What is auto lockbox in oracle applications?
Lockbox is a service provided by banks by which your company gets the customers payments directly to a lockbox interface tables and creates receipt for the payments deposited into your account. If you have an Auto Lockbox, the bank records the information that you request such as check number, check amount, numbers and amount for the invoices to be paid. Oracle provides you with the tools to: * Oracle interface tables for the data received from the bank * Validate the data to see if it is accurate, complies with the controls provided * Correct the data * Apply the receipts to the customer’s open invoices. A typical Lockbox transmission contains various different records, each with relevant data. Controls are provided at each level to ensure that the transmission was successful and to verify that the count and dollar amounts are consistent with what the bank indicated. These controls are at the transmission, Lockbox, batch and receipt levels. The records also contain information such as
