Matching of unallocated payment transactions

Responsibility

Matching of unallocated payment transactions

Work Process

  1. Login to SAP and extract the daily Incoming Payments Report
  2. Format the extracted report to display non-zero balance accounts
  3. Validate each account ID in SAP and SAP CRM to match the unallocated payment transactions
  4. If the validation is successful, the payments are allocated in SAP with the correct account ID
  5. Insert a note in SAP stating that transaction is completed
  6. If the validation is unsuccessful, then navigate to Outlook to search for remittance advice
  7. If a remittance advice is found, then notify the team to verify the remittance advice received
  8. If no remittance advice is found, then send an email to the customer requesting a remittance advice for the payment received
  9. Insert notes in SAP detailing the actions taken
  10. Repeat the process for each account ID in the Incoming Payments Report

Department

Finance Operations

Sub-department

Accounts Receivable

Domain(s) covered

Finance

Applications used

  • SAP,
  • SAP CRM,
  • Outlook,
  • Excel,
  • Internet Explorer

Benefits

note
  • Estimated annual savings of $100,000
  • 75% reduction in processing time
  • 100% accuracy in data entry and extraction
  • Redeployment of human employees to more value-adding work
  • Decreased cycle time and rework
  • Reduced operations costs
  • Improved standardization of the end-to-end process