Linked vs. Non-Linked Bank Accounts:
In the system, we used Plaid (Banking integration) to allow the linking of the association's bank accounts for easier transaction importing.
It's important to keep in mind that not all banks are supported.
Linked and non-linked bank accounts should still be reconciled monthly.
If the association bank account is able to be linked, this means that transactions should flow in automatically from the banking institution into PayHOA.
If the association bank account is not linked then transactions must be added in manually, excluding a few exceptions which will be discussed below.
It is important to note that having a linked bank account or a non linked account does not impact items such as invoicing, owner payment abilities, and items of that nature.
Linked accounts:
If your association has a linked bank account, you will notice in your transactions tab a bank balance with an amount. The bank balance is the amount pulled directly from the banking institution. This balance is only listed for visual reasons/to see the data and does not impact reports.
Transactions will flow in automatically and be placed in your for review section. Each of these transactions will need to be categorized/reviewed. The following transactions are automatically categorized/written so no intervention should be required.
PayHOA Deposits
Lockbox Deposits - When using PayHOA's Lockbox options
Bill Pay Checks sent through the vendor tab (Where write to transactions was toggled on).
Payable transactions when Payables was used to write the payment/transaction.
Once all transactions are coded each month a bank reconciliation will need to be performed. This will ensure that all transactions are in the system.
Non-Linked Accounts:
If your association bank account cannot be linked or the association simply prefers it not to be linked the bank balance will be blank. This is perfectly fine as that balance does not impact reporting.
For any homeowner payments that come from outside of the system such as a paper check delivered to a board member, bank to bank transfer, etc. Those will need to be recorded in the payment tab. This will record the payment on the owner's account. For those with unlinked bank accounts, the option to record the deposit at the time of recording the payment is available > simply toggle on create deposit on transaction ledger before submitting the payment/s. If this option is ever left off, the transaction can be added and the payments linked afterward.
Each month, or as preferred, transactions will need to be entered into the system. This can be done either manually one at a time or imported in via a csv file. It is important to keep in mind that the following transactions automatically write to the transactions tab so these will not need to be added;
PayHOA Deposits
Lockbox Deposits - When using PayHOA's Lockbox options
Outside Deposits where payments have been recorded to the owner's accounts and the toggle to write to the transactions ledger has been turned on.
Bill Pay Checks sent through the vendor tab (Where write to transactions was toggled on).
Payable transactions when Payables was used to write the payment/transaction.
Once transactions are added in, if categorizing wasn't done when adding, they each will need to be coded/reviewed.
At the end, we recommend reconciling the bank statement monthly to ensure accurate entry.
In the end, bank linking can be a great tool when available, but the books can be kept up to date and clean with either path.