Cash Receipts – Lockbox
TOPS [ONE] Version 18.104.22.168
Lockbox is a service provided by your bank to centralize the receipt of payment from your homeowners. Under the service, the payments made by your homeowners, are directed to your bank instead of being mailed directly to the Management office. The bank processes the owner payments and deposits the funds directly into the bank account set up for this purpose. A lockbox file is then generated by your bank which includes all homeowner payment amounts. This lockbox file is then downloaded from your bank and processed in TOPS[ONE] to record the transactions.
Lockbox Cash Receipt Payments are a Global Process in TOPS[ONE]. A single lockbox file may contain payments made by homeowners from multiple communities. The system will correctly record each transaction on the homeowner ledger and record the deposit in each individual community bank account.
IMPORTANT NOTE for lockbox processing: The distribution of Lockbox Cash Receipts to owner balances is controlled by the LOCKBOX CODE DISTRIBUTION setup for each community. See the AR Setup Guide for more information on setting up the Code Distribution for Lockbox payments.
Lockbox Processing Setup
A unique lockbox id is needed for each bank account used for lockbox processing. The Lockbox ID is added on the setup screen for each bank account. This 1-10-character, alphanumeric identifier is provided by your bank.
This guide assumes that the bank used for Lockbox processing and the Lockbox Bank Account(s) is already set up in TOPS[ONE]. For information on this setup process, see the following HOWTO documents available from support.topssoft.com:
Adding a New Bank in TOPS[ONE]
Adding a New Bank Account in TOPS[ONE]
To Add/Review Bank Lockbox ID
1. Select Portfolio, then Banks
2. Select the Bank that is processing your Lockbox Payments
3. Locate and Select the Specific Community Bank Account used for Lockbox Processing
4. Select ACTIONS, then EDIT
5. Enter the Lockbox ID for this Bank as shown below
6. Selection ACTIONS, then SAVE
7. Repeat process for all Community bank accounts used for Lockbox Processing
Processing a Lockbox File
Processing a Lockbox file is a 4 Step Process:
1. Download Lockbox file from your Bank
2. Import and Accrue the Lockbox Cash Receipt(s)
3. Edit the Lockbox Cash Receipt(s) - if needed
4. Post the Lockbox Cash Receipt(s)
Before you Start
Download the Lockbox file from your Bank
The first step in processing a lockbox payment file is to download the lockbox file from your Bank website and save the file on your local computer or server. For Bank login information and download, file instructions contact your bank representative.
Step By Step
1. Click Accounts Receivable then select Cash Receipts
2. Click on the box that says Cash Receipt- LockBox and in the next box change the date if needed (it will always default to the current date) and then choose your File Format.
3. Click on Select Files and choose the file you saved from the bank. Click on Open and it will import the file.
4. Once you have done all of this if the lockbox file posted correctly you will see a message at the bottom of your screen that the lockbox accrued
Note that the lockbox cash receipt is not yet posted, only accrued in this step.