LB ACH Quiz.pdf

Q: What date should be inputted in the Receipt Date field? A: The date of the Lockbox deposit or the date the check hit the bank in the format MM/DD/YYYY. Q: What should be entered in the Check Date field? A: The date the check was issued. Q: What should you do if you are unable to locate the chec...

Q: What date should be inputted in the Receipt Date field? A: The date of the Lockbox deposit or the date the check hit the bank in the format MM/DD/YYYY. Q: What should be entered in the Check Date field? A: The date the check was issued. Q: What should you do if you are unable to locate the check date? A: Leave it blank. Q: What receipt type designates the currency type for the Bank being posted? A: USD - PNC & OPS - JP Morgan Q: What does the Receipt Code identify? A: The type of deposit being posted. LockBox or ACH Q: What's an document number and where can you find it? A: Check number, found at the top of check or the first set of numbers at the bottom of check? Q: If the document number begins with 0’s, what should you do? A: Omit all leading 0’s. Q: Where do you find the invoice number? A: Second page of check/Remittance page. Q: What action should be taken after entering the Document Number? A: Select Invoice then press Add from that line item section. Q: What happens to the 'Payor' and 'Drawn By' fields upon posting a payment? A: 'Payor' and 'Drawn By' fields auto-populate with the client's name. Q: What should you do if the payment is from a different client than the one listed in the 'Payor' field? A: Input the correct name in 'Drawn By Payor' and search for the Active name. Q: Why is it important to verify the 'Drawn By Payor' field during payment processing? A: It ensures that the payment is accurately attributed to the correct client or entity. Q: What consequence might arise from failing to correct the 'Drawn By Payor' field when necessary? A: Failure to correct it may lead to financial discrepancies and issues with client accounts. Q: How can multiple checks be submitted? A: By clicking on the ADD button for each additional check. Q: What should you do to ensure accuracy before submitting a deposit? A: You should ensure the total entered matches the deposit amount and check for any discrepancies. Q: How can you review and correct errors in your deposit before submission? A: Use the Update tab to review for errors and correct the highlighted line items. Q: What options do you have if you need to remove items from your deposit entry? A: You can use Remove to delete a specific line item or Cancel to discard all changes. Q: What does it mean if there are red highlighted line items in your deposit entry? A: Highlighted line items indicate errors that need correction before submission. Q: How should you ensure that all entered invoices are correctly matched with the check remittance amounts? A: All invoices must match the check remittance amounts, and the Amount Remaining field should show $0.00. Q: What steps should you take to add multiple invoices after completing the initial check fields? A: Enter the first invoice, then use the blue line-item ADD button for each additional invoice. Q: What is the significance of the 'Receipt Amount' field in this process? A: The 'Receipt Amount' field is where you enter the total check amount being issued. Q: How can you review the entered invoices before finalizing the payment? A: You can review invoices using the left and right arrows next to the blue bar ADD button. Q: What impact can inaccurate data entry have on an organization's billing processes? A: Inaccurate data entry can lead to billing errors and disputes. Q: How might delayed claims processing result from inaccurate data entry? A: It can lead to delayed claims processing and payment. Q: Discuss a potential legal issue that could arise from inaccurate data entry. A: It can result in compliance violations and legal penalties. Q: In what way can inaccurate data entry affect an organization's reputation? A: It can damage the organization's reputation and customer trust.