Payable Lockbox Module

This module allows you to use Strongroom solutions payable lockbox module service. More specifically , it allows to:

Create validation file for Strongroom Solutions

Read invoices information received from Strongroom and post them in your Condo Manager accounting

Read check printed information received from Strongroom and post them in your Condo Manager accounting

What is payable lockbox?

Payables Lockbox has been used by community association managers for the past several years because it solves a variety of A/P issues managers deal with:

A large number of paper invoices

Board member approvals that are required for invoices

Tracking down and researching the status of invoices

The average association processes around 15-25 invoices a month. A medium-sized to larger association management company will process anywhere from 1500 to 5000 invoices a month. Getting a handle on this kind of invoice volume is difficult, especially when processing for multiple associations with managers assigned to each association. With Payables Lockbox, invoice receipt is centralized and processed at a single location. Strongroom will perform some of the data extraction for you, such as the association, vendor, invoice number, amount, and relevant dates. This leaves managers with only the simple task of reviewing the invoice image online and approving it for payment.

Many board members want to be included in the approval process for an invoice and likely are the final signors on the payment. At a minimum, board members want the ability to oversee the expenses getting approved for their association. With Payables Lockbox, board members no longer need to wait for the board meeting or receipt of the invoice and check by mail for approval. They simply log on to the Payables Lockbox site, review the invoices waiting for their approval, and authorize them for payment. This new process is not only more convenient for board members, but also helps eliminate late fees by expediting the approvals required.

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