Lockbox in AR

AutoLockbox (or Lockbox) is a service that commercial banks offer corporate customers to enable them to outsource their accounts receivable payment processing. A lockbox operation can process millions of transactions a month. AutoLockbox eliminates manual data entry by automatically processing receipts that are sent directly to the bank. 

AutoLockbox is a three step process: 

1. Submit Import: During this step, Lockbox reads and formats the data from your bank file into AutoLockbox tables using an SQL *Loader script.

2. Submit Validation: The validation program checks data in the AutoLockbox tables for compatibility with Receivables. Once validated, the data is transferred into QuickCash tables. At this point, we can optionally query the receipts in the QuickCash window and change how they will be applied before submitting the final step, Post QuickCash. 

3. Submit Post QuickCash: This step applies the receipts and updates your customer's balances. 

These steps can be submitted individually or at the same time from the submit Lockbox Processing window. After we run Post QuickCash, Receivables treats the receipts like any other receipts; 

Lockbox Process Flow

Lockbox Interface Table:

When you run the Import step of AutoLockbox, Receivables stores receipt data from the bank file in the Lockbox Interface table AR_PAYMENTS_INTERFACE. 

Posted in: Functional,Oracle Notebook,Oracle Receivables