Hi all !
Could please someone help me with this
How can we differentiate that the information we are recieving from the bank in the form of lockbox file is thorugh checks ,wire transfer and ACH
What is a ACH?
Can we use Lockbox for Wire transfer and ACH. If so how and if not what is the other way to do so..
Please do help me... will reward the points for any sort of help.
Thanks in advance
Lockbox / Wire Payments / ACH are different ways of receiving incoming payment from Customers.
ACH means Automated Clearing House. You can read more details from the following links:
Normally for a Lockbox you get a file and use a document type DZ. You can view the details of the Lockbox payments in FLB1 or in the spool also on a daily basis. Each Organization have different business process.
Wire Payments can also come in the form of Lockbox file or if the transactions are very less, Banks may send the details by E-Mail / Mail. Business Users should be able to explain how they are are receiving the Wire Transfers and how it is accounted.
Lockbox is kinda address for the customer to send the cheques ... it is a service provided by banks in US.... they convert the cheques details in a BAI/2 file which can be intrfaced with SAP to post the transactions....
ACH and wire are e-transfer of money which does not have the details such as cheque number.MICR etc..... in ACH cases u might also not have the invoice reference against which theyhave piad... u normally have the customer number and the amount paid....
u cant use lockbox for ACH,wire as these have different set of information available in them...