How To Create & Edit Your Financial Delivery Action Item

This article is to provides an understanding of how to create and make edits to the Financial Package that is being produced in Vantaca.

Editing Your Financial Package:

1. Settings > Action Types/Steps
2. Locate the Reporting Section and find the Financial Delivery Action Type
3. Click the small grey arrow to the left of reporting to drill down on the action steps

4. You can then edit what action steps need to be sent to a certain role

   For example, the Pending Production Action Step needs to be sent to Accountant
   Note: A role will only be available to select in the Send To field of a step if it has been added as a Default Follower of the action type. To add a role as a Default Follower, click the Edit button on the Financial Delivery action type itself, add the role in the Send To field of the Edit Action Type screen, and click Update.

5. On the Draft Financial Statements and Accountant Reviewed Financial Statements step, click the Rules button and select Reports on the left hand side
   • You can now use the reports menu to select all the reports that you would like included and the order they show in your financial package

6. Documents: This option allows us to attach any document that is located in the Association >  Documents section by inputting a file path, and this also allows documents to be written TO that file path, depending on what option is selected.

   • For example, if someone wanted to include bank statements on the steps that produce financial packages then the file path would be Documents/Bank Statements/[~ReportDate:yyyy/MM~]/

   • If you want to include all documents in a folder, then you can use the file path of Documents/Folder/. Adding the "/" at the end of the file path will add any documents located within that folder into this step of the Action Item.

   • Finally, it may be necessary, especially in the Financial Package Delivery, to upload the documents from an action item TO the Association > Documents page.

     • The Output checkbox, when selected, will upload any documents associated with that Action Item Step to the file path that is entered.

       • Standard file path:

         • Documents/Financials - Board/[~ReportDate:yyyy/MM~]Financials.pdf

           • Note: If it's not posting to the folder, it's typically that the date needs the correct format: yyyy/MM

     • In the event that your need to upload several documents or folders, the Order No column is the order that the documents will appear/print in. 

     • You can then view your Financial Package under Association > Documents (See Screenshots Below)

• Click the link for more information on common file paths: What are the different Document file paths that can be included in my financial delivery action item?

Editing a Financial Package to Include Pages Outside of Vantaca:

1. You will want to start your financial package as normal using the Financial XN.
2. After you Close Fiscal Period and are in the Accountant review step, you will want to click on the green paperclip for your preview and save that file to your computer. This is where you can manipulate the file to the correct order and add any supplemental attachments:

3. Once you have made the appropriate edits (i.e. added the files you wish to add to the financial package), from here you will want to click on the Step Action Item and use the attachment box to attach your new financial package.

4. Now you can select the Update button and when it is moved to financial review, your new attachment will be the green paper clip in the financial review step.

   *Note - Remember to select the Financial Package in the Existing Attachment field when you step it to actually POST those board financials and/or homeowner financials to the portal.

5. If you wish to delete an item from the financial package, click on the green paper clip, select which item you wish to delete from the drop down menu of reports, click the small arrow on the top of the PDF and select Delete.

Now that all of the reports have been added to the Financial Delivery Action Type, we are ready to create the financial package for a community.

Creating Your Financial Delivery Action Item:

1. Action items > All Action items
2. Click the + New Action Item in the top left corner.
3. Select the association you wish to work on if you are not in that association already.
4. Action Type: Financial Delivery - Standard
5. Under Dates and Assignment, you will select the report end date. This date will be the last day of the period you are closing. (Ex: 5/30/2020 to close May)
6. Click Update and Select.

• Your Financial Delivery Action Item has now been created and you can begin stepping it accordingly. 

Opening and Closing Financial Periods:

1. Association > Settings
2. Scroll down to Current Period
3. This will show you the last period that was closed
4. Click Edit to reopen or close a certain period

Notes

•  
  • If you had to reopen the period during the Financial Delivery Action Item, step the action item to Close Fiscal Period in order to produce that new financial package with changes
  • Association invoices are automatically saved to documents each time the fiscal period is closed
  • You must have proper permissions to open and close periods

Month-End Financial Production Check List:

1. Review Daily Unreconciled Items Report & Reconcile items for all Associations
2. Review the Bad Financial Summary Report for all Associations
3. Reconcile all non-integrated bank accounts
4. Review the Income Statement and make Reclasses
5. Step (or bulk step) Financial Delivery action item from Pending Production TO Close Fiscal Period
6. Review of Financial Package
7. Approve or Void, make changes and regenerate Action Item

Setting Up The Financial Delivery Action Item On The Association Calendar:

Vantaca offers a great feature of scheduling the Financial Delivery action item on the calendar so it is automatically created and goes to the My Action Items for the appropriate role on the day requested.

1. Navigate to the association calendar: Association > Calendar
2. Select which association you wish to work on
3. Double click on the date you wish to have the Financial Delivery action item kick-off on every month (Ex. double click in the box of the 15th)
4. When the popup screen appears, fill in the field with the appropriate information. If you wish for the financial package to be created monthly then choose the Repeat of Monthly. In the Action Item field select which Financial Delivery action item you wish to schedule.
5. On the date this event is scheduled, it will automatically kick-off the action item selected above and send it to the appropriate role's My Action Items in the step of Pending Production. This will remind the individual(s) to review the associations and close the period to produce the package.
6. Now that this event is created, it can be copied over to multiple associations so it does not have to be created individually each time. At the top right side of the calendar screen there is a Copy Event button. Click on the button, select which event (Financial Delivery), choose which associations to copy the event to, and then click the Select button at the bottom. Your event has been copied.

FAQ

Q: I am unable to kick off a financial delivery action item. Why?

A: This occurs when a user's role is not included in the Default Followers for the Financial Delivery action type. To resolve:

1. Navigate to Settings > Action Types/Steps
2. Locate the Financial Delivery action type and click Edit
3. In the Edit Action Type window, enter the appropriate role in the Send To field
   • This field controls which roles appear in the action type's Default Followers
4. Click Update to save the change

Once the role has been added to the Default Followers, the user will be able to select the Financial Delivery action type when creating a new action item. If you need to add this role as a Send To, Reply To, or Portal Reply recipient on any financial delivery step, click Edit on each applicable step, add the role, and click Update to save. For more information on Default Followers, review our How can I change who an action item is sent to? article.

Q: Can the reports used with the Financial Delivery action type be customized per association?

A: Yes. To customize reports for a specific association, you'll need to create a separate Financial Delivery action type for that association. The easiest way to do this is by copying an existing one.

To copy an existing Financial Delivery action type:

1. Go to Settings > Action Types/Steps.
2. Locate your Financial Delivery action type and click Copy.
3. On the Create Action Type window:
   • Enter a name for the new action type (including the association name is recommended for easy identification).
   • Confirm that all relevant roles are listed in the Send To field (these are the action type's Default Followers).
   • Check all boxes under Include Action Step details for: to avoid having to add these manually later.
4. Click Copy.

To customize the reports on the new action type:

1. Locate the steps where reports are generated and click Rules.
2. On the Edit Rules window, click Reports on the left side.
3. Remove and replace or add reports as needed ensuring that report ordering is as desired, then click Save changes.

Once finished, review the new action type to confirm everything is configured correctly before using it.