Process Owner Payouts via ACH

What is an ACH Payment?

In banking, ACH stands for Automated Clearing House, which is a network that coordinates electronic payments and automated money transfers. ACH is a way to move money between banks without using paper checks, wire transfers, credit card networks, or cash.

The CiiRUS system can generate an ACH file otherwise known as a NACHA file to pay out the home owners in one payment batch. This file can be sent or uploaded to the bank account to execute payment from the Property Manager's bank account to each applicable Owners bank account. Before proceeding with the ACH payment in CiiRUS, please ensure that your bank account supports this type of file upload.

How to Set-Up the Banking Information

Before the system can generate the ACH file, the Property Manager and the Owners bank account details must be configured.

To add the owners bank account information, go to:

  1. Owners & Homes
  2. Owners

Click on the "three-dot" icon to open the menu for the applicable owner and select "View/Update":

Expand the "Other Portal Settings" tab and select "ACH Settings":

Enter the Owners Bank Account details including the Name of Bank, Account Number, and the Routing Number. Please keep in mind, the system only supports USA Bank Accounts. Repeat these steps for each owner in the system.

Property Manager's bank account information

To add the Property Manager's bank account information, go to:

  1. Accounting Functions
  2. Bill Payments

Select "Pay Owner Check":

Pay Owner Checks Panel

  1. Click on "ACH Settings"
  2. Enter the Name of Bank, Account Number, Routing Number, Company Name (as the bank knows it) and the PMC's Tax ID
  3. Click "Save"

Again, please keep in mind the system only supports USA Bank Accounts.

How to Generate the ACH File

Now that the Property Manager and the Owners bank account information has beenconfigured, the system can generate the ACH File.

Once owner statements have been produced for the month, the system will calculate the ending balances and which owners are due a payment.

To see which owners, have a payment due to them, go to:

  1. Accounting Functions
  2. Bill Payments
  3. Pay Owner Checks
  1. The table below will display all properties in the system with the Property ID, Property Name, last finalized month, the ending balance as of the finalized month, today’s balance, the owners min. account balance, the amount due to the owner, and the amount to pay
  2. The system will automatically bold and select the owners where a payment is due to them, however, this can be overridden by deselecting an owner or selecting additional owners from the table by clicking on the checkbox
  3. The amount to pay to the owner can also be overridden, by double clicking on the amount and typing in the desired amount to pay at this time

Once all applicable owners and the amounts have been entered, to generate the ACH file:

  1. Click on ‘Pay by ACH
  2. If the Property Managers bank is listed, select the bank, if not, choose "Other"
  3. Click "Yes" to confirm and save the file to the chosen folder on your computer which can be sent or uploaded to the bank account
  4. Specify the statement date and click "Yes" if the ACH file was successfully processed with the bank

Click "No" if there was an error with the ACH file. Be sure to fix the error and then process the ACH successfully before continuing.

A bill will be created for each ACH payment and the amount will be debited from the owner account.

Was this article helpful?
1 out of 1 found this helpful

Comments

0 comments

Please sign in to leave a comment.