Processing a Lockbox

After a bank scans in checks, a Lockbox contains the payments and check images to review and commit.

Lockbox Auto-Split Payment

Vantaca automatically splits a lockbox payment across merged accounts if the payment is larger than the balance of a single account.

To review and process a lockbox for an association:

1. Navigate to Settings > Import to view Lockbox files available for review and to be committed.
   
   Each bank makes lockbox files available at different times. Vantaca starts looking for your lockbox files at the start of the bank-specified time and checks every 15 minutes until the bank-specified end time. This process occurs daily.
   
   The date on the settings import screen is the date that Vantaca obtains the file which contains payments from the previous day.
   
   
   
   
2. Click Review next to the Lockbox file that you want to view.
   
   Tip: Click the Check No to view the check image (depending on payment type and your bank offering).
   
   
   
   Note: You will only use the Review Records and Valid Records tabs. The Translation and Unmatched tabs do not apply to Lockboxes.
   
   
3. In the Review Records tab, you can see all the records that require review before you can commit the file. The following main types of records appear in this tab:
   
   
   • Missing Errors: Indicates that information is missing from the file. In the Error Message column, filter using the Contains and Missing options to identify and resolve these errors. If the Lockbox cannot match an owner to the record, a missing owner error displays. Click Search and select the owner from the homeowner list that displays to resolve the error.
     
     
     
     If the check number is missing, double-click the Check field to display the check image (if available). Note the check number and enter it in the check number field. If the amount is missing, contact both Vantaca and the bank. You cannot edit the amount.
     
     
   • Than Errors: Some payments do not need correction, but the system places them in this tab for review because the payment is higher or less than the account balance and you can review where the payment is allocated before you commit. In the Error Message column, filter using the Contains and Than options to identify and resolve these errors. 
     
     To allocate money between different charges, click Alloc to open the Payment Allocation screen and select the payment distribution. For more information, see the "Payment Allocation Imports" article.
     
     
     
     To split the amount between merged accounts, click Split to open the Split Payment screen. See the New Feature - Auto-Split Payment section for more information about split payments.
     
     
     
     
   • Misc Deposits: To the right of the Misc deposit, click GL Entry to enter a journal entry for the miscellaneous deposit. You can toggle between Misc deposit and homeowner payment by clicking the Misc deposit and Payment buttons.
     
     
4.  The Valid Records tab displays all the Lockbox items that match with an account number and have the correct amount and check number. These items include the date, association code, account number, amount, and check number and can be homeowner payments or miscellaneous deposits. You can click Make Editable to move the Lockbox item to the Error Records tab, where you can make changes.
   
   
5. After you make your updates to the Lockbox entries, click Save Changes, and then Commit.
   
   
   
   
6. Navigate back to Settings > Import and look for the Lockbox you just worked on. If it no longer shows on the screen, it committed successfully. If the Lockbox continues to display, review it again for any missed errors.
   OR
   You can select Include Committed Lockboxes (Last 90 Days) at the top of the screen to view all of your committed lockboxes from the last 90 days.
   
   Note: For auditing purposes, you can visit a homeowner's ledger to which one of these payments was posted and ensure that the homeowner payment posted correctly.