Do you use Oracle EBS receivables lockbox functionality as a way to eliminate manual data entry by automatically processing the receipts collected by these entities?
A real challenge to using lockbox is the setting up of business rules for the collection process. The integration with accounts receivables has to allow the application of the payments to the correct customer transactions and understand what business rule to follow when there are exceptions which tend to be problematic.
Added to that, there is the requirement for IT to understand the transmission files structure sent by the payment processor and automatically map the information in Oracle. In many cases you are locked in by data formats which prove to be difficult to map or can change unexpectedly, especially if the data provider has had a system update or patch.
Then of course the application rules (autocash rule sets) have to work in the same way as the business expects. All of this requires a huge amount of testing to ensure all the rules are working properly.
If anything goes amiss in the lockbox import process it can be difficult to get to the interface data to correct the information and re-commence the import. Troubleshooting is cumbersome and laborious.
Wouldn’t it be great if users could leverage MS Excel functionality to import the collection files received from banks and credit card organizations, indicate how these receipts should be applied to the outstanding transactions and then create and apply the receipts from Excel into Oracle E-Business Suite?
There are various methods available to unshackle your collections department from the lockbox.
You could write a custom loader using SQL*Loader or write your own code to call the receivables API’s but you are still tied to the IT Department, writing code, updating code, enhancing code and continual testing etc. To totally remove the shackles from the lockbox process you need a supported end user solution.
The More4Apps AR Receipt Wizard is a powerful and flexible tool that breaks these shackles, empowering your end users. It is also packed with other features including the ability to download customers’ outstanding balance to create multiple applications and adjustments and balance write-off all from within Excel.
I invite you to download the AR Receipt Wizard which provides the most flexible way to manage your customer payments.