Association Funds and Bank (Pay) Accounts

Association Funds (also referred to as cost centers) are a convenient way to organize financial information. Many Associations have Operating and Reserve funds, but may include others, for example,  Town Homes, Building 1, Building 2, etc. 

To create a fund:

1. Navigate to Association > Funds.
   The Funds screen opens.
   
   
   
   
2. Click New Fund.
   An empty row displays.
   
   
   
   
3. Provide the following information:
   • Order: Select the order in which the funds should display in a report.
   • Fund Name: Enter a name that will help others understand how the money is grouped.
   • Report Group (2 Col): Select whether it's in the Operating or Reserve group.
   • Report Group (Multi Col): Select to group funds to show a grouped report versus a fund report (typically pertains to balance sheets and income statements). This can help associations with similar funds. For example, they could have an Operating group, Reserve Group, and Clubhouse group, where the clubhouse group might consist of a food and beverage fund, a repairs fund, and a party fund.
   • Default Bank Account: This account defaults to the Operating bank account (it may not display in the screen). Select a different account only if you want the fund to be
     paid out of a bank account other than the Operating bank account.
     If you do not have a bank account set up, see the following section.
4. Click Update.

Default Bank Account

If you do not currently have a bank account set up, you must do so before you can select your Default Bank Account. For information about adding a bank to Vantaca and adding a bank account to an association, see the "Bank Accounts" article.

To add the default bank account to a fund:

1. After you add your bank account, navigate to your Association > Funds page.
2. Click Edit next to the fund.
3. In the Default Bank Account field, select the bank account you just added.
   Note: You cannot select Bank Accounts listed as a Savings account type, so make sure they're listed as Other DDA, CD, or MMA before you select.
4. Click Update.