Position Summary
The Cash Application Specialist is responsible for the accurate, same-day posting of all customer payments to the accounts receivable ledger. This is a dedicated cash application role: the position applies cash and only applies cash. Accurate, timely application is the foundation of the collections function — collectors cannot work an account until every dollar received is posted correctly. The role handles high daily volume across checks, lockbox, ACH, wires, credit cards, and driver-collected payments (COD).
Essential Duties & Responsibilities
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Post all customer payments (lockbox, ACH, wire, credit card, check, COD/driver-collected cash) to customer accounts daily, with a same-day posting standard for all payments received by the daily cutoff.
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Match payments to open invoices using customer remittance advice; apply per remittance detail exactly as provided.
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Post payments with missing or incomplete remittance to the customer account as unapplied cash and route to the AR Reconciliation Specialist within one business day — do not hold payments unposted while researching.
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Process and post credit card payments taken by collectors or customer service, including surcharges where applicable.
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Reconcile daily cash postings to bank deposits and lockbox totals; resolve posting-to-deposit variances the same day.
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Flag short payments, overpayments, and unidentified payments to the AR Reconciliation Specialist with supporting remittance images.
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Maintain organized digital records of remittance advice, deposit slips, and payment backup for audit support.
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Process customer refund requests for approval (approval and disbursement handled by management/AP).
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Support month-end close by ensuring all cash received in the period is posted before the AR cutoff.
Segregation of Duties — This Role Does NOT
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Contact customers about past-due balances or negotiate payment terms.
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Issue credit memos, write-offs, or adjustments to customer balances.
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Research disputed invoices or deductions (routed to AR Reconciliation Specialist).
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Release credit holds or change credit limits.
Qualifications
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2+ years of high-volume cash application experience; distribution, wholesale, or food industry preferred.
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Experience with ERP-based AR modules (VAI S2K, D365, or comparable) and lockbox/bank remittance files.
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Strong 10-key and data entry accuracy; demonstrated attention to detail under daily deadlines.
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Proficiency in Excel (VLOOKUP/XLOOKUP, filtering, reconciliation worksheets).
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High school diploma or equivalent required; associate degree in accounting or related field preferred.
Key Performance Metrics
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Same-day posting rate (target: 98%+ of payments received by cutoff posted same day).
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Application accuracy (target: <0.5% of postings requiring correction).
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Unapplied cash aging (target: all unapplied items routed to reconciliation within 1 business day).
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Daily cash-to-deposit reconciliation completed with zero unresolved variances at week end.
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