Adding/Updating Bank Accounts

Perhaps your Association has had fraudulent activity or is simply changing banks for a better rate, there are times when it may be necessary to change the Operating account of an association. This article will go through that scenario and provide tips and tricks for the transition.  

Opening a New Bank Account

A new bank account must be set up when there is evidence of fraudulent activity. The following linked article will walk you through the bank setup process: Settings > Banks

Note: The new bank account must use a new, unique GL account number. If you need to create a new GL account for this bank, you can do so by going to the Association > GL Accounts screen, clicking the UnUsed GL tab, and then pressing the + New GL Account button. After a new GL account has been created, you will need to add it to a GL group. To do so, follow the instructions outlined in this article: GL Groups

Operating Bank Account: If the new bank account is replacing the operating bank account, change the Account Type of the old, fraudulent account to Other DDA. To do this, from the Association > Bank Accounts screen, press the Edit button on the fraud bank account, find the Account Type field, and select Other DDA from the drop-down menu.

Once a new operating bank account has been set up, Vantaca will start posting items to the new operating account automatically. There will be no need to change lockbox, assessment, deposit, or GL processes.

Troubleshooting Tip: If you are not seeing correct items populating on Accounting > Reconciliation for an account, check to make sure that bank account is properly entered in Association > Bank Accounts.

Note: Any unpaid invoices will have to be manually updated to the new bank account.

If Items are Posted to the Old Bank Account

Occasionally, when a new bank account is created, the bank integration will briefly post New items incorrectly to the old, fraudulent bank account for a few days. If this happens, any items in the old bank account will need to be moved over to the new bank account by Vantaca Support. To have this done, submit a ticket to Vantaca and include information:

• Association
• Old bank account
• New bank account
• Items needing to be moved 
• Date Range of the items needing to be moved