Before you can set up an association's bank account, you must first enter the bank into Vantaca. Complete this procedure before you add an association bank account.

Contents

•  Add a Bank to Vantaca
• Add an Association Bank Account

Add a Bank to Vantaca

To add a new bank to Vantaca:

1. Navigate to Settings > Banks.
   The Banks screen opens.
   
   
   
   
2. Click New Bank.
   The Edit screen opens.
   
   
   
   
3. Enter the following information:

   • Bank Name: The official name of the bank. This name will populate in the dropdown menu of the Association > Bank Accounts screen. 

   • Address 1-4: The bank address (use the fields as needed). 

   • ABACheck: The bank routing number that appears at the bottom of printed checks, next to the account number. 

   • ABADeposit: The routing number for deposits (such as homeowner payments).

   • Branch: The name or location of your preferred bank branch.

   • Beneficiary Name: The name of the account veneficiary.

   • Contact Name: Your bank liaison. If you have a personal banker with this institution, enter their name here. 

   • Phone: The phone number for the bank contact.

   • Email: The email address for the bank contact.

4. Click Update.

Add an Association Bank Account

The Association Bank Accounts screen displays all bank accounts set up for an association. 

To access this screen, navigate to Association > Bank Accounts.

If you have the proper permissions, you will see the following options:

• Edit: Opens the Edit Bank Account screen where you can change information (similar to the New Account screen in the following procedure). This window displays only the last 4 digits of the Account Number for security purposes.
• Mark Inactive/Active: Click Mark Inactive to remove the bank account from the Reconciliation page, Bank Register, and Reports. You can only mark an account inactive if it's bank and book balance are $0.00. After you mark an account inactive, the button changes to Mark Active, allowing you to make the account visible again.
• View Acct No: Users with the correct permissions can click to see the full account number.
  Note: This is the only place in Vantaca to see a full bank account number.

To add a new association bank account:

1. Navigate to Association > Bank Accounts.
2. Click New Bank Account.
   The New Account screen opens.
   
   
   
   
3. Provide the following information:

   • Account Name: Enter the bank account name. This name will appear on your bank reconciliation report. We recommend that this name matches or in some way connects with your GL account name.

   • Account Number: Enter the account number used for printed checks. This should match what you have on your bank statements or new bank account paperwork.

   • Account Type: Select the type that best fits your account (mainly for display purposes in the bank account table). For example, you could select Savings or MMA for a Money Market account and they will function the same. Exceptions include:
     • 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, you can only set up one account as the Operating account, and it will be the Association's primary operating account. Associations that have multiple operating accounts can set subsequent accounts as Other DDA.
     • Old Operating: This type is typically used following fraudulent activity or other times when you may change to a new account within the same bank. This allows lockbox payments to still be deposited for a short time until the new Operating account is fully functional.

   • Bank: Select the bank. This dictates your routing number and how the bank reconciliation screen groups accounts. You can manage banks on the Settings > Bank screen (see the beginning of this article for more information about adding and removing banks within Vantaca). 

   • GL Account: Select the GL account associated with this bank account.

   • Fund: Select the 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 about funds.

   • Last Check Number: Select the last check number used to avoid using duplicate check numbers.

   • Minimum $ (Alert): Select the threshold for the account to ensure that payments and transfers will not cause an account overdraft. This threshold is also used to trigger the Low Balance Alert action item.

   • Beginning Date: Select the date to indicate how far back information will be available on this account and when the 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. It is a general text field where you can enter a date (3/31/2023), text (24 Months), or any way you'd like to record the maturity of an account such as a CD or Bond.

   • Require Board Approval: Select to require the board to approve each payment from this account. 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 Automated Clearing House (ACH ID) is sometimes required. During onboarding, you will learn if this is necessary for your accounts. Typically, this field remains blank. For details about the ACH ID, as well as best practices and when to use this field, see the "Automated Clearing House (ACH) IDs" article.

   • Assign Signature: Select a signer to override the default check signature. You will need to upload images in the Settings > Check Signature screen before you can select them here.

   • Auto-Post Contract: Select an Association Service Contract for 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. For more information, see the "Using Service Contracts to Automatically Post or Create Invoices" article. 

   • Old AccountID: Depending on your integrated bank, you can enter your old account number, which can be stored in link history. During onboarding, you will learn if this is necessary for your accounts. Typically this field will remain blank. 

   • GL For Interest: Select the GL account to use 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 the "Bank Reconciliation Data Entry" article for details about entering bank account interest.

   • Hide From Recon List: Select to leave the account active, but no longer display it on the Global Recon List of Unreconciled Items in the Action Center. This is helpful for accounts with little to no activity, such as CDs.

4. Click Update.