Colonial Modules
eBanking
With the eBanking module, property managers can increase banking efficiency by streamlining the time-consuming tasks related to incoming and outgoing funds. Vendors, tenants, and customers will appreciate the convenience of online banking.
All eBanking options are user-friendly and simple to set up; choose one or all five:
- Positive Pay: This powerful tool helps prevent check fraud. It provides the mechanism to send your bank a list of the checks your organization has generated through Accounts Payable. The bank verifies the check numbers and amount of each check before honoring the checks.
- Direct Deposit/ACH Payments: Pay employees and vendors quickly and accurately without the hassle of paper. Cut the costs of check stock, envelopes and postage with direct deposit. When vendors and employees choose this option, funds are deposited directly into their accounts. Payment and deposit notifications may be distributed via e-mail, fax or printed remittance notices.
- Automatic Account Reconciliation: No longer deal with the time consuming task of clearing checks. With ARP, a bank provides an electronic file with cleared check information. This file is read by Colonial and checks are automatically cleared for bank reconciliation.
- ACH Tenant Receipts: With ACH Tenant Receipts, property managers can post rents and receive funds in a single step. The ACH process creates a NACHA file, which is sent to your banking institution during the rent posting process. Tenants are notified of the transaction automatically by e-mail or fax.
- Lock Box Processing: Lock box processing reads the electronic file sent by the bank, automatically creates receipts, and updates invoices. With this Colonial component, property managers no longer have to pay a financial institution to key lock box payments, make copies of checks, and mail the paperwork.
In addition, notifications can be sent via e-mail or fax, and with comprehensive reporting, you can reprint or resend reports to financial institutions, customers, or vendors

