Update Banking Information

Transcription

1 Update Banking Information Contents Overview... 2 Create School Finance user role... 2 Add/Update Banking Information... 3 Submit Supporting documents... 5 Verify Banking Information... 6 Manage Tax ID... 6 Audit Log... 8

2 Overview School administrators have the ability to create roles with finance permissions (school finance user) to add or update bank information through Smart. Once the request to add or update a bank account is submitted, any existing banking information will be removed from Smart and remittance will be suspended until banking information is verified by Blackbaud Compliance Department. When banking information is verified, an is sent to the school finance user confirming the banking information is approved and remittance will resume on scheduled remittance date. ACH distribution and MVV (Merchant Verification Value) code are both managed by Blackbaud Compliance Department. This document describes the following processes: Create school finance user role Add/Update banking information Submit supporting documents Verify banking information Manage Tax ID Audit log Create School Finance user role Only school users with finance permissions have the capability to add or update bank information. Follow the steps below to create a school finance user role. 1. Login to Smart: school.smarttuition.com 2. Click on Settings

3 3. Click on Manage Accounts 4. Click on Add New User 5. Fill in user information 6. Click on School Finance User Click Save Changes Add/Update Banking Information Banking information is not stored until it has been approved by Blackbaud Compliance Department. This will avoid remittances being sent to an unapproved bank account. Below are the steps to add or update bank accounts.

4 1. Login to Smart: school.smarttuition.com 2. Click on Settings 3. Click on School Finance Information 4. Click on edit for the account that needs to be added or updated Note: To view exisiting bank account information, click on the green button Show Full Account Info 5. Fill in the fields. The description of each field is below: Field Account Type Name on Account Bank Account # Description Bank account type: Checking or Saving account Name of the person or school who is responsbile for the bank account School bank account number

5 Bank Routing # Bank Name Use same for Buy Now Use same for Give Now School bank routing number School bank name Click on the button to use the same bank information for Buy Now Click on the button to use the same bank information for Give Now 6. Click on the checkbox to acknowledge that the update is not complete until supporting documentation is submitted and verification is completed by Blackbaud Compliance Department 7. Click Save Submit Supporting documents It is required to submit supporting documents for verification when adding or updating a bank account. Any request to add or update banking information will not be approved without documentation. Blackbaud will accept one of the following document for verification: void check from the account, bank statement from the account including all pages, or a letter from bank on official letterhead that is signed by the bank verifying account with school information. School finance users can documents to Smartaccountvalidation@blackbaud.com or fax to Below is a sample you will receive requesting to submit supporting documents.

6 Verify Banking Information When the request is completed, an will be sent to the compliance team for review. If bank information is approved, an is sent to the school finance user to confirm banking information is verified and remittance will resume as scheduled to the new bank account. Below is a sample you will receive when bank account information has been reviewed and verified. Manage Tax ID A Federal Tax Identification number (Tax ID) is provided by the IRS and is used to identify a business entity. While this is not a required field in Smart, compliance and school finance users can add or edit Tax ID. Below are the steps to manage Tax ID.

7 1. Login to LUCA: school.smarttuition.com 2. Click on Settings 3. Click on School Finance Information 4. Click on Edit under Manage Tax ID 5. Enter Tax ID number 6. Click Save

8 Audit Log Any action to bank accounts in Smart will be listed in the audit log. Users can view who updates banking information and who from compliance verifies the information submitted. Each column can be sorted in ascending or descending order by clicking on the column name. Follow the steps below to access audit log. 1. Login to LUCA: school.smarttuition.com 2. Click on Settings 3. Click on School Finance Information 4. Review Bank Account Logs