CASH ALLOCATION AND THE PROCESSING OF PAYMENTS
What is Cash Application?
Value+ functionality provides the following though our partner:
Value+ integrates with our partner Autorek to provide full cash matching and allocation solutions which includes OCR and clever matching rules. Value+ also has cash application workflow activities (see example activity matrix) so the Collectors and Cash appliers can communicate with each other in a better way and you can track the kind of requests which happen back and forth.
Cash application banking apply details can be entered within specific Cash Application customer details comments which remain evergreen on the account. The exact processing includes but isn’t limited to:-
- Value+ receives payments data directly from client’s banking partners
- These bank files (wire transfers and lockbox data) are scheduled to be loaded into Value+ daily
- Remittances and checks are imported as images via OCR (optical character recognition) technology. There is a Labelling Engine which draws areas on the imported images (remittances and checks) and labels them to have the correct field name. That data is then imported into Value+
- This data is in a predefined format and can be encrypted. The database is populated with new payments data and open invoices which if there is a 100% data match will be automatically matched. The matches are based on a Rules engine using value and invoice number and/or invoice line item
- If payments are not matched through the auto-matching process then Value+ is able to match based on predefined, configurable parameters such as a percentage of value with correct invoice or line item number.
- Remaining payments will be subject to additional configurable matching based on parameters
- Once done, a clearing file is created of paid/matched invoices and sent back to the ERP system