Smart Banking Overview
TOPS [ONE] Version: 188.8.131.52
The Smart Banking features help save time by automating certain tasks and processes in TOPS [ONE] like Bank Reconciliation, processing owner payments, and validating your homeowners with your banks. The features may vary with the banks. The currently available features are:
- Automatic Validation Updates
- Updates the bank of any changes made to owner payment flags or account information
- Automatic Lockbox Processing
- Distributes payments from homeowners to the appropriate property
- Bank transaction downloads
- Retrieve and view bank transactions to easily reconcile that actual bank balance VS. [ONE]
- Statement Manual Download
- Download the bank account monthly statements without leaving the site
Currently, these banks have Smart Banking features:
- Alliance Association Bank
- CIT (Formerly known as Mutual of Omaha)
- Pacific Premier Bank
- Union Bank
Found in this Article
III. Enable Smart Banking
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 homeowner's 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 change to "If there are 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.
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.
There are a few steps to take in TOPS [ONE] to ensure the process works as seamlessly as possible.
1. Identify the accountant.
This person will be notified via email of any exceptions/alerts from Smart Banking for Lockbox, Bank reconciliation, and validation file upload processing. You set this up by editing each community and selecting the person that would need to be notified. See below
2. Make sure the Bank Name and Bank ID (Alias) are set correctly.
In order for the system to recognize these banks are used for Smart Banking, they MUST have the following Bank ID's (Alias).
|Bank ID's (Alias)|
|Alliance Association Bank||AAB|
|CIT (Formally known as Mutual of Omaha)||MOO|
|Pacific Premier Bank||PPBI|
If the correct bank information was entered, the Bank name will be in the Select a Bank dropdown list. The Bank ID and Name will also be grayed out.
3. Verify the bank account number
Ensure that you have entered the bank account numbers in the Bank Account setup screen (Sample Below). We match the account numbers here to the account numbers received from the bank transactions.
4. Verify the Lockbox ID
The lockbox ID field is used to match incoming lockbox transaction to communities and owners for the proper community bank account. This is also used to identify which community bank accounts are included in a validation file (if your bank uses one).
The Lockbox ID will be provided by your bank.
5. Ensure that your bank account representative has been notified of your interest to use the SmartBanking service.
After you’ve made sure your banking information is up to date, you will need to add your Smart Banking information into TOPS [ONE]. This information will be provided for you by your bank representative.
Feature availability can vary with each bank.
1. On your Bank Page, Click Actions then Edit Bank
2. Under Smart Banking Settings, click the icon for the feature you want to enable.
3. Enter the requested information. Depending on the feature, it may ask for information than shown in the screenshot.
Contact your bank for questions regarding your login information.
4. Select the Communities to enable this feature by enabling the Enabled toggle.
You can also click Enable All button to automatically turn this feature on for all of the communities.
5. After you’ve entered your credentials and selected your communities, click Save.
6. Click the bank name on the top left to return to the bank's page.
You will be able to see the enabled Smart Banking Features for that bank