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Celigo Cash Application Manager

Status: Unverified

Automate up to 90% of cash application for bank payments with Celigo’s Cash Application Manager. Customer payments made via Lockbox, wire transfers, or ACH are automatically and immediately applied against invoices in NetSuite. Reduce DSO, improve cash flow management, and gain real-time payment statuses with real-time A/R processing. Lower operating costs and human errors with hands-free processing. The prebuilt NetSuite integration does not require additional development so you can quickly implement Cash Application Manager and enjoy the benefits of automation without IT support.

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Description

Cash Application Automation

Minimize manual cash application processes with Celigo’s Cash Application Manager. Automate invoice matching against customer payments received from banks (i.e., Lockbox, ACH, wire transfers, credit cards). After your bank creates a file of payments received from your customers, Cash Application Manager automatically converts payments into NetSuite digital payments. Payments are then matched against invoices in NetSuite. This turnkey solution can be installed and configured without IT resources.

Key Benefits

  • Recognize revenues faster and accurately manage cash flow
  • Reduce operating costs by handling more payments with fewer staff
  • Reduce time spent on discrepancies, mismatches, and errors
  • Improve customer satisfaction with real-time view of account balances
  • Reduce time crunch spent on payment backlogs during month-end closing

Customer Quote

Overall, we are seeing a 10x ROI from Celigo. We decreased our aged receivables by 20 to 30 percent because we weren’t spending all day posting. And this freed us up to spend more time collecting cash.

– Ryan Maher, Director of Administration, Amigo Mobility

How It Works

Bank Payment Capture

  • Bank payment files are automatically and securely imported from the bank’s FTP server to NetSuite
  • Digital payment transactions are automatically created in NetSuite for each payment in the file

Cash Application and Exceptions Handling

  • Payments are matched against outstanding invoices
  • To account for mismatches and discrepancies, payments are categorized as:
    • Applied: entire payment matches invoice
    • Partially Applied: there is a partial match between payment and invoice
    • Unapplied: customer is in system but invoice does not exist
    • Unidentified: neither customer nor invoice exist

Tracking and Reporting

  • Cash Application Manager dashboard is accessible directly within NetSuite to view payments and resolve discrepancies
  • System dashboard shows the status of all bank file transfers with the ability to re-run data transfers
FEATURES

Automated Bank Payment Capture

  • Automatically import bank payment files into NetSuite and convert them into NetSuite digital payments
  • If bank file provides credit memo information, automatically create credit memos in NetSuite
  • Use one or more accounts at one bank or across multiple banks

Automated Cash Application

  • Immediately apply customer payments to outstanding invoices in NetSuite
  •  Save time in handling discrepancies by automatically flagging unmatched payments
  • Use integrated dashboard to easily view payments and resolve discrepancies directly within NetSuite
  • Use pre-configured rules or easily create new rules for handling payments and discrepancies using a business rules engine

Easy, Fast Deployment

  • Out-of-the-box integration that does not require additional development
  •  Intuitive installation and configuration wizards to guide non-technical users

Powerful Management & Monitoring

  • Monitor payment file imports between bank(s) and NetSuite using integrator.io dashboard
  • View errors and re-run the file imports directly from the dashboard
  • Enable email alerts when connections go offline or data flows are interrupted