Why are there checks that are deposited but not matched to any invoice?

For clarity, this answer only relates to checks deposited and entered as part of Paid\’s Lockbox service.

There are a few stages to Paid\’s lockbox service:

  1. Scan: Paid scans all checks into your account.
  2. Record: Paid enters the amount and check number for each check, creating a new payment in the system associated with that check attached.
  3. Deposit: Paid deposits your checks.
  4. Reconcile: Paid will match each check to the invoices it is paying off.

Note that (3) and (4) are independent steps that only depend on (1) and (2) being completed before. Generally, Paid will deposit your checks before our Reconciliation Team actually matches them to invoices. Therefore, you will notice some delay in how those checks get processed.

Sometimes Paid is unable to accurately determine which invoice a check pays off. This is often because the invoice number is missing from the check or stub. When this happens, Paid will mark the check for your review. These checks will appear on your home page and in the \”Needs Attention\” filter on the payments page.

There is another filter of \”Not Fully Applied\” that may contain more payments than \”Needs Attention.\” Generally, these checks will be ones our Reconciliation Team has yet to match.

We do our best to process checks in 72 hours (usually much shorter time), but it varies based on how many we receive that day.

Also, we instruct our team to currently only match if the invoice number is clearly evident by the check. Please keep in mind that while things such as amount, customer name, etc. may appear to be obvious matches, we currently only match on invoice numbers to ensure accuracy. We are constantly working to enhance this process, so please do not hesitate to share with us ways we could improve.

If you\’d like to sign up for Paid Lockbox or have any questions, please contact us at hello@paidlabs.com