Payments Lockbox

A lockbox is a service provided by some banks to their business customers who receive a high volume of payments by check. The payments can be sent to an address at the bank, and the bank will deposit the checks in to the customer's account and then send the customer a file detailing all the payments received. Opentaps can then read such a file and create corresponding payments and apply them to your customers' invoices.

IMPORTANT: In most cases, the banks will send the payments in a text file format, and the format may vary slightly from bank to bank.

To use the lockbox feature, the following screens are available in opentaps Financials:

• Manage Lockbox Batches is used to view the currently open lockbox batches and upload new lockbox files.
• Lockbox Batch Details is used to review the payments of a particular lockbox batch and manually adjust the way fthat they are allocated against customers and invoices if necessary.