Financial Closing of Unallocated Receipts

This automation solution using Infor Robotic Process Automation (RPA) to automate the process of applying unallocated receipts to open sales invoices. The solution can be used to automate tasks, enhance efficiency, reduce errors, and eliminate manual intervention.

Unallocated receipts are created when remittance information is missing, requiring manual efforts to specify data. These are the key challenges when applying unallocated receipts to open invoices manually:

• Handling Partial Payments: Issues with partial payments that are received from customers.
• Communication Gaps: Ineffective communication between customers and finance, which delays the reconciliation process.
• Foreign Currency Transactions: Converting foreign currency receipts to company rates.
• Complex Adjustments: Managing payment schedules, adjustments, deductions, credit notes, and misallocating payments to the oldest due or overdue invoices.