SAP FI CO (Financial Accounting & Controlling)
SAP FI CO (Financial Accounting & Controlling) Forum
Can anyone please explain me that what is Lockbox what are its functionality?
Kindly share your valuable views here, so i can proceed further.
Thanks in advance.
It is a facility given by bank to deposit the cheque by customer. Whenever company issue an IPOs, bank keep one separate box to deposit the cheque. It is usually happen when there are huge customer want to deposit to the company.
Lockbox in SAP is a account which a company can create in Bank and it always works as payment collection accounts for customer payments. And that company can aware their customer about the lockbox and also tell them that their all open payments for their adjacent accounts should be tendered to their established lockbox accounts. The bank gather those payments conjointly the customer compensation info to show that for what items customer payment aim to clear. Lockbox contains the info like, customer name, customer number, Customer MICR Code, Check amount, Invoice number, payment data and other information like payment amount.
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