Lock box is like a post office box offered by banks where geographically long distant customers can send their business payments by a method called revenue mails. The lockbox facility is offered to businesses that need secured transfers of money from various geographically spread clients in their convenient locations. The main reason for using the lockbox is to minimize the mails.
The customer deposits payments with invoices into companies business account and the bank scan these documents and upload them electronically to the business accounts receivable department that reconciles the payment against customers.
For example, the British Council is a UK-based organization that collects IELTS exam fees from around the world through lockbox facility in its designated banks all around the world so that candidates don’t have to mail the payment to the UK.
Paper Submarine Manufacturing is investigating a lockbox system to reduce its collection
Time Bird’s Eye Treehouses, Inc., a Kentucky company, has
Hardin-Gehr Corporation (HGC) began operations 5 years ago
Your firm has an average receipt size of $117. A
Bird’s Eye Tree houses, Inc., a Kentucky company, has
Your firm has an average receipt size of $119. A
Distinguish among the following: (1) A general checking
It takes Cookie Cutter Modular Homes, Inc., about five days
Cow Chips, Inc., a large fertilizer distributor based in California
Cow Chips, Inc., a large fertilizer distributor based in California
