OnGuard Cash Allocation
OnGuard Cash Allocation software is an extension of the OnGuard Credit Management solution. It allows the automated posting of cash directly from your bank statements to the customer and invoices that are being paid. OnGuard Cash allocation will then export the cash allocation details to your ERP for process completion.
It will also optionally generate 'small balance write-offs' for short payments – following strict rules defined by yourself.
Apart from its smart matching algorithms, OnGuard Cash Allocation is aware of Customer Groups, Promised Payments, Payment Schedules and other customer arrangements, so is better able to allocate cash to the appropriate invoices.
Having the cash allocated in OnGuard first means that there are no embarrassing customer conversations where the customer says they have already paid!
How on Guard Cash Allocation works
The bank statements are uploaded from your electronic banking files.
Payers bank account is matched to the customer record.
The identified customer's open invoices are checked using multiple permutations, to identify the exact invoices being paid. The Cash Allocation process takes into account Payment Promises, Payment Schedules, Disputes and other information captured in on Guard Credit Management process.
Manual allocations can be used to resolve where the customer's payment does not match any of the obvious permutations.
Once the Bank Statement is matched, the Cash Allocations can be exported to your ERP for processing in your financial systems.
Remittance Advices and Cheques can be included in this process, either manually or using intelligent scanning/OCR'ing.