Cart empty
Your Dynamics

Education Experts

The Stacks

Get Accolade's Newsletter...


SUBSCRIBE NOW

Accolade Publications, Inc., provides an informative newsletter with announcements, tips, events, and current news regarding Microsoft Dynamics ERP and CRM applications. To receive this free e-mail newsletter, subscribe now.

Search the Website


Search the Library

Login to Your Account

RSS Feed

Lock Box Processing-- What does it Do?

 

When receivables become significant, the process of handling all of the incoming checks (recording payments, making deposits, taking them to the bank) becomes significant.  Some firms look for ways to expedite this process, including scanning the checks.   That only solves half of the problem as the deposit still needs to be made.

Talk to your bank about a lock box.  With a lock box, customers are instructed to send payments to a PO box.  The bank picks up the payments, deposits them, and sends you a list of who made a payment of how much on what date against which invoices. 

The document the back sends your firm is then imported into GP using Lock Box Processing and almost automatically posted to receivables.  You have an opportunity to review the list of payments and to add missing information or make corrections as necessary.  But more than half the work is done and the money is already in your account!