Understanding AvidPay Solution for Trust Operations

WHAT IS AVIDPAY?
 
The Trust has partnered with AvidXchange, implementing the AvidPay solution to:
 
Print and mail client AP checks
Provide client vendors with (faster) electronic payment options
Providing additional internal controls
o
Payment Review
o
Positive Pay
 
HOW AVIDPAY WORKS
 
Invoices will go into Invoice Manager for
approval by manager
Once approved the Invoice goes into
Trustlink for check processing
Checks issued from Operating with Trust
signatures will be flagged, as processed
thru AvidPay.  (No Reserve checks are
paid using AvidPay).
A check file is sent to AvidPay daily (and
will be used in the Positive Pay process)
AvidPay will draft the HOA bank account
and print and mail the checks from their
location.
 
So What is Different?
Trustlink will continue to show a check
number that matches the withdrawal on
the bank account
Checks will be drawn from an AvidPay
bank account, as the HOA bank has
already been drafted
The checks received by the vendor will
not have Trust signatures
Check copies will no longer be available in
the financial packets.  (However, cleared
check transactions will be shown on the
client bank statement)
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AvidPay Check Example:
 
Payment ID = Trustlink Check Number
 
Actual Check Number is from Avid
 
Pay 
 
and not listed in Trustlink
 
Check is drawn off an AvidPay bank
account not the HOA bank account
number
 
Signature is not a Trust signature.
 
Check is mailed from North Carolina
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Actual AvidPay
Check Number
Trust Link Check
Number
 
Check drawn off
AvidPay bank
 
Not a Trust Signature
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In the Notes tab it shows payment was processed – Print to AvidPay
Where to look in Accounts Payable:
 
Check # in TrustLink
 
Shows Print to Avid Pay
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AAB Client Bank Statement Example
 
Check # in TrustLink matches draft # in Bank Statement
STOP PAYMENT PROCESS
 
A request is sent to the AP Specialist to place a stop payment on a check
AP Specialist will contact AvidPay to request the stop payment and notify the
Staff Accountant
The Staff Accountant will monitor the HOA bank account to determine when
funds have been received for the stop payment (i.e. returned by Avid Pay)
Once funds are received the staff accountant notifies AP to void the payment in
TrustLink
AP will void the payment in Trust Link.  If the invoice will be paid with a new check,
the invoice will be re-processed and available in Invoice Manager for CAM review.
 
 
ELECTRONIC VENDOR PAYMENT OPTIONS
 
Electronic Options – vendors are paid faster than check processing
(bypassing US mail)
 
Virtual Credit Card 
 
Small fee to the vendor   1-2%
      
Requires vendor have Merchant Services (Credit Card Processing)
      
Fastest payment option – approx. 2 days
 
 
Direct Deposit
  
Small fee to the vendor  1-2%
      
Merchant Services not needed
      
Payment available approx. 3 days
Managers do not need to do anything.  AvidPay will reach out to all
vendors regarding these options…
 
ADDED SECURITY THRU POSITIVE PAY
 
The AvidPay process includes additional security, using Positive Pay on all
checks (i.e. electronically verified against a daily pay file).
 
 
Verification of the following is performed
Payee
Check Date
Amount
Check Number
SETUP OF AVIDPAY IN TRUSTLINK
Set up of AvidPay is done thru Property Set up in Trust Link.  The accounts designated to be included in the
daily pay file are marked as “Print at AvidPay” by the Controller.
 
IT team will set-up initially, but review of initial set-up and updates will be processed by the Controller
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The Trust has adopted the AvidPay solution by partnering with AvidXchange to streamline Accounts Payable processes. AvidPay facilitates printing and mailing client AP checks, offering faster electronic payment options to vendors, and enhancing internal controls. It involves unique processes like Check processing via Trustlink, AvidPay Check examples, and Stop Payment procedures.


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  1. WHAT IS AVIDPAY? The Trust has partnered with AvidXchange, implementing the AvidPay solution to: Print and mail client AP checks Provide client vendors with (faster) electronic payment options Providing additional internal controls oPayment Review oPositive Pay

  2. HOW AVIDPAY WORKS Invoices will go into Invoice Manager for approval by manager So What is Different? Trustlink will continue to show a check number that matches the withdrawal on the bank account Checks will be drawn from an AvidPay bank account, as the HOA bank has already been drafted Once approved the Invoice goes into Trustlink for check processing Checks issued from Operating with Trust signatures will be flagged, as processed thru AvidPay. (No Reserve checks are paid using AvidPay). The checks received by the vendor will not have Trust signatures A check file is sent to AvidPay daily (and will be used in the Positive Pay process) Check copies will no longer be available in the financial packets. (However, cleared check transactions will be shown on the client bank statement) AvidPay will draft the HOA bank account and print and mail the checks from their location.

  3. AvidPay Check Example: Payment ID = Trustlink Check Number Actual Check Number is from Avid Pay and not listed in Trustlink Check is drawn off an AvidPay bank account not the HOA bank account number Signature is not a Trust signature. Check is mailed from North Carolina

  4. Actual AvidPay Check Number Trust Link Check Number Check drawn off AvidPay bank Not a Trust Signature

  5. Where to look in Accounts Payable: Shows Print to Avid Pay Check # in TrustLink In the Notes tab it shows payment was processed Print to AvidPay

  6. AAB Client Bank Statement Example Check # in TrustLink matches draft # in Bank Statement

  7. STOP PAYMENT PROCESS A request is sent to the AP Specialist to place a stop payment on a check AP Specialist will contact AvidPay to request the stop payment and notify the Staff Accountant The Staff Accountant will monitor the HOA bank account to determine when funds have been received for the stop payment (i.e. returned by Avid Pay) Once funds are received the staff accountant notifies AP to void the payment in TrustLink AP will void the payment in Trust Link. If the invoice will be paid with a new check, the invoice will be re-processed and available in Invoice Manager for CAM review.

  8. ELECTRONIC VENDOR PAYMENT OPTIONS Electronic Options vendors are paid faster than check processing (bypassing US mail) Virtual Credit Card Small fee to the vendor 1-2% Requires vendor have Merchant Services (Credit Card Processing) Fastest payment option approx. 2 days Direct Deposit Small fee to the vendor 1-2% Merchant Services not needed Payment available approx. 3 days Managers do not need to do anything. AvidPay will reach out to all vendors regarding these options

  9. ADDED SECURITY THRU POSITIVE PAY The AvidPay process includes additional security, using Positive Pay on all checks (i.e. electronically verified against a daily pay file). Verification of the following is performed Payee Check Date Amount Check Number

  10. SETUP OF AVIDPAY IN TRUSTLINK Set up of AvidPay is done thru Property Set up in Trust Link. The accounts designated to be included in the daily pay file are marked as Print at AvidPay by the Controller. IT team will set-up initially, but review of initial set-up and updates will be processed by the Controller

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