Oracle AutoLockbox Implementation
A PO box accessible by a bank is called a lockbox. A company may set up a lockbox service with their bank for receiving customers’ payments. The bank directly collects, deposits and processes these payments to the company’s account. Lockbox services are sometimes called ‘Remittance Services’ or ‘Remittance Processing’. Lockbox is beneficial because it can maintain special mailboxes in different locations around the country. Because the bank is making the collection, the funds that have been received are immediately deposited into the company’s account without first being processed by the company’s accounting system, thereby speeding up the cash collection process. Auto Lockbox enables your bank to transmit payment information directly into Oracle Receivables in a fully automated interface. Automating your Lockbox functionality reduces the time between when a payment is received and when you see it, which improves the information available for financial reporting and collections activities. SmartDog Services will work with your staff in Finance and with your bank to set up and test Auto Lockbox.
Estimated Price: $26,000
Time to Implement: 4 weeks
Change Management: Low
Assumptions: One bank account; Does not include automation of file transfer to/from bank; Client drives all coordination with the bank; Excludes Customer bank data entry/conversion; Seeded Oracle lockbox format will be used, with minimal control file modifications; DBA work excluded.