Business Accounts

Video Library Video Course Library Business Accounts


FLEX Business Accounts is an optional add-on that provides enhanced functionality for managing business accounts. This module primarily focuses on two key areas: Sweep Maintenance for automated balance management and Transaction Fee Maintenance for defining and applying transaction-based fees.

1. Sweep Maintenance

Sweep Maintenance allows you to define rules for automatically checking and adjusting balances across different accounts to maintain a desired target balance in a primary business account. This process runs automatically during the End of Day cycle.

Accessing Sweep Maintenance

  • Location: FLEX Main Menu
    • Business Accounts
      • Sweep Maintenance

Managing Sweep Records

  • Viewing Records: The “Sweep List” displays all currently configured sweep records.
  • Editing Records: Highlight an existing record and click Edit.
  • Creating New Records: Click Add.

Add or Edit Sweep Fields

When adding or editing a sweep record, you will configure the following fields:

  • Target Account/Suffix:
    • Description: The account and suffix where the desired balance is to be maintained.
    • Action: Enter the account number and its corresponding suffix.
  • Sweep Account/Suffix:
    • Description: The account and suffix from which FLEX will transfer funds (or to which it will transfer funds), based on the defined sweep type.
    • Action: Enter the account number and its corresponding suffix.
  • Sequence Number:
    • Description: If multiple sweep accounts are defined for the same target account, this number determines the order in which FLEX will check each account until the target balance is met.
    • Action: Enter a numerical sequence.
  • Sweep Type:
    • Description: Defines the type of transactions allowed to/from the sweep account.
    • Options:
      • Add: Funds are added to the target account from the sweep account if the target account’s balance falls below the target balance.
      • Subtract: Funds are subtracted from the target account to the sweep account if the target account’s balance exceeds the target balance.
      • Both: Allows both adding and subtracting funds as needed to maintain the target balance.
  • Target Balance:
    • Description: The desired balance that should be maintained in the target account.
    • Action: Enter the numerical balance.
  • Balance Type:
    • Description: Specifies which balance type in the target account should be maintained.
    • Options:
      • Available: Maintains the available balance, excluding any minimum balances or holds.
      • Ledger: Maintains the actual (ledger) balance in the target account.
  • Allow Partials:
    • Description: If checked, allows a partial amount to be swept if the sweep account does not have the full required amount available.
    • Action: Check the box to enable this feature.

2. Transaction Fee Maintenance

Transaction Fee Maintenance allows you to define criteria for applying fees to business accounts based on specific types and volumes of transactions (e.g., excessive deposits, cash withdrawals).

Accessing Transaction Fee Maintenance

  • Location: FLEX Main Menu
    • Business Accounts
      • Transaction Fee Maintenance

Managing Transaction Fee Records

  • Viewing Records: The “Transaction Types” list displays all currently configured transaction fee records.
  • Editing Records: Highlight an existing record and click Edit.
  • Creating New Records: Click Add.

Add or Edit Transaction Fee Fields

When adding or editing a transaction fee record, you will configure the following sections and fields:

Basic Information

  • Type:
    • Description: The share type assigned to the fee.
    • Action: Enter or select the share type.
  • Sequence:
    • Description: The sequence number assigned to the fee record. If multiple fees are associated with the same share type, this number defines the order in which the fees will post.
    • Action: Enter a numerical sequence.
  • Beginning # of Transactions/Ending # of Transactions:
    • Description: Defines the range of transactions that will trigger the fee.
    • Example: If 4 deposits per month are free, but a charge applies after 4, set “Beginning” to 5 and “Ending” to.
    • Action: Enter the numerical range.
  • Print Receipt:
    • Description: If checked, a receipt will be generated for the fee.
    • Action: Check the box to enable receipt generation.

Fee Details

  • Frequency:
    • Description: The frequency at which the fee is applied (e.g., Monthly).
    • Action: Select the frequency from the dropdown.
  • Base Amount:
    • Description: The base amount of the fee per frequency. This can be used in conjunction with a per-transaction fee.
    • Example: A $5.00 base fee per month.
    • Action: Enter the base amount.
  • Per Transaction:
    • Description: The fee amount applied per transaction. This can be used in conjunction with a base fee.
    • Example: $0.50 per deposit over the allowed free limit.
    • Action: Enter the per-transaction amount.
  • Description:
    • Description: The description that will appear in the account history when the fee is posted.
    • Action: Enter a descriptive text.
  • GL Account:
    • Description: The General Ledger account to which the fee will be credited when posted.
    • Action: Enter or select the GL account.

Cash Codes

  • Description: Specifies which cash codes are considered for fee calculation.
  • Include/Omit:
    • Description: Determines whether selected cash codes are included in or omitted from the fee calculation. Only one option can be selected.
    • Action: Select “Include” or “Omit”.
  • Selecting Cash Codes:
    • Action: Click Select.
    • From the “Available Cash Codes” panel, highlight the desired code(s) and click the right arrow to move them to the “Selected Cash Codes” panel. Only codes in the “Selected Cash Codes” panel will be included or omitted based on your selection.
  • Example Use: Counting cash withdrawals for a business.

Transaction Codes

  • Description: Specifies which transaction codes are considered for fee calculation.
  • Include/Omit:
    • Description: Determines whether selected transaction codes are included in or omitted from the fee calculation. Only one option can be selected.
    • Action: Select “Include” or “Omit”.
  • Selecting Transaction Codes:
    • Action: Click Select.
    • From the “Available Tran Codes” panel, highlight the desired code(s) and click the right arrow to move them to the “Selected Tran Codes” panel. Only codes in the “Selected Tran Codes” panel will be included or omitted based on your selection.
  • Example Use: Charging fees for excessive deposits.

Tellers

  • Description: Specifies which teller IDs are considered for fee calculation.
  • Include/Omit:
    • Description: Determines whether selected teller IDs are included in or omitted from the fee calculation. Only one option can be selected.
    • Action: Select “Include” or “Omit”.
  • Selecting Tellers:
    • Action: Click Select.
    • From the “Available Tellers” panel, highlight the desired ID(s) and click the right arrow to move them to the “Selected Tellers” panel. Only IDs in the “Selected Tellers” panel will be included or omitted based on your selection.
  • Example Use: Fees for checks cleared through the account using a specific teller ID (e.g., SD teller ID).

Worksheet and Post

Before posting transaction fees, FLEX strongly recommends generating and reviewing a worksheet to ensure accuracy.

  • Worksheet:
    • Action: Click Worksheet to generate a preview of the fees that will post.
    • Recommendation: Review the information carefully to verify its accuracy.
  • Post:
    • Action: Once the worksheet has been reviewed and verified, click Post to apply the transaction fees.