What if an association has an operating account with a non-integrated bank?

Question: What if an association has an operating account with a non-integrated bank?

Answer:

Vantaca is optimized with our banking integration. If you have an association that maintains their primary banking relationship with a non-integrated bank, talk to your board about switching to fully leverage the power of Vantaca!  If that is not an option, please keep in mind the following:

• Moving Payments either by splitting a payment in the lockbox file or using the payment adjustment ‘Move to Another Owner,’ should NOT be used to move payments to or from associations with non-integrated banks. The system assumes that the payment was deposited in the proper bank account and will automatically initiate a bank transfer between associations to correct. Instead, make the adjustment manually on each ledger.
• Owner Payment Options in the Settings > Portal Pages screen disable the pages for Auto Draft Form and Auto Draft Enrollment.  This will leave just the Credit Card button which will direct to Paylease or Banking partner depending on your set up.
  • Vantaca does NOT have a manual ACH file export. If you wish to draft owners using an outside bank, you will need to store and maintain the ACH information outside of Vantaca.
• Entering Payments can be imported with our Payment import or added manually on the owner’s ledger.

In addition to the points above, associations with their primary banking relationship through a non-integrated bank will be missing out on efficiency in the following areas:

• Automated Bank Transactions
• Auto Reconciliation
• Automated Bank Statements
• Bank Transfers
• Vendor ACH
• Bank Returns
• Lockbox files