Cash Applications Specialist Job Description
Cash applications specialist
provides guidance to the Commercial organization on Accounts Receivable processes to facilitate efficient processes and accurate accounting.
Cash Applications Specialist Duties & Responsibilities
To write an effective cash applications specialist job description, begin by listing detailed duties, responsibilities and expectations. We have included cash applications specialist job description templates that you can modify and use.
Sample responsibilities for this position include:
Daily processing of cash receipts and postings to customer accounts, including charging payments made by credit card, other adjustments to customer accounts for credits/debits and account write-offs
Ensure inter-company transfers are posted and handed off properly and non-customer payments posted properly
Perform bank fee charge-offs
Identify daily unapplied amounts, post to customer accounts, call on back-up and provide A.R
Maintenance of records for auditing purposes (filing remittances, bank statements, approved write offs )
Receiving and recording of US trade, export and intercompany payments received from lockbox, EFTs, wire transfers, credit cards
Support center management and the A/R Manager with respect to any relevant issues relating to cash receipts, applications, collections, bankruptcies
Encodes checks and balances checks received to cash receipts and encoding machine totals
Collections Specialist and Deductions Specialist interaction
Includes daily importation and balancing of sales batches
Cash Applications Specialist Qualifications
Qualifications for a job description may include education, certification, and experience.
Education for Cash Applications Specialist
Typically a job would require a certain level of education.
Employers hiring for the cash applications specialist job most commonly would prefer for their future employee to have a relevant degree such as Associate and Bachelor's Degree in Accounting, Finance, Associates, Education, Business, Business/Administration, Bookkeeping, Communication, Reading, Medical Terminology
Skills for Cash Applications Specialist
Desired skills for cash applications specialist include:
Banking policies and procedures
Using on-line systems for input and inquiry
System capabilities and coordinating cash transactions
Microsoft Office
Microsoft Word and Excel
Accounts receivable concepts and procedures
Navision
Excel
Accounting
Accounting practices directly related to Accounts Receivable processing
Desired experience for cash applications specialist includes:
Bachelors or Associates Degree preferred, high school diploma (or GED) required, and 3 or more years of Cash Application and customer service experience
Demonstrated aptitude for math
Complete all reconciliations, write-offs and reapplications provided by Credit Representatives
Import and reconcile daily sales batches from operating systems
Apply all wires, ACH, and other electronic payments to customer accounts
Daily reconciliation of cash application batches
Cash Applications Specialist Examples
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Cash Applications Specialist Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of cash applications specialist. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for cash applications specialist
- Meet performance metric goals established by management
- Post line item payments and adjustments to patient accounts with accuracy and sense of urgency upon receipt -Analyze any/all credit accounts to determine if/when refunds should apply for processing
- Process necessary refunds
- Analyzes any credit accounts to determine if a refund should be processed
- Accurately post payments and zero payments to appropriate FSC on IDX
- Calculate/Post contractual adjustments or other adjustments, post insurance message codes and if there is a balance, change the invoice to the next appropriate FSC
- Add IDX invoice comments that clearly explain reasons for adjustments, denials or refunds
- Research and resolve requests for patient and payer refunds within an established time frame
- Research unidentified cash by requesting assistance from payer via telephone or written correspondence
- Write the FSC category on the insurance Explanation of Benefits (EOB) whenever another insurance is to be billed and gives the copies of EOB’s to the appropriate Insurance Claims Specialist for use in billing secondary or supplemental insurances
Qualifications for cash applications specialist
- Demonstrated strengths in organizational, attention-to-detail, follow-through, sound reasoning, critical thinking, and problem-solving skills
- Must have a minimum of 2 years of work experience in a Cash Application role
- 10-key/typing by touch Required ( Must type 10,000 key strokes or more)
- Ability to effectively communicate with multiple customers and work with a diversity of people at various skill levels, strong English language capability required
- 2 plus years of Accounts Receivable experience, required
- Experience working in a high volume, fast paced environment, required
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Cash Applications Specialist Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of cash applications specialist. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for cash applications specialist
- Identify and accurately log all incoming cash receipt information by payer category and submits monthly cash summary to Cash Applications Team Supervisor
- Distribute remittance advices and stubs to the cash application staff responsible for that payer category
- Reviews credit balances, refunds, adjustments, and claim denials
- Oversee the daily processing of cash receipts and postings to customer accounts, including payments made by credit card, lockbox, ACH/Wire and branch deposits other adjustments to customer accounts for credits/debits and account write-offs
- Processes inquiries and research requests received by the collections team in order to resolve customer account discrepancies and/or questions
