Union Bank - Smart Banking
TOPS [ONE] Version: 22.214.171.124
Communities that use Union Bank, can take advantage of some Smart Banking Features available in TOPS [ONE]. Before starting bank-specific setup, please make sure to read the Smart Banking article and follow the Prepping for Smart Banking steps.
In This Article
Available Smart Banking Features for Union Bank
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.
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.
In order to start using the Smart Banking features, there are a few steps that need to be taken in order to get the required credentials:
1. Make sure the steps in Prepping for Smart Banking have already been completed.
2. Reach out to your bank Relationship Manager, and express your interest in using Smart Banking.
3. Once contact has been initiated, your Relationship Manager will get the following items:
Enabling Smart Banking Features for Union Bank
After you’ve made sure your banking information is up to date, you will need to add your Smart Banking credentials 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