Once a new bank return has been processed by your bank, a new “Bank Return Notification” action item will be created in your database. The Bank Return Notification action item is assigned to the AR role by default but can be changed on the action item setup.
The Bank Return Notification action item will include a PDF attachment of what the bank generally mails as a notification to their clients. Upon receipt of the Bank Return Notification action item, the user will open the attached document and then use the Homeowners -> Payment Search screen to locate the returned payment.
On the Payment Search screen, you can use the Payment Date range to narrow down your search results and then search for the payment that was returned. The description field can be used to search for check number, the last four numbers of an ACH draft account or an eCheck payment. Once the returned payment has been located on the Payment Search Screen, click the Return button next to the payment to create a Bank Return action item on the actual payment that was returned.
Upon clicking "Return," the Return Item screen will open, where you can input the amount of the adjustment to be made, the date of your adjustment and the reason for the return.
After you click Update to submit the return, you can use the dropdown arrow on the left hand side of the payment entry to view and select the owner's account in order to process the bank return action item you just created on their account and apply any necessary return payment fees.
Once on the owners' account, you will want to make sure the newly created Bank Return action item is selected by going to Homeowners > Action items and selecting the bank return item. Then, in the action center panel on the left side of your screen, click the "Return" button at the bottom (screenshot below).
This will initiate the "Return Item" screen (screenshot below) that you recently entered, along with the summary balances on the owners' account currently. All information should remain unchanged on this page, except you will want to verify the return is being processed with the money coming back out of the correct charge type in which it was originally applied. As we can see in the example below it shows that $245 was applied to Assessment, so we Adjust $245 from Assessment as well. The only time this would be adjusted differently than it was applied is if you have moved money around or plan on moving the balance to different charges upon completing the return.
Once all is reviewed, click update to perform the return and post the transaction to the owners ledger. You can then step the item to the appropriate closing step by selecting the action item or pressing step from the action center to generate an email to the owner notifying them of the return. You can also apply any necessary return payment fees if set up within the Association > Assessments for the bank return action item. Below is an example of stepping the item to the Stop Payment response to the owner and charging the fee simultaneously. Once the action item is stepped to one of those steps, the process is completed.