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