Smart Banking Features Overview
The Smart Banking feature helps reduce time with certain important tasks in TOPS [ONE] like Bank Reconciliation, processing owner payments, and validating your homeowners with your banks.
Automatic Validation Updates
The Validation File in TOPS [ONE] gives the bank up-to-date account information regarding your homeowners. This file is essential to making sure owner payments that are sent in are being recorded in the correct homeowners' ledger and to update the bank on owners who have a "Hold Payment" flag.
With Smart Banking, the validation file is sent automatically to the bank, so they always have an updated list of homeowners and their account information.
Automatic Lockbox Processing
After a homeowner sends their payment to the bank, the bank processes these payments and TOPS [ONE] automatically searches for the lockbox file every day. This single file can have payments for homeowners throughout multiple communities. Once this file is uploaded, TOPS [ONE] will attempt to distribute the payments to the appropriate owner. If the system cannot match a payment to a homeowner, the accountant assigned to that community will receive a task titled Bank Lockbox Rejections.
Once the lockbox has been uploaded, you will see an Imported Lockbox File transaction in the community activity feed
If there is an error with the file, your accountant will receive a task to review the Rejected Lockbox file in your bank's attachment gallery.
Automatic Bank Account Transactions
Before printing important financial reports, bank account reconciliations should be completed. This makes sure that the cash being reported on reports matches the actual cash in the bank. With Auto Reconciliation, TOPS [ONE] will automatically compare transactions between your bank rec and your bank account to clear transactions that match. If there are ever transactions that cannot be cleared, they will be displayed on your bank rec with a red bar, and you will also see the number of transactions on your bank's profile page. This prevents you from having to manually perform a Bank Reconciliation.
Statement Manual Download (Currently only available for Alliance Association Bank)
This feature allows you to request the PDF statement for a selectable month. It downloads directly to the Bank Profile gallery with the file labeled for the month and tagged as a Bank Statement. This allows you to remain in the TOPS [ONE] interface without logging into the bank portal to retrieve the statement.