Overview
The fund claims system is an area in Resware that is integrated with banks so the wires coming into an account can be displayed to users in real-time without users having to contact the bank or have access to online banking. When accessed from a file, fund claims will display all of the wires that have not already been claimed and the unclaimed wires can be claimed and receipted into files.
This demonstrates how to set up and use the fund claim system in Resware.
How This Integration Works:
- Resware contacts the bank every 5 minutes for new incoming wires. Typically banks supply files every 15 minutes.
- Resware does not import wires that have been previously imported.
- When wires are imported, they will be displayed in the Accounting/Search Fund Claims screen with an “Unclaimed” status and a non-file transaction will be created for the amount of the incoming wire.
- When the wire is claimed and approved through Fund Claims, the corresponding non-file transaction is moved from non-file transactions into the file.
*If the office option Ledgers: Fund Claim System: Auto-Post Wires is enabled, Resware will attempt to auto-post incoming wires to files based on a file number, loan number, or name provided in the borrower info section of the wire.
*Wires can be manually claimed from fund claims to a file by an end-user or pushed to a file by user on the accounting or wire team.
Set Up of an Integration on Resware’s Side
- This can range from a few hours of billable time for banks with whom we’ve already integrated to many hours for new banks.
- For new banks, to provide a bid for integrations, we need to know:
- Can the bank provide intra-day BAI files of your incoming wires?
- Does the bank have the ability for us to pull these files via FTPS or SFTP?
- OR
- Does the bank have the ability to push these files to a directory on your system for us to monitor?
- Can the bank supply a sample BAI file for our inspection? (The reason for this is that the format of the wire information stored in BAI files vary between banks.)
Once the integration is set up, Resware will need to enable the office option for Ledgers: Fund Claim System and configure the system with your bank’s method of retrieval and credentials.
Set Up of an Integration On the Customer’s Side
Admin/Accounting/Ledgers
- Edit a settlement ledger associated with the bank.
- Select Use Fund Claim System and the appropriate options.
- The most common selection is This Account
- If wires are being received into an large account and are then sent into different accounts for settlement purposes, select Clearing Account(s) and choose the account(s) associated with this settlement account.
- Repeat for all ledgers using Fund Claims
Admin/Internal Users AND/OR Admin/Internal User Role Groups
- Enable the appropriate Ledgers: Fund Claims…rights for users. NOTE: These will need to be enabled in both the General Access Roles section and the Ledger-Specific Roles section.
- Fund Claims: Add Fund Item: Users with this role will be able to add wires to Accounting/Search Fund Claims.
- Fund Claims: Approve Claims: Users with this role will be able to approve wires claimed to files by users who do not have the Fund Claims: Auto-Approve Claims role right. These wires are found in Accounting/Approve Fund Claims.
- Fund Claims: Auto-Approve Claims: Users with this role will be able to claim wires and have them automatically approved, without requiring a second user to approve the claim.
- Fund Claims: Delete Fund Items: Users with this role will be able to delete wires from Accounting/Search Fund Claims.
- Fund Claims: Edit Fund Item: Users with this role will be able to edit wires in Accounting/Search Fund Claims.
- Fund Claims: Make Transfers from Clearing: Users with this role right will be able to transfer funds from clearing accounts to settlement accounts if clearing accounts are in use. This can be done in Accounting/Transfers from Clearing
- Fund Claims: Override Post From Fund Claim System: Users with this role right can receipt wires into files without claiming the wire from Search Fund Claims.
- Fund Claims: Post to File: Users with this right will be able to push wires to files from Accounting/Search Fund Claims using the Post to File button.
Claiming a Wire within a File from Fund Claims
Settlement/Postings
- Highlight the receipt and click Claim Wire/Post.
- Select Wire from the Method: drop-down menu.
- Answer Yes to the “Do you want…” question.
- If the user does not have the Ledgers: Fund Claims: Override Post From Fund Claim System role right enabled, they will not be given this prompt and will be taken directly to the Fund Claim Search screen.
- The user will be taken to the Fund Claim Search screen. From there, the user can view all of the unclaimed wires for the bank account and ledger in use on the file. When the correct wire is located, highlight it and click the Claim Wire button.
- Resware will default to setting a “to” and “from” amount based on the expected receipt, plus and minus 3%. To see more than just the wires in that range, adjust or delete the amounts. If there aren’t any amounts, all of the unclaimed wires will be shown.
- The Received Date, Search Text, and File Number all default to being blank, but the user can put information in any of these fields to find a wire.
- Click Save on the Claim Item screen. The user has the ability to select a closing office from the menu and/or add a comment, but neither field is required.
- If the user has the ledger role Fund Claims: Auto-Approve Claims, the claim will be completed at this point and the receipt will have a Received status on the file.
- If the user does not have the ledger role Fund Claims: Auto-Approve Claims, someone with Fund Claims: Approve Claims will have to approve the claim. Until the claim is approved, the wire will have a Pending status on the file.
