Lockbox utilization Describe the cash management technique of a lockbox, including why it is used
When using a lockbox system to accelerate the collection of cash and to reduce the possibility of fraud, the customers are instructed to send payments directly to the company at a specific post office box number, which is a depository (lockbox) at the company's banking institution. The bank receives and opens the remittances, prepares a list of receipts by customer, credits the general cash bank account, and notifies the client of the details.
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