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Accounts Receivable

OBM Shared Services processes account receivables for several state agencies using the OAKS financials accounts receivable module. The Accounts Receivable team is focused on providing exceptional service to agency partners by to processing deposits and transferring funds within three business days.

OBM Shared Services provides the following receivable services:

  • Wholesale Lockbox processing
  • Retail Lockbox processing
  • ISTV document management
    • Splitting invoices to individual files
    • Consolidating backup documentation for each invoice
    • Attaching images
    • Coding entry and modifications

Wholesale Lockbox

Wholesale Lockbox can be used for OAKS direct journal entries and pending item transactions.

  • Checks are delivered directly to the bank with established security procedures
  • No manual processing for the agency
  • Data and images available in OAKS
  • Can continue to use sub systems to manage payment records
  • OBM Shared Services handles all processing and updates in OAKS

Wholesale Lockbox Process

Agency

  • Creates and mails billing coupon (utilizing DAS State Printing)

Customer

  • Submits payment

Financial Institution

  • Scans and captures image of check and coupon
  • Sends images to OBM Shared Services

OBM Shared Services

  • Uploads images
  • Applies payment in OAKS
  • Approves deposit
     

Retail Lockbox

Retail Lockbox can be used for OAKS direct journal entries.

  • No "Read & Key": OBM Shared Services will only key exceptions
  • Reduced cost: Use of only one lockbox for multiple agencies and per transaction cost
  • High Speed Data Capture: Improved data accuracy
  • Reduced Mail Float Times: By utilizing a courtesy reply envelope
  • Improved Funds Availability: Faster deposit processing results earlier in the day
     

Retail Lockbox Process

Agency

  • Creates and mails billing coupon with scan line (utilizing DAS State Printing)

Customer

  • Submits payment

Financial Institution

  • Reads scan line and captures image of check and coupon
  • Sends payment data file (INF file)

OBM Requirements and Configuration Management (RACM)

  • Retrieves and loads INF file in OAKS

OSS

  • Applies payment in OAKS
  • Approves deposit
     

Intrastate Transfer Voucher (ISTV), Attachments & Coding

Intrastate Transfer Voucher (ISTVs) are used by state agencies to invoice other state agencies requiring coding updates and attachment of the invoice.

OBM Shared Services enters coding and attaches images to ISTVs on agencies' behalf.

  • Manages large volume
  • Reduced cost: Use of only one lockbox for multiple agencies and per transaction cost
  • Verifies voucher and invoice matching in a timely and efficient manner
  • Streamlines the approval process
  • Eliminates mailing / splitting of invoices
     

ISTV Attachment Process

Agency

  • Generate invoice/Backup
  • Create OAKS AR item
  • Email invoice/Backup to OBM Shared Services

OBM Shared Services

  • Splits invoices to individual files
  • Consolidates backup to each invoice
  • Loads invoices to tracker

Tracker (System)

  • Validates voucher is available
  • Copies information from OAKS to tracker

OBM Shared Services

  • Attaches invoice to AP vouchers in OAKS

Tracker (System)

  • Validates voucher is available