This feature allows the Management Company to pay a Vendor on behalf of an Association client using a company credit card. This is helpful when an invoice must be paid in an expedited manner, and may also be used to increase revenue for the Management Company when a cash back credit card is used.
When this option is selected, an automated transfer (ACH) from the Association’s bank account to the Management Company’s “sweep” account is made in the amount of the invoice. The vendor is then paid via the management company’s credit card. Each month, the funds in the “sweep” account will then pay the credit card balance.
Using this feature requires multiple steps.
Part 1- Set up a designated Firm Bank account.
Part 2- Set Pay via Firm Credit card on invoices.
Part 3- Create a NACHA File.
Part 4- Pay the invoices.
PART 1 Set up a designated “sweep” Bank account for the Management Company. This account will be used to receive Association funds and pay the Firm credit card balance.
NOTE- This process uses ACH to move funds so ACH needs to be enabled at your bank.
Step 1. Navigate to Firm > Manage Firm - Preference Tab
Step 2. In the A/P Settings section complete the following fields.
Enable Credit Card Pay Via- Check the box to enable the ability to pay Vendors via a Firm credit card.
Firm Bank- Select the correct Firm Bank from the drop down menu.
NOTE- If the Bank you need isn’t on the drop down menu, CLICK HERE to learn how to set up a new Bank.
CC Bank Account- Enter the Account Number for the “sweep” account.
CC Bank Routing- Enter the Routing Number for the “sweep” account.
Step 3. Click the Save button to finalize.
PART 2 Set Invoices to Pay Via Firm Credit Card.
NOTE- This can also be set as the default option for the Vendor.
Step 1. Navigate to Accounting > A/P > Pay Invoice.
Step 2. Use the Search Filters to locate the Invoices you want to pay.
Step 3. In the Pay Via column, select Firm Credit Card from the drop down menu. Repeat for all invoices you want to pay in this manner.
Step 4. Check the radio button for all invoices you want to pay with the Firm Credit Card.
Step 5. Select Process Payment from the Page Actions drop down menu.
PART 3 Generate and transmit a NACHA file to the bank. This step will initiate the transfer of funds from the Association to the Management Company. This generates the NACHA file, does it also send it? If not, where is that done?
Step 1. Navigate to Accounting > A/P > Process ACH.
Step 2. Use the Search Filters to locate the batch you want to process.
Step 3. Check the radio button for the batch.
Step 4. Select Create NACHA File from the Page Actions drop down menu.
PART 4 Pay the invoice using a firm credit card- How is this done? The invoices I processed for the Test are no longer available on the Pay Invoice Page.