What is Auotlock Box?
Using AutoLockbox. AutoLockbox (or Lockbox) is a service that commercial banks offer corporate customers to enable them to outsource their accounts receivable payment processing. A lockbox operation can process millions of transactions a month.
How Autolockbox implemented in Oracle APPS?
Importing and Applying Cross Currency Receipts Auto Lockbox can import and apply cross currency receipts for each currency defined in your system. For example, your functional currency is the US dollar, and you create invoices for your customers in that currency. However, you have many international customers, so you need to accept payments in different currencies by using Autolock box
Autolockbox in technical Aspects:
- import: During this step, Lockbox reads and formats the data from your bank file into interface table AR_PAYMENTS_INTERFACE_ALL using a SQL *Loader script.
- Validation: The validation program checks data in this interface table for compatibility with Receivables. Once validated, the data is transferred into QuickCash tables (AR_INTERIM_CASH_RECEIPTS_ALL and AR_INTERIM_CASH_RCPT_LINES_ALL) . At this point, you can optionally query your receipts in the QuickCash window and change how they will be applied before submitting the final step, Post QuickCash.
- Post QuickCash: This step applies the receipts and updates your customers balances.