At CINC, we invented the concept of accounting and banking integration. We partner with almost 30 HOA-focused banks to deliver a best-in-class experience for your boards and homeowners.
The bank integration is one of the most critical considerations of a management company’s software solution, as a proper integration drastically cuts time and effort spent reconciling transactions. But a robust integration isn’t just an API or a flat file transfer: it’s a fully streamlined HOA payment process that create more confidence and trust between boards, homeowners, and your management company. We make this possible through TresRE, a CINC Systems company that serves as the middleware between the bank and the software provider.
To fully grasp the importance of banking integration, one has to understand the extensive endpoints offered within a software solution. And while this isn’t a topic usually consumed by management company executives, it’s one we highly suggest understanding as you’re considering your software options. After all, the end point is the whole point of your reliance on your software solution’s efficiency.
Daily bank balances refer to the amount of funds that an HOA has in its bank account at the end of each day. The daily bank balance is the sum of all deposits and credits made to the account on that day, minus any checks, electronic payments, or other debits that have been processed and cleared by the bank.
Bank transactions refer to the movement of funds into and out of an HOA’s bank account. Bank transactions can include deposits, withdrawals, transfers, electronic payments, and other financial transactions that affect the HOA’s account balance.
Bank check images refer to digital copies of checks that have been processed and cleared by the bank. When a check is deposited or processed, the bank creates a digital image of the check, which includes information such as the check number, amount, and payee.
Homeowner check images refer to digital copies of checks and coupons received from the homeowner and processed and cleared by the bank. A digital image of the check and coupon is retained for future reference, whether one needs to confirm payment or align a mismatched payment.
Bank Statements automatically pull in and attach to the financials for an association or management company. A copy will also live in CINC’s accounting database, making it easy to reference for future use.
An internal transfer is a financial transaction that allows individuals or organizations to move money electronically between bank accounts held at the same financial institution.
An external bank transfer is a financial transaction that allows individuals or organizations to move money electronically between bank accounts held at different financial institutions.
Homeowner payments that have been incorrectly applied will go through a process known as a “Move Payment.” This allows the movement of money from one association’s operating account to a different association’s operating account.
In the HOA market, a returned check refers to a check that a homeowner wrote to pay their dues or fees but has been returned by the bank due to insufficient funds in their account. This can result in fees charged by the bank and the HOA.
In the HOA market, a returned ACH (Automated Clearing House) transaction refers to an electronic payment made by a homeowner that has been returned by the bank due to various reasons, such as insufficient funds, closed account, or incorrect account information. Like a returned check, a returned ACH can result in fees charged by the bank and the HOA, and can cause inconvenience and financial difficulty for the homeowner.
A lockbox is a secure facility where homeowners can mail their dues or fees. When the homeowner check is received at the lockbox, it is processed and deposited it directly into the HOA’s account.
Online payments are made via a web portal or mobile app. The posting, clearing, and depositing of all entries are automated within the system.
Remote scanning allows property managers to deposit checks received in their office including homeowner payments by scanning the check and uploading an image of it to the bank’s system for processing.
ACH drafts for homeowners are used to automatically withdraw dues or fees directly from the homeowner’s bank account.
Vendor ACH payments refer to a type of electronic payment that allows an HOA to pay vendors or service providers directly from their bank account. Vendor ACH payments are initiated by the HOA and deposited electronically into the vendor’s bank account.
At CINC, we work with 97% of financial institutions to digitize bank bill payments and make it easier for homeowners to pay their HOA assessments or fees through bill pay services.
Positive Pay is a fraud prevention service offered by banks that can help HOAs protect against check and ACH fraud. The Positive Pay service works by uploading a list of approved checks or ACH vendor payments to the bank enabling the bank to identify and block unauthorized transactions.
A stop payment is a request made by an account holder to their bank to stop the payment of a check or electronic transaction before it has been processed.
A new bank account opening refers to the process of opening a new bank account within a financial institution.
Interest posting refers to the process in which bank interest is automatically posted and reconciled within an accounting system.
A global bank reconciliation is a feature that drastically reduces time and chance for fraud or miscalculation of payments within an association management company. In the process, all integrated banking accounts are reconciled in just two clicks.
Understand the crucial partnership between your software provider and your bank, along with the key questions you should be asking, in this comprehensive guide.
Eliminate time-consuming manual processes and empower your team to focus on value-add activities.
Our lockbox services result in a 99.74% payment match rate, even for payments submitted without coupons.
Integrated banking software and professional lockbox services reduce manual errors and the time lag between payments and reconciliation.
Work faster, communicate more confidently, and collaborate more effectively using a single data source.
Impress board members by equipping them with accurate financial statements and reports, even on a tight turnaround.
Rely on our team to bring all of your banking and management data onto your CINC platform without interrupting the flow of business.
Learn why David Priestley – the President of one of North Carolina’s most experienced and successful community association management companies – says that CINC has helped his company grow “more than anything...
All these features sound great — but the only way to find out what CINC can really do is to jump in and check out what’s inside. See how intuitive the dashboard is and how the accounting, management, and homeowner tools work.
Gain a stronger foothold in the community management industry by using a powerful, all-in-one platform to increase your speed, efficiency, and growth.
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