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The Applicator

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The APPLICATOR is the accounts receivable component of the CA$H Machine. Its job is to process cash. This includes cash application, autocash and processing of lockbox and EDI 820 transmissions.

Cash Entry

Organizations with high volume receivables need a strong cash application program. The productivity of the cash appliers is of utmost importance. Staffing requirements will be at a minimum and the timeliness of information for the credit department will be maximized. The following are some of the key features in the cash application program that contribute to its sophistication:

bulletSupports multiple bank accounts and lockboxes.
bulletMICR check number cross reference to identify customers.
bulletPowerful customer search functions such as: name, alternate name, city, zip, phone, invoice number, invoice amount, order number, MICR # and PO number.
bulletSplit checks across unrelated customers.
bulletApply checks across company/division boundaries.
bulletCreate multiple chargebacks per invoice and/or check.
bulletImmediate availability of check information for credit inquiry purposes.
bulletCreate customer and invoice level notes; required collection follow-up is optional.
bulletSupports miscellaneous cash.
bulletSupports three different methods of applying cash:
bulletPrompted Entry - An on-line presentation of open items to be selected for payment. The screen can be resequenced by any field displayed. For example: Invoice, Due Date, Invoice Date, Amount, PO, etc.
bulletFast Entry - Allows for the entry of invoices as they appear on the customer's remittance advice. The APPLICATOR will present the open items and their amounts in the sequence you requested.
bulletAutocash - applies the check by identifying a combination of invoices to be paid that equal the amount of the check.

 

Lockbox Processing

Lockbox Bank Transmissions can be interfaced between the bank and The APPLICATOR. This represents a significant savings of time and effort for the cash appliers. Cash will be posted sooner and the information for the credit department will be timely.

bulletAccepts transmission of MICR number, check number, check amount from the bank
bulletOptionally accepts transmission of invoice number and amount from the bank
bulletAutomatically creates cash batches in synchronization with the banks batches
bulletAutomatically identifies customers from the MICR number
bulletStrict controls are maintained to ensure integrity of transmission

 

AUTOCASH

The APPLICATOR will attempt to automatically apply checks to open invoices. This function will be performed for an entire batch or for an individual check. The APPLICATOR will only apply checks where there is a complete application or if there is a write-off that is within user-defined limits.

bulletObjective is to apply the simple checks
bulletUser controls the priority of the algorithms
bulletUser can include or exclude algorithms
bulletOptionally writes off the balance if within user-defined range
bulletInquiry available to view the success rate of Autocash

Customers report that 50%-90% of their checks are automatically applied through Autocash.

 

EDI 820 Remittance Processing

The APPLICATOR accepts direct payment from your customer's computer using the EDI 820 format. The APPLICATOR will apply each payment, create deductions, create overpayments and write-off small balances according to rules that you establish.

We have a customer that received an 8,000 line electronic remittance. The APPLICATOR applied all payments, created over 200 chargebacks and reduced a 36 hour job to 2 hours.

 

 

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Last modified: February 10, 2002