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Lockbox (accounts Receivable)
In banking, a lockbox is a service offered to organizations by commercial banks to simplify collection and processing of accounts receivable by having those organizations' customers' payments mailed directly to a location accessible by the bank. General In general, a lockbox is a post-office box (PO box) that is accessible by a bank. A company may set up a lockbox service with its bank for receiving customers' payments. The company's customers send their payments to the PO box. Then the bank collects and processes these payments directly and deposits them to the company's account. Typical costs are several cents per transaction to as high as one dollar or more. There are usually two types of lockbox service available, one whereby the payments (cheques in this instance), their associated remittance advices and any other correspondence, and usually the envelope they were all sent in, are all physically scanned. This is the standard service. The more expensive service provides the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with corporations or a large/middle-sized business to differentiate it from a retail bank and an investment bank. Commercial banks include private sector banks and public sector banks. History The name ''bank'' derives from the Italian word ''banco'' "desk/bench", used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression, through the Glass–Steagall Act, the U.S. Congress required that commercial banks only engage in ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounts Receivable
Accounts receivable, abbreviated as AR or A/R, are legally enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. These may be distinguished from notes receivable, which are debts created through formal legal instruments called promissory notes. Overview Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an establ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-office Box
A post office box (commonly abbreviated as P.O. box, or also known as a postal box) is a uniquely addressable lockable box located on the premises of a post office. In some regions, particularly in Africa, there is no door to door delivery of mail; for example, in Kenya. Consequently, renting a PO box has traditionally been the only way to receive mail in such countries. Generally, post office boxes are rented from the post office either by individuals or by businesses on a basis ranging from monthly to annual, and the cost of rent varies depending on the box size. Central business district (CBD) PO boxes are usually more expensive than rural PO boxes. In the United States, the rental rate used to be uniform across the country. Now, however, a postal facility can be in any of seven fee groups by location; in addition, certain customers qualify for free box rental, usually because the Postal Service does not offer carrier-route delivery to their physical addresses. In the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque Truncation
Cheque truncation (check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies. Cheque truncation reduces or eliminates the physical movement of paper cheques and reduces the time and cost of cheque clearance. Cheque truncation also offers the potential reduction in settlement periods with the electronic processing of the cheque payment system. History For cheque clearance, a cheque has to be presented to the drawee bank for payment. Originally this was done by taking the cheque to the drawee bank, but as cheque usage increased this became cumbersome and banks arranged to meet each day at a central location to exchange cheques and receive payment in money. This became known as central clearing. Bank customers who rece ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TIFF
Tag Image File Format, abbreviated TIFF or TIF, is an image file format for storing raster graphics images, popular among graphic artists, the publishing industry, and photographers. TIFF is widely supported by scanning, faxing, word processing, optical character recognition, image manipulation, desktop publishing, and page-layout applications. The format was created by the Aldus Corporation for use in desktop publishing. It published the latest version 6.0 in 1992, subsequently updated with an Adobe Systems copyright after the latter acquired Aldus in 1994. Several Aldus or Adobe technical notes have been published with minor extensions to the format, and several specifications have been based on TIFF 6.0, including TIFF/EP (ISO 12234-2), TIFF/IT (ISO 12639), TIFF-F (RFC 2306) and TIFF-FX (RFC 3949). History TIFF was created as an attempt to get desktop scanner vendors of the mid-1980s to agree on a common scanned image file format, in place of a multitude of proprietary for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JPEG
JPEG ( ) is a commonly used method of lossy compression for digital images, particularly for those images produced by digital photography. The degree of compression can be adjusted, allowing a selectable tradeoff between storage size and image quality. JPEG typically achieves 10:1 compression with little perceptible loss in image quality. Since its introduction in 1992, JPEG has been the most widely used image compression standard in the world, and the most widely used digital image format, with several billion JPEG images produced every day as of 2015. The term "JPEG" is an acronym for the Joint Photographic Experts Group, which created the standard in 1992. JPEG was largely responsible for the proliferation of digital images and digital photos across the Internet, and later social media. JPEG compression is used in a number of image file formats. JPEG/Exif is the most common image format used by digital cameras and other photographic image capture devices; along with JPEG ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Optical Character Recognition
Optical character recognition or optical character reader (OCR) is the electronic or mechanical conversion of images of typed, handwritten or printed text into machine-encoded text, whether from a scanned document, a photo of a document, a scene-photo (for example the text on signs and billboards in a landscape photo) or from subtitle text superimposed on an image (for example: from a television broadcast). Widely used as a form of data entry from printed paper data records – whether passport documents, invoices, bank statements, computerized receipts, business cards, mail, printouts of static-data, or any suitable documentation – it is a common method of digitizing printed texts so that they can be electronically edited, searched, stored more compactly, displayed on-line, and used in machine processes such as cognitive computing, machine translation, (extracted) text-to-speech, key data and text mining. OCR is a field of research in pattern recognition, artificial intellig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Check 21 Act
The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, , that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the recipient of the original paper check to create a digital version of the original check, a process known as check truncation, into an electronic format called a " substitute check", thereby eliminating the need for further handling of the physical document. In essence, the recipient bank no longer returns the paper check, but effectively e-mails an image of both sides of the check to the bank it is drawn upon. Consumers are most likely to see the effects of this act when they notice that certain checks (or images thereof) are no longer being returned to them with their monthly statement, even though other checks are still being returned. Another effect of the law is that it is now legal for anyone to use a computer scanner or mobile phon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data Entry Clerk
A data entry clerk, also known as data preparation and control operator, data registration and control operator, and data preparation and registration operator, is a member of staff employed to enter or update data into a computer system. Data is often entered into a computer from paper documents using a keyboard. The keyboards used can often have special keys and multiple colors to help in the task and speed up the work. Proper ergonomics at the workstation is a common topic considered. The data entry clerk may also use a mouse, and a manually-fed scanner may be involved. Speed and accuracy, not necessarily in that order, are the key measures of the job. History The invention of punched card data processing in the 1890s created a demand for many workers, typically women, to run keypunch machines. To ensure accuracy, data was often entered twice; the second time a different keyboarding device, known as a verifier (such as the IBM 056) was used. In the 1970s, punched card data en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Mail Receiving Agency
Within the United States, a commercial mail receiving agency (CMRA) is a private business that accepts mail from the Postal Service on behalf of third parties. A CMRA may also be known as a mail drop. A customer of a CMRA can receive mail and other deliveries at the street address of the CMRA rather than the customer's own street address. Depending on the agreement between the customer and the CMRA, the CMRA can forward the mail to the customer or hold it for pickup. Unlike a post office box, a CMRA operates independently of the national postal administration and is therefore able to receive courier packages or other non-mail. CMRAs typically provide ancillary services such as facsimile, copy or courier. A customer may wish to use the services of a CMRA for privacy. A customer in one community may contract with a CMRA in another community with a better known or more prestigious address. A business located near an international border may use a CMRA as a point of local presen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
