Automate Cash Application
If you receive sales orders from your customers via EDI, you should check out PowerShift's support of the EDI 820 (Remittance Advice) transaction – it virtually eliminates the tedious job of matching payments to open invoice amounts!
Just add the 820 transaction to the list of transactions you exchange with your customer. Then as they make payments you can simply process the payment batch and all the invoices paid are automatically updated. In the event they take a deduction, the process can set up a debit memo for the defined reason and then you can enter the appropriate credit memo to offset it. Accounting of invoice balances stays in step with your customer and makes reconciliation of open invoices between you and your customer much easier.
You can process 820s on-demand or you can set up a drop file process that processes them automatically as they are received from the customer. An administrator is alterted to any issues that arise during the import.
If you process hundreds of EDI orders each month, this is an ideal opportunity to have subsequent cash receipts automatically applied to eliminate tedious cash application.