Questions and Answers
What date should be inputted in the Receipt Date field?
The date of the Lockbox deposit or the date the check hit the bank in the format MM/DD/YYYY.
What should be entered in the Check Date field?
The date the check was issued.
Which receipt type designates the currency type being posted?
What does the Receipt Code identify?
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Where can you find the Document Number?
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What action should be taken after entering the Document Number?
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An error will occur if two separate checks are posted towards the same invoice number.
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How can multiple checks be submitted?
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The Worklist section tracks the ongoing total of all checks entered.
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What should be done if the check posted is from a different client?
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Study Notes
Cash Receipts Lockbox Posting Procedures
- Use specified input fields: Receipt Date, Check Date, Receipt Type, Receipt Code, Receipt Currency, Receipt Amount, Document Number, Invoices, and Drawn by Payor.
- Verify invoice or claim numbers for accuracy by using Matter Group Inquiry.
- Note any additional documents included with checks for remittance instructions.
Receipts Input Process
- Access receipts input module by selecting Receipts-Apply/Reverse Payments in 3E.
- Begin posting by exiting the first screen and clicking the ADD button.
- Receipt Date: Input date of Lockbox deposit in MM/DD/YYYY format; this will be retained for all check postings.
- Check Date: Enter the date on the check.
- Receipt Type: Specify currency (USD for PNC, OPS for JPMorgan); retain for duration of postings.
- Receipt Code: Use "Lock Box" or "LO" for identifying Lockbox deposits; will auto-fill.
- Receipt Amount: Ensure the payment amount is accurate when entered.
- Document Number: Enter check number, omitting leading zeros.
Invoice Handling
- After entering the Document Number, select “Invoices,” then click “ADD” to bring up the Invoice Payor Detail input.
- Input invoice or matter number and verify the amount matches the check amount; double-click to select the line item.
- Check for accuracy against matter group inquiry; an error occurs if multiple checks post to the same invoice.
Adding Additional Checks
- To input another check, click the ADD button which generates a new input screen.
- The Worklist displays a line item for each check entered, showing an ongoing total.
- Submit multiple checks in one batch (10 to 100) but follow previous steps for each new batch submission.
Payor Information
- After payment posting, fields "Payor" and "Drawn By" auto-populate with the responsible party's name.
- If the payer differs, type the name in the “Drawn by Payor” field and select from the list to update the field accurately.
Bulk Payments Handling
- Some checks may be for multiple invoices; procedures for handling these bulk payments are defined separately.
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Description
This quiz covers the procedures for posting cash receipts via lockbox, including input fields like Receipt Date and Check Date. It emphasizes the importance of verifying invoice and claim numbers for accuracy. Ensure all information is double-checked using the Matter Group Inquiry.
