Secure Your ACH Transactionsby: Bill Haskett, President
Advantos has multiple ways to produce ACH transactions via NACHA files. A NACHA
file is the collection of ACH transactions in a single batch that is transmitted
to an appropriate bank for processing. NACHA files are processed within 24 hours
(usually sooner) and the funds are transferred at that time.
Advantos allows ACH transactions through the Corporate A/R module, the A/P module,
the P/R module, and the Trust A/R module. Funds flow in different directions
depending on which module is used. In order to use the NACHA system, a written
authorization must be obtained by the management company from the unit owner or
the employee or the vendor. This form is a standard form that the NACHA operating
rules can provide. The authorization normally includes both a signature and a copy
of the authorizor's check document that contains the information for their bank
It is imperative that ACH information be accurate and real. It is also important that
ACH information is manually verified and secured. Normally it isn't much to verify a unit owner's
information as they provide a signature and a personal check, pre-printed by an actual
check printing company. In addition funds are normally drawn out of the owner's bank
account, and in relatively small amounts. Paying bills through ACH transactions is
inherently much more dangerous because funds are going out.
This makes it necessary to verify the information and not rely on electronic means
of information transmission because if an error is made the funds are usually long
gone before one can do anything about it (e.g. stop payment on a check). Since many
management companies are not allowing foot traffic into their offices it is essential
to manually verify the ACH information via physically meeting with the vendor and/or
making telephone contact and verifying the information that way.
In today's electronic climate it is essential to be able to verify the vendor
and their ACH information before making electronic payments. Don't be fooled by
Advantos ® ERP software was designed to work as the core of a property management
business. All of the processes are designed to assist the management company to be
more efficient, resulting in improved profitability. Our Accounts Payable module
can create NACHA files to pay bills and can import invoices, say from a utility
company, en masse.
All of our modules automatically interface with the General Ledger module, where
all standard general ledger reporting is accomplished in a "Trust" and secure
Our Corporate Receivables module allows the maintenance of the corporate A/R by
automatically tracking and creating transactions rather than forcing users to
manually post transactions to the G/L separately, which is not recommended. This
module also allows NACHA files to be built to transfer funds from clients to
the management company.
Advantos ® modules all integrate seamlessly with the other Advantos ® modules
in order to make management of all the transactions you will encounter easier and
Contact us for help with tracking activity within your office.