications Fusion Cloud - Inventory

Oracle Cloud/Fusion Procurement training will help you develop the fundamental skills required to set up and use the Procurement module. This training covers all the tasks, setups, forms and reports used in Procurement and related modules