How to Use the Lockbox Feature in Dynamics GP
Not many people know about it, and even fewer people have used this unique functionality in Dynamics GP called Lockbox. It allows you to automatically create cash receipt transactions in GP based on information from your bank.
The basic information required to complete the task is:
- Check number (without this, the import will not work)
- Check amount
- Invoice number
- Invoice amount being paid
- Customer name or number
Note: It is ok if your credit card file does not separate the decimal portion with "."
Depending on the number of decimal places you specify in the Lockbox configurator, GP will count from behind and then add the decimal point for you. For example, if you specify 2 decimal places, then 4445 will be imported as $44.45, 445 will be imported as $4.45, and 44553 will be imported as $445.53.
How to use the Lockbox feature
1. First, you have to enable the Lockbox feature in the Registration: Administration - Setup - Registration Check Lockbox
2. Go to the Sales homepage and create a new Lockbox entry: Sales homepage - Transactions
Note: Sometimes, the Lockbox menu may not show up after activation in the registration setup. If this happens, you need to run the GP setup utility again.
3. When the window opens, click on the Lockbox ID link to open the Lockbox setup window
4. Fill in the details as required and browse to the location of your tab-delimited files and add it.
5. Set the file format to tab-delimited and choose the number of decimal places that your company uses.
6. Map the field to the columns in your file.
7. When you are done filling the necessary details, save the configuration.
8. Now, go back to your Lockbox entry window and select your Lockbox ID and add your Lockbox to a Batch.
9. Lastly, when you click on Transactions, your file will be imported and the payments will be applied based on the "Apply Method" that you choose.
Prophet Business Group: A Stoneridge Company is here to help you. Please reach out to us at 204-980-9892 or firstname.lastname@example.org if you have any questions about this or other solutions that can help your business.