Using the Lockbox feature, sometimes the bank may accept a customer's check that may be worth more or less than what they indicate that they are paying. This variance option can be used to define an acceptable 'variance' amount for such discrepancies, as it may be easier to just take the loss than try and collect a minimal amount.
Setup a variance amount for each applicable customer as follows:
Leave the Percent Variance blank if the variance amount for this customer should be a flat rate.
DOLLAR VARIANCE
If the acceptable variance is to be measured as a flat amount
instead of a percent of the payment, enter the maximum over or
short dollar amount that should be accepted as a discrepancy for
this customer.
Note: If there is no variance setup for a customer, and the customer does not make exact payments to exact invoices, the information in the import file from the bank cannot be accepted and processed in Import Lockbox Payments, and it will have to be input manually in Customer Payments.
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