Processing Bank Returns - NO Bank Return Notification

Manual bank return entry:

Upon receipt of the Bank Return notice, the user will use the return document to initiate the return. Start by using 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. After 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 > Homeowner Profile > 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. 

FAQ

Q: How do I reverse a bank return?

A: Follow these steps to reverse a bank return:

1. Navigate to the Audit tab for the date of the return and locate the entry with the Type of Void. If the payment covered multiple assessments, there will be multiple void entries on the Audit tab.
2. Scroll to the far right of the Audit tab and click Delete on the void entry. If there are multiple entries associated with the return, all will be deleted at once.
3. If applicable, delete any fees from the Audit tab that also were associated with the bank return as this will need to be done so manually.
4. Locate the Bank Return action item on the owner's account and step it to Void. Be sure to add a note in the Note field explaining the reason for the reversal for record-keeping purposes.
    

Q: I processed a bank return for a payment but the payment was not voided. Why?

A: This occurs when the bank return action item is manually stepped to a return reason instead of being processed correctly.

To resolve this:

1. Step the bank return action item to Void
2. Go to the Audit tab for the owner and delete the Void item associated with the return (if there are multiple Void items, deleting one will delete all associated with the return)
3. If any fees have been charged as a result of the return, ensure those too are deleted from the Audit tab
4. Navigate back to Homeowners > Payment Search and restart the return process
5. Once on the owners account, go to Homeowners > Homeowner Profile > Action Items and access the hamburger menu on the newly created bank return action item and click Select
6. After the bank return action has been selected, click the Return button in the Action Center to access the Post Return Item screen and ensure the charge(s) are properly selected for the return
7. Complete the bank return by stepping the bank return action item to the proper return reason step

This ensures the payment is properly voided when processing the bank return.