Cash Application Clerk

Job Summary:

The Cash Application Clerk is responsible for accurately and promptly recording, applying, and reconciling customer payments within the organizations accounting systems. This role supports effective accounts receivable management by ensuring payments are applied to the correct customer accounts, investigating unapplied cash, resolving payment discrepancies, and maintaining accurate financial records.
Working closely with Accounts Receivable, Billing, Customer Service, Sales, and customers, the Cash Application Clerk helps maintain accurate account balances, support cash flow management, and ensure timely and reliable financial reporting.
Key Responsibilities

• Cash Application: Process and apply customer payments received through electronic funds transfers (EFTs), wire transfers, cheques, lockbox transactions, credit cards, and other payment methods.
• Payment Reconciliation: Match incoming payments to customer invoices and remittance advice, ensuring accurate and timely posting.
• Unapplied Cash Management: Identify, investigate, and resolve unapplied and unidentified cash to minimize outstanding balances.
• Discrepancy Resolution: Research payment differences, short payments, overpayments, duplicate payments, and missing remittance information.
• Customer Account Maintenance: Review customer accounts, maintain accurate payment records, and ensure transactions are posted to the appropriate accounts.
• Internal Coordination: Collaborate with Accounts Receivable, Billing, Customer Service, Sales, and other departments to resolve payment-related issues.
• Customer Communication: Contact customers when necessary to obtain remittance details, clarify payment discrepancies, and resolve account allocation issues.
• Reporting and Documentation: Maintain organized records of cash receipts, reconciliations, adjustments, and outstanding payment issues.
• Month-End Support: Assist with month-end closing activities, cash reconciliations, accounts receivable reporting, and other accounting tasks as required.
• Process Compliance: Follow established accounting procedures, internal controls, and company policies to ensure the accuracy and integrity of financial transactions.
• Continuous Improvement: Identify opportunities to improve cash application accuracy, processing efficiency, and reconciliation procedures.

• Required Skills:
  
• A two-year Accounting Graduate or equivalent education is required.
• Two years of experience in accounting, cash application, accounts receivable, or banking is preferred.
• Experience in the trucking, transportation, or logistics industry is considered an asset.
• Knowledge of accounting principles, accounts receivable processes, and cash application procedures is required.
• Intermediate to advanced proficiency in Microsoft Excel and Microsoft Office applications is required.
• Experience using accounting software, ERP systems, or transportation management systems (TMS) is an asset.
• Required Skills and Competencies
  
• Strong attention to detail and a high degree of numerical accuracy.
• Good analytical, problem-solving, and reconciliation skills.
• Ability to investigate discrepancies and resolve payment issues effectively.
• Strong organizational and time-management skills, with the ability to meet deadlines.
• Effective written and verbal communication skills.
• Ability to work independently and collaboratively within a team.
• Ability to manage multiple priorities in a fast-paced accounting environment.
• Commitment to maintaining confidentiality and accurate financial records.
• Key Performance Indicators (KPIs)
  Performance may be evaluated based on:
  
• Accuracy and timeliness of cash application.
• Volume of payments processed within established deadlines.
• Reduction in unapplied and unidentified cash balances.
• Timeliness of payment discrepancy resolution.
• Accuracy of customer account reconciliations.
• Compliance with month-end closing deadlines and internal control procedures.
• Working Relationships
  The Cash Application Clerk works closely with the Accounts Receivable team, Billing, Customer Service, Sales, customers, and other internal stakeholders to ensure accurate payment processing and effective resolution of account-related issues.
  Overall Objective
  To ensure customer payments are accurately recorded, applied, and reconciled in a timely manner, supporting effective accounts receivable management, reliable financial reporting, healthy cash flow, and positive customer relationships.