Client Receivables

Question 1

Our lockbox is located on the loading dock for clients to drop schedules off. True or False.

Answer 1

FALSE

Question 2

We apply all checks to invoices on the day they are received. True or False.

Answer 2

FALSE

Question 3

We only receive stop payments on bad debtors. True or False.

Answer 3

FALSE

Question 4

Underpayments that are greater than or equal to what amount have to be researched?

A. $200
B. Determined by AE
C. 50% of the invoice

Answer 4

C. 50% of the invoice

Question 5

The remittance advice is documentation that tells you

A. How old the invoice is
B. How to apply the check
C. Who the AE is

Answer 5

B. How to apply the check

Question 6

What report is used to upload all batches and checks into M3?

A. Client Summary
B. Purchase and Advance (P&A)
C. Lockbox

Answer 6

C. Lockbox

Question 7

List three ways Apex receives payments

Answer 7

ACHs
Wires
E-Checks - sent to us via email
Live checks in the office
Comchecks
T-Checks
TCH Checks
EFS Checks

Question 8

What do the terms NF, RB, & PR stand for?

Answer 8

NF: Non-factored
RB: Rebate
PR: Payment Reversal