With respect to the workings of a lockbox system, The cheque clearing process begins before the
company even knows the payments have been received.

Question

Quizplus · Accepted Answer

The lockbox system allows banks to directly process incoming payments, including cheques, before notifying the company receiving the payments. This means that the cheque clearing process begins before the company is aware that the payments have been received.

With Respect to the Workings of a Lockbox System, the Cheque