For personally my experience is Cash application automation often requires input from multiple data sources, including lockbox files, EDI files, other types of customer remittance information, and bank statements. Cash from a single payment can be applied to multiple customer numbers. The algorithms match customers, payments, open invoices, and other transactional information to create cash application files that can update the financial system and that need additional research.
The Emagia
Cash Application Software improves cash application efficiency, reduce manual labor costs, and decreases the time between payment and posting. It automates receivables processing and allows users to receive remittance information directly from customers through EDI, Excel, and PDF remittances. It stores the matching data until the bank confirms that the cash has been received. Using our matching algorithms, cash can be applied using multiple reference data types and organized into four categories: matched, partially matched, unmatched, or unidentified.
