What are the responsibilities and job description for the Cash Application Specialist position at Power Equipment Company?
The Cash Application Specialist is responsible for accurately and timely applying incoming customer and finance company payments to customer accounts and / or general ledger transactions in addition to keying other application of credit memos and write-off requests. This team member is responsible for reconciling the various payment instruments and balancing the bank deposits to the system of record while ensuring compliance with company guidelines, standards, and service level agreements (SLA's). This team member may have limited contact with internal and external business partners. The Cash Application Specialist also provides backup documents of various payment types to internal partners for scan (image capture) and audit purposes.
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Essential Job Functions
- Accurately and timely apply customer, finance company, and third-party payments
- Accurately and timely apply chargebacks, NSF payments, and other customer related bank debit transactions
- Accurately and timely apply ACH / Wire payments, credit card payments, lockbox payments, remote capture deposit payments, and other methods to apply incoming funds
- Reconcile payment instruments to system reports to ensure ongoing balancing between ERP and bank records
- Perform account lookup of incoming payments to include appropriate account number to reduce the number of unidentified payments
- Accurately and timely apply other account adjustments including credit memo application, unapplied payment application, and write-off requests
- Utilize best practices to improve procedures, accuracy, and timeliness for processing cash
- Cross train and proactively communicate with the team regarding status of posting
- Conform with all company policies and procedures
- Report to work as scheduled
- Promote a cooperative and productive work environment
- Assist and complete special projects as needed
Education and / or Experience Requirements :
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