Solution - Lock Box Implementation Alternative

The Problem

MRI's Lock Box utility requires that the bank provide the MRI building and lease IDs in the bank's receipt download. The bank requires that the tenant return a MICR-encoded statement slip with each check. Compliance is very difficult to achieve.

The Solution

An alternative approach is to store tenant bank account and routing numbers in the MRI lease table. For this client I utilized the MRI fields for tenant ACH information and uploaded this data from spreadsheets prepared by the property accountants.


Now bank downloads are formatted per the client's specifications (or are copied and pasted into an Excel template) and the custom MRI report pulls the data from the download and creates an unposted CM batch.

In edit mode, the report reviews the data and issues warnings describing any data deficiencies or other issues.

lock box demo 1

In update mode, the accountant has the option of creating a CM batch for just the error-free deposits, in which case the report provides a list of the rejected entries, or aborting the process if errors are detected.

lock box demo 2

I also created a construction template for the bank's use in formatting downloads. The accountant simply directs the MRI report to the downloaded file, and prints the report. This custom solution works in both Web and Windows.