This article will explain the Bank Return process for communities using Vantaca Pay.
Step 1: An owner makes a payment, and that payment posts to their ledger as well as the book side of the bank reconciliation screen within a minute.
Step 2: As the payment is processed over the next 2 days, if the payment fails for any reason, or is disputed by the owner to their card provider or bank this will cause two things to happen.
- The original payment amount will be removed from the amount that gets paid out to the association's bank account.
- A Bank Return action item will be created on the owner's account, including the details on why the payment was returned. A payment returned for any reason other than a dispute, will carry a $5 fee - charged to the association. A disputed payment will carry a $20 fee, also charged to the association.
Step 3: When the Bank return comes in, you will want to click "Select" from the hamburger menu on the right side of the screen, to pin the XN to the action center:
Step 4: Find the return button in the action center, and click to open up the return screen. This will allow you to adjust the payment off of the owner ledger in the desired way. This screen will show you how the original payment was applied, and allow you to adjust accordingly. If you see a dollar amount in the "Applied" column, you can remove that amount from that transaction type, by adding the amount to the "Adjust" column. In order to advance from this screen the total amount adjusted must match the total amount applied (payment amount), then, click "update".
This action will remove the payment total from the owner ledger, and adds the credit item needed on the book side of the bank reconciliation screen to balance out the original payment.
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