Multiple choice technology packaged enterprise solutions

Your company is setting up receivables to use Auto Lockbox. What needs to be set up for use with AutoLockbox?

  1. A. Automatic Entry Method

  2. B. Factoring Accounts

  3. C. Direct Clearance Method

  4. D. Auto Cash Rule set
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Auto Lockbox requires Auto Cash Rule Sets to automatically apply incoming customer payments to open invoices. When banks send payment files, Lockbox uses these rules to match receipts with the correct invoices based on criteria like invoice number, PO number, or other matching attributes.

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