Lockbox processing and accounting
I am new to Lockbox processing and have the following doubts
1. Is Lockbox the same bank that we deal with or its a separate collection house?
2. Lockbox is a file detailing checks deposited. When and how do we get the info on checks cleared. Is is through the electronic bank statment
3. What is the differenec between electronic bank statment and lockboxes
4. Are the following entries correct
A. Lockbox processing - 1. Lockbox clearing Dr, Unapplied cash Cr 2. Unapplied cash Dr, Customer Cr
B. Bank statment - 1. Bank Dr, Lockbox clearing Cr