Final answer:
In a lockbox system, bank employees open cash receipts and maintain records of payments made by customers.
Step-by-step explanation:
In a lockbox system, bank employees are responsible for opening cash receipts and maintaining records of all payments made by customers at the lockbox address.
This statement is true.
A lockbox system is a payment processing system where customers send their payments to a designated address, often a P.O. Box, instead of directly to the business.
The bank then receives and processes the payments, opening the cash receipts and keeping records of the payments made by customers.