Hi
Lock Box , as expained by other friends, it is kind of a post box in general terms,which will receive all the incoming payments from the customers and the functionality mainly depends on 3 matching charactaristics,
1 invoice number
2 customer account number
maintain customer MICR numbers in customer master Lockbox works by identifying customer based on the customer MICR number in master data. If input file cannot find customer through MICR then it looks for document numbers which are supplied in the file from bank. The MICR number is also in file from bank because customer paid by check so ABA and customer bank account are on there.
3 total amount in that invoice
when the fles gets uploaded by the end use in OBAX the system will do the above 3 way match to recongnize the customer payments.
Config Steps,
1) Define Lock Box - Financial Accounting (New) --> Bank Accounting --> Bank Accounts --> Define Lockboxes for House Banks - OB10
2) Define Control Parameters - Financial Accounting (New) --> Bank Accounting -> Business Transactions --> Payment Transactions --> Lockbox --> Define Control Parameters - OBAY
3) Define Posting Data - Financial Accounting (New) --> Bank Accounting -> Business Transactions --> Payment Transactions --> Lockbox --> Define Posting Data - OBAX
please award points if it is useful,
thx,
Parthu
Edited by: Parthu Birampalli on Feb 5, 2008 8:00 PM
Bluesky
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