- Oversees the research, resolution and reduction of aged unapplied cash receipts and postings to customer accounts
- Will play an essential role in assisting the Credit and Collections Manager in developing, implementing, and monitoring standard operating procedures (SOPs) to ensure cost effective work flow in research and resolution of unapplied cash, investigate methods of improving the capabilities of the organization through changes in structure, technology or method
- Monitors/measures receivable performance, including monthly metrics and provide support/reporting to the Credit and Collections Manager and Assistant Controller
- Download and process daily bank reporting
- Resolve and reconcile receivable variances
Qualifications for cash applications specialist
- Experience with large ERP system, highly preferred
- Maintain and report on all relevant statistics for cash applications, such as percentage of cash auto-applied and turn-around time for processing lockbox
- Experience posting payments to customer accounts
- Experience with Great Plains or JDEdwards or Oracle highly preferred
- Preference given to those with construction background
- Able to perform business math (percentages, ratios, discounts, etc)
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Cash Applications Specialist Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of cash applications specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for cash applications specialist
- ACH wires
- Credit card batches and cash deposits
- Process and reconcile postings of cash deposits, credit card, and other Accounts Receivable application spreadsheets
- Review new account set-up and gather new customer information including executed credit applications, personal and company credit reports, create a summary of the customer's payment history, and make a decision about the customer's credit worthiness
- Effectively review existing credit lines, make credit decisions based on policies within credit guidelines, and provide a complete assessment of the customer's credit risk
- Maintain and build positive relationships with Auto Plus's Sales team and other parts of the organization
- Receive daily lock box deposits, code checks, and apply as necessary
- Post daily adjustments
- Receive and apply all wire transfers daily
- Run reports for Celcan
Qualifications for cash applications specialist
- Ability to speak on the telephone for a large portion of the day
- Well organized and neat with the ability to multi-task
- Experience should include an established proven track record of success in prior positions overseeing the cash applications function including experience with automated cash applications
- Ability to grasp new topics and concepts quickly and transfer knowledge to others on the team when appropriate
- BenefitPoint experience preferred
- Associate's Degree in Business Administration plus but not required
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Cash Applications Specialist Job Description
Job Description Example
Our company is growing rapidly and is hiring for a cash applications specialist. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for cash applications specialist
- Assist in streamlining the cash application process
- Research disputed invoices
- Support the AR/Credit Team to resolve credit, deduction and cash application issues
- Support the Billing Team to resolve deduction from invoice issues
- Research and track to conclusion cash/wire disputes and obtain proper documentation
- Proof of Delivery processing
- Posts line item payments and adjustments to patient accounts within 24 hours of receipt ins business office according to established guidelines
- Sorts lock box receipts and posts accordingly
- Analyzes credits accounts to determine if a refund should be processed
- Maintains all checks and EOBs by deposit date to ensure batch integrity
Qualifications for cash applications specialist
- 2 + years Full cycle A/R experience preferred
- Cash application and SAP experience is preferred
- Minimum of three (3) years’ experience in either physician/hospital billing or other healthcare business setting
- Demonstrated CRT skills, 10-Key by touch and the ability to use an automated billing system with speed and accuracy
- Billing, collection or cash
- Must have a solid understanding of AR and cash applications practices
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Cash Applications Specialist Job Description
Job Description Example
Our growing company is looking to fill the role of cash applications specialist. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for cash applications specialist
- Maintains cash book logs, clearing accounts, ledgers and daily journals in a complete set of records to indicate financial transactions
- Research and resolve discrepancies with payors and banking institutions
- Compiles data for and prepares regularly scheduled or special reports and analyses
- Post customer payments to the accounts receivable trial balance in the financial system
- Analyze payments and communicate with customers to ensure correct customer and invoice identification
- Balance cash posted against bank deposit reports daily and monthly
- Audit cash receipt journals for errors
- Accurately posts all payments sent from customers to the their respective AR accounts in a timely and daily manner
- Posts and balances all work completed before daily deadlines while adhearing to internal quality assurance controls
- Collects, reviews and processes all cash deposits, check deposits, and credit card payments submitted by branches daily
Qualifications for cash applications specialist
- Makes bank deposits daily
- Researches posting discrepancy issues and posts NSF checks
- Answers branch telephone inquiries concerning postings made to customer accounts and follows up on related unresolved issues
- Files daily processed work
- Develops positive working relationships with branches and customers
- Performs any directly related appropriate duties assigned by the Corporate Credit Manager