Association Bank Accounts
The Association > Bank Accounts screen will display all bank accounts for the association and details of those accounts. To access this screen, hover over the Association menu then click on Bank Accounts.
On the Bank Account list, if you have the proper permissions, you will see options to Edit or Delete an account, or to view the Full Account Number.
Edit: This will display a pop-up window with details of the account. Please note that this window will display only the last 4 digits of the Account Number for security purposes.
Delete: This will remove the bank account. This can only be done if the bank and book balance for the account are $0.00. This is intended to prevent an account from being deleted in error as they cannot be undeleted.
View Acct No: This allows users with the correct permissions to see the full account number. This is the only place in Vantaca to see a full bank account number. It cannot be seen by trying to edit the bank account information.
New Bank Account:
There are multiple fields required to set up a new bank account. Each is explained below:
Account Name: This name will appear on your bank reconciliation report. It’s recommended that this matches or in some way connects with your GL account name.
Account Number: This is the account number that gets used for printed checks. This should match what you have on your bank statements or what comes back on your paperwork when a new bank account is created.
Account Type: This is for your reference in the grid view. Only one account may be set up as an "Operating" account and this will be the Association's primary operating account. Associations with multiple operating accounts can set those accounts as "Other DDA".
Bank: Chose the bank from the drop-down list. This dictates your routing number and how the accounts are grouped in your bank reconciliation screen. Banks can be managed on the Settings > Bank screen if you need to add or remove a bank.
GL Account: This is the GL account associated with this bank account.
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.
Last Check Number: Used to avoid using duplicate check numbers.
Minimum $ (Alert): This will create the threshold for the account to ensure that payments and transfers will not cause an overdraft on the account. This threshold is also used to trigger the Low Balance Alert action item.
Beginning Date: This will dictate how far information is available on this account and how far back 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.
Require Board Approval: Checking this box requires each payment from this account to be approved by the board. 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, ACH ID is sometimes required. During on-boarding, you will learn if this is necessary for your accounts. Typically this field will be blank.
ACH itself stands for Automated Clearing House. It is a system set up to allow transfers and transactions between different banking systems electronically from different companies. As a part of the ACH system, an ACH ID is used like a mailing address, allowing any ACH debit activity to be routed directly to the right location so that it may be delivered to the right accounts.
Each company has its own ACH ID for its accounts so that it can electronically transfer funds. An automatic payment from a homeowners bank account is also similar to the ACH process, however the main difference between a direct deposit and ACH is one deals with the homeowner while the other deals with a company.
Assign Signature: This allows you to override the default check signature. Images will need to be uploaded on the Settings > Check Signature screen before selecting them in the bank account screen.
Auto-Post Contract: This will apply the selected Association Service Contract to 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. More information on Association Contracts can be found in this article.
Old Account Number: Depending on your integrated bank, the old account number can be stored to link history. During on-boarding, you will learn if this is necessary for your accounts. Typically this field will be blank.