Introduction

This document is written on the assumption that the customer will be using the new bank for Lockbox processing and internal Accounts Payable processing.  If Lockbox is not being used, some of the actions described below will not be necessary, and they will be indicated where appropriate.  If Accounts Payable is being processed through a 3^rd party provider, in addition to the steps below, the customer will also need to contact the provider to find out what they require and to coordinate the change.

This document does not discuss setting up the Advanced Integrations that Caliber has with some of our banking partners.  The actions Prior to the Change described below will need to be completed before the moving on to the Integration is set up.  Please see the integration documentation specific to those banks in the on-line Caliber Knowledge Base.  

Finally, this document is a check list, not a detailed step by step explanation.  Other Caliber documents available in the Knowledge Base can be viewed for details.

 

Prior to the Change

         Master Bank List

Go to the Master Bank List.

Add the new bank.

• • • 1. Make sure that the Mgmt Co ID provided by the bank is entered.
    • 2. Make sure that the bank’s routing number is entered.
    • 3. Select the bank’s preferred Coupon Layout and Scan Line are selected.
    • 4. Obtain a test lockbox import file from the bank and provide it to Caliber Support so that the import process can be configured.

Client Chart of Accounts

Even if Lockbox is not going to be used, it is highly recommended that the new bank does not use the same GL account as the current bank.

                              Go to the Client Chart of Accounts.

                                             Add a new GL account using ‘Bank’ as the change.

1. Make sure that the new bank is linked to this new GL account.
   1. Do not set the Primary Bank Link at this time.

These new accounts can also be created in the Master Chart of Accounts and pushed down to all clients.  However, these accounts will need to be edited for each client to link the new bank.

Client Posting Codes

If there will be a hard stop of Lockbox processing by the current bank on the change date, and if the existing client Lockbox Codes will be used by the new bank, this does not need to be done. 

If those do not apply, go to the client Posting Codes.

                              Add a new Payment Posting Code.

1. Make sure the Posting Code is a credit-type Posting Code.
2. Make sure that the Debit Account selected is the new GL account just set-up.
3. Make sure ‘Allow for Lockbox’ is checked.
4. Add a Lockbox Code.
   1. Existing Lockbox Codes cannot be reused, so a new one will need to be selected.

This can be skipped if Lockbox is not going to be used with the new bank. 

Accounts Payable

Although not required, it is recommended that all approved AP invoices be paid prior to the change.  If any are left unpaid, all approvals will have to be reversed so that the invoice can be edited to be paid from the new account.

Automated Scheduled Tasks

Go to the Automated Scheduled Tasks and set up the tasks the new bank requires.  These will vary depending upon the bank in question.  These tasks should not be set as Active at this time unless the bank specifies otherwise.

The Validation File and Advanced Integration tasks can be skipped if Lockbox is not being used.

 

On the Day of the Change

As of the change date, or AFTER the last lockbox import from the prior bank has been completed, whichever is the later, the following actions need to be taken.  If they are done too early, any pending lockbox files from the prior bank will fail.

Client Chart of Accounts

            Go to the Client Chart of Accounts.

1. Edit the GL account for the new bank and check the ‘Primary Bank Link’ option.
   1. This automatically deselects that option on the prior bank GL account.

Client Posting Codes

               If the existing client Lockbox Codes will be used by the new bank, go to the Payment Posting Code

1. Change the Debit Account selected to the new bank’s GL account.

This is not required if new Posting Codes were previously set up for the new bank.

Automated Scheduled Tasks

Go to the Automated Scheduled Tasks.

1. All Tasks that were previously set-up for the new bank but were not set as Active at the time should be set as Active now.
2. Any Scheduled Tasks for the prior bank should be made Inactive now.

After the Change

                           These actions are not required but will make future processing easier.

            Master Bank List

                           It is recommended that the prior bank’s entry in the Master Bank List not be deleted.  Leaving it there will                  not cause any issues.

Reconfigure Default AP Payment Accounts

               This is only necessary if Default AP Payment Accounts were previously set up for the clients.  If not, this can    be skipped.

                              Go to Default AP Payment Accounts

1. Change the default account for each client from the prior bank’s GL account to the new bank’s GL account.

Update the Master Chart of Accounts

               If new GL accounts were created for the new bank, and they will be used for future clients, add the new GL    GL accounts to the Master List.

                              Go to the Master Chart of Accounts

1. Add the new GL accounts to the Master Chart of Accounts. 
   1. If the new accounts were previously added here, this can be skipped.
2. Delete the prior bank GL accounts from the Master Chart of Accounts. 

Update the Master Posting Codes

               If new Payment Posting Codes were created, and they will be used for future clients, add them to the

               Master Posting Codes.

                              Go to the Master Posting Codes.

1. Add the new Posting Codes to the Master Posting Codes list.
   1. Make sure the debit account selected is the new bank’s GL account.
2. Delete the old Posting Codes from the list.

Do not delete the old Payment Posting Code from the Client Posting Codes!  Although this can be done in Caliber, doing so may create issues if any payments posted with the old Payment Posting Code are reapplied, reversed, or refunded.