Summary: The Association Bank Accounts screen will display all bank accounts set up for the association and the details of those bank accounts. To access this screen, you will go to Association > Bank Accounts.
In this screen, if you have the proper permissions, you will see options to Edit or Delete an account. You will also be able to view the Full Account Number.
Edit: This will display a pop-up window with details of the account. Please note that this window will display only the last 4 digits of the Account Number for security purposes.
Delete: This will remove the bank account. This can only be done if the bank and book balance for the account are $0.00. This is intended to prevent an account from being deleted in error as they cannot be undeleted.
View Acct No: This allows users with the correct permissions to see the full account number.
Note: This is the only place in Vantaca to see a full bank account number.
New Bank Account:
There are multiple fields required to set up a new bank account. Each is explained below:
Account Name: This name will appear on your bank reconciliation report. It’s recommended that this matches or in some way connects with your GL account name.
Account Number: This is the account number that gets used for printed checks. This should match what you have on your bank statements or what comes back on your paperwork when a new bank account is created.
Account Type: This is for your reference in the grid view.
When choosing a bank account type, select the one that best fits your account. These types are largely just for display. For instance, you could select Savings or MMA for a Money Market Account and they will function the same.
The exceptions to this rule are as follows:
- Operating - The Operating Account is your SOLE depository account. While you may use Vantaca to pay through multiple accounts, payments are only deposited into a single Operating Account through Vantaca. As such, only one account may be set up as an Operating account and this will be the Association's primary operating account. Associations with multiple operating accounts can set subsequent accounts as Other DDA.
- Old Operating - This type is typically following fraudulent activity or other times when you may change to a new account within the same Bank. This allowed lockbox payments to still be deposited for a short time, until the new Operating was fully functional.
Bank: Choose the bank from the drop-down list. This dictates your routing number and how the accounts are grouped in your bank reconciliation screen. Banks can be managed on the Settings > Bank screen if you need to add or remove a bank. For details on adding new Banks, visit Settings > Banks.
GL Account: This is the GL account associated with this bank account.
Fund: This will interact with your association setting to determine which fund future activity will be grouped into on your balance sheet and income statement. See Association Funds and Pay Accounts for more information on Funds.
Last Check Number: Used to avoid using duplicate check numbers.
Minimum $ (Alert): This will create the threshold for the account to ensure that payments and transfers will not cause an overdraft on the account. This threshold is also used to trigger the Low Balance Alert action item.
Beginning Date: This will dictate how far back information is available on this account and how far back ending balance can be submitted in the reconciliation.
Beginning Balance: Used for accounts with an existing balance being transitioned into Vantaca. See Bank Account Beginning Balances for more information on beginning balances.
Interest Rate: This is a data reference. This can also be included in your Account Name if you would like this information to be more visible.
Maturity: This is a data reference. Since it is a general text field, you can enter a date (3/31/2023), text (24 Months), or any other way you'd like to record the maturity of an account such as a CD or Bond.
Require Board Approval: Checking this box requires each payment from this account to be approved by the board. This is used in combination with your association setting to determine which payments require board approval and when.
ACH ID: Depending on your integrated bank, an ACH ID is sometimes required. During onboarding, you will learn if this is necessary for your accounts. Typically this field will be blank.
ACH itself stands for Automated Clearing House. It is a system set up to allow transfers and transactions between different banking systems electronically from different companies. As a part of the ACH system, an ACH ID is used similar to a mailing address, allowing any ACH debit activity to be routed directly to the right location so that it may be delivered to the right accounts.
Each company has its own ACH ID for its accounts so that it can electronically transfer funds. An automatic payment from a homeowner's bank account is also similar to the ACH process, however, the main difference between a direct deposit and ACH is one deals with the homeowner while the other deals with a company.
Assign Signature: This allows you to override the default check signature. Images will need to be uploaded on the Settings > Check Signature screen before selecting them in the bank account screen.
Auto-Post Contract: This will apply the selected Association Service Contract to all expense transactions for this bank account. This option is generally used for accounts such as Debit Card accounts so that transactions received via the bank integration can be auto-posted and reconciled. More information on Association Contracts can be found in this article.
Old Account Number: Depending on your integrated bank, the old account number can be stored to link history. During onboarding, you will learn if this is necessary for your accounts. Typically this field will be blank.
GL For Interest: This field will determine which GL account is used to record interest payments for your individual Bank Accounts. This interest is input via the Accounting > Reconciliation screen automatically for integrated accounts, or manually for non-integrated accounts. See Bank Reconciliation Data Entry for details on entering Bank Account Interest.