Summary: When your bank scans in checks, there will be a Lockbox to review and commit.
Objective: Learn how to review and process a lockbox for an association.
When searching for the Lockbox in Vantaca, go to Settings>Import.
This is where the import will live once it becomes available by the bank. Please note that depending on your bank your Lockbox file will be available at different times. Open up the Bank Lockbox Times article to see your specific Lockbox times. Vantaca will begin looking for your Lockbox file at your bank Lockbox time every 15 min until the Lockbox end time. It will stop looking and then start looking again the next day.
The date that you see on the settings import screen is the date Vantaca pulls the file and that will contain payments from the day prior.
Once you click the review button, that will take you to the Lockbox file. You are only going to work out of the Review Records and Valid Records tabs. The Translation and Unmatched tabs are not used for Lockboxes.
**When reviewing items in the lockbox file, you can click on the Check No and view the check image, depending on payment type and if your bank offers it.
- Valid Records tab-These are all the Lockbox items that have matched up to an account number and have a correct amount and check number. These items have the date, association code, account number, amount and check number (don’t say they are homeowner payments because they could be miscellaneous payments). If you ever needed to edit a valid record click the “make editable” button and it will move the Lockbox item to the error records tab where you can edit.
- Review Records tab- Some of these error records are going to need your attention before the file can be committed.
- You will have to filter for any missing errors in the error message field. The filter has to be changed to “contains” to search.
- If the Lockbox wasn’t able to match an owner you will see the missing owner error. You will resolve this by clicking the search button and searching for the owner in the homeowner list that appears and clicking select.
- If there is a missing check number you will double click the check field and a popup will appear of the check image, if one is available. You’ll be able to click into the check number field and edit.
- If there is a missing amount you will have to contact Vantaca and the bank. You cannot edit the amount.
- There may be some payments that don't need correction, but you may want to review
- Less than balance and more than balance show if you want to split the amount between merged accounts. Select the ‘Split” button which will bring up the popup box below:
- To allocate the amount between different charges you will select the “Alloc” button which will bring up this window:
- From there, you can choose how the payment is distributed. Visit this article on Payment Allocation Imports for more information.
- Misc Deposits- To the right of that Misc deposit, you'll see a GL Entry button. Click on that, and you'll be able to do a journal entry for that Misc. deposit. You can toggle between Misc deposit and homeowner payment by clicking the Misc deposit and Payment button.
Once you've made all the changes you need to the Lockbox, be sure to click the "Save Changes" button at the top left of the Lockbox you're reviewing. Then hit "Commit" at the top middle of the page. If you go back to Settings>Import and that Lockbox is no longer on the screen, it was committed successfully! If you still see the Lockbox on that screen, you'll need to review again for any errors you may have missed.
For auditing purposes, you may visit a homeowner's ledger to which one of these payments was posted and ensure that the homeowner payment was posted correctly.
Congratulations! You've committed a Lockbox import!