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In Perspective

Lockbox Enhancements

I have personally used the lockbox function for upwards of 18 years; one of the reasons I bought TOPS was the fact it was one of the only software providers at the time to offer this cost/labor saving tool. With all the natural disasters and hurricanes that have affected several states, changes have been made in the state statutes pertaining to how funds can be applied, with the intent of improving cash management by associations and management companies. With this in mind, we made several important enhancements to our lockbox functionality.

With the new lockbox cash application table, one can not only choose the bank account to which funds are posted (overrides the account receivable bank account default) but one can allocate the cash distribution for that one lockbox batch so that monies are applied in accordance to the specific situation. This prevents the need to make several general journal entries to reallocate the funds after posting. If a unit owner makes a restrictive endorsement to how their payment is to be allocated, no problem! If you have a special assessment with a specific bank account for that SA, no problem! This enhancement came directly from suggestions from our user groups held in 2006.

By: Bruce R. Gran, CMCA, AMS, PCAM

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