Accounting/Approve Fund Claims
- All pending claims will be in the Approve Fund Claims queue until they are approved or rejected. To approve, highlight the wire and select Approve Claim.
- It’s recommended that the user approving the wire verifies that the wire was claimed for the correct file.
- The user approving the claim has the option to add a comment, but nothing is required.
- To reject a wire, highlight the wire and select Reject Claim.
- If a wire is rejected, the user rejecting the wire is required to enter a Rejection Reason. The claiming user will receive an email notifying them of the rejection and reason.
- Once the wire is approved, it will have a status of Received. If the wire amount is more than what the file was expecting, a disbursement for the difference will be populated. If the wire was less than the anticipated receipt, an additional receipt for the difference will be populated.
Posting a Wire to a File from Fund Claims
On a file
- To indicate that an expected receipt will be funded by a wire, highlight the receipt and click View/Edit.
- Check the Expected Wire box.
NOTE: Marking a receipt as an expected wire is not necessary to post funds to a file.
Accounting/Search Fund Claims
- Enter the search criteria in Search Fund Claims. Highlight the wire to be posted and select Post Fund Item.
- If no criteria are entered, all wires of the selected status will be displayed.
- The Post Fund Claim screen will display any receipts that have the Expected Wire box checked in the Receipts Flagged as ‘Expected Wire’ section. If one of these items is the receipt that matches the wire, highlight the receipt and click Save.
- If the wire should be posted to receipt that is not in the list of receipts expecting a wire, enter the File Number and click Load File. All of the receipts on the file will populate in the list.
- If the file number isn’t known, click the Search button and use the File Search to search for the file that should be associated with the selected wire, then click Load File.
- Highlight the receipt and click Save.
- If the amount of the receipt and the amount of the wire don’t match, there will be a warning. Say Yes.
- The Claim Item panel allows the user to select a closing office or enter a comment, but neither are required. Click Save.
- If the wire amount is more than what the file was expecting, a disbursement for the difference will be populated. If the wire was less than the anticipated receipt, an additional receipt for the difference will be populated.
Pending Wire Claims from Fund Claims to Files
Pending wire claims can be posted to files. This will associate wires that have come into the system with files, but will not associate the wire with a specific receipt, which means that the settlement lines that make up the expected receipt are not locked until the user is ready for them to be locked, even though the wire is associated with the file. To utilize the pending wire functionality, enable the office option for Settlement: Display Pending Wires on Settlement Postings Tab.
Accounting/Search Fund Claims
- Select a wire and click Post Fund Item.
- Enter the File Number for the receipt and click Load File.
- If the file number isn’t known, click the Search button and use the File Search to search for the file that should be associated with the selected wire, then click Load File.
- Click Mark Pending Receipt. Do not highlight any receipt in the grid or the option to mark the funds as a pending receipt will be disabled.
- Once the wire is marked as a pending receipt, there will be a notification on the grid. Click Save.
- The Claim Item panel allows the user to select a closing office or enter a comment, but neither are required. Click Save.
- When a user enters the file, there will be a new Pending Receipts grid and the user will be notified as to the number of pending receipts that are on the file. Click OK.
- If the wire was mistakenly associated with the file, highlight the wire in the Pending Receipts grid and click the Reject Claim button.
- Enter a Rejection Reason. This is required.
- To accept the fund claim, select the receipt with which the wire should be associated and click Claim Wire/Post.
- The Claim Item panel allows the user to select a closing office or enter a comment, but neither are required. Click Save.
- The wire will be receipted into the file.
- NOTE: This method does not require an approval process, as the wire claim was pre-emptively approved by being posted to the file.
Returned Wires in Fund Claims
Wires can be returned to the sender for a variety of reasons, including an invalid account number or account name. Wires that have been returned will still be pulled into Fund Claims and can be handled through Resware.
Accounting/Search Fund Claims
- If a wire has been returned to the account and is in Fund Claims, highlight it and click Post Fund Item.
- Enter the File Number from which the wire was originally sent and select Load File.
- Select No to the Receipt(s) Not Found prompt.
Click Returned Wire.
- All outgoing wires on the file will load. Select the wire that was returned.
- If the amount in Fund Claims is different than the amount that was sent, Resware will assume the difference was a fee charged by the bank for the returned wire. This difference will be displayed as the Returned Wire Fee Amount.
- Click Save.
- If the fee amount is correct, click Yes.
- Click Save.
- Resware will automatically create two receipts, one for the wire amount and one for the fee amount, and a disbursement on Trans After Closing.
- The wire will be associated with the receipt for the wire amount.
- If the user who is posting the wire does not have the rights for Ledgers: Fund Claims: Auto-Approve Claim, the wire will need to be approved.
- Go to Accounting/Approve Fund Claims, highlight the wire, and click Approve Claim.
- The file will show the wire as Received, an expected receipt for the wire fee, and an expected disbursement to use to send the wire out again.
