HomeLeague Manager > Payments and Banking Practices

 

Online Payments and Banking Practices

We recommend following the below best practices for managing your online payments and league deposits for maximum security and compliance.

 

 

League Preparation:

1)  Assign League Secretary Access (2+ Officers)

  • Assigning league secretaries and officers will provide them with their own access to print, verify, and sign accounting reports for their leagues.

2)  Confirm Banking / Deposit Method

  1. Center Bank

    • Online Payments: Bowler online payments processed and settled through LeaguePals are sent to the appropriate league or center officer appointed by the league either by ACH to a league bank account or a paper check.

    • Cash: Any bowler payments received directly by the league secretary or bowling center will be sole responsibility of the appropriate league or center officer appointed by the league.

    • Prize Fund Disbursement: Prize Funds and their disbursement will be the responsibility of the bowling center or appropriately appointed league representative.

  2. LP Bank

    • Online Payments: Bowler online payments processed and settled through LeaguePals are kept in a secure FDIC Insured bank account on behalf of the league, and are guaranteed to the league by LeaguePals.

    • Cash: Any cash bowler payments received by league secretary or bowling center, will be first used to offset the league’s current and future lineage. Once the lineage balance for the entirety of the league season is satisfied, the remaining funds will be sent to LeaguePals to keep in the league’s secure bank account. As soon as the funds settle in your league’s account, they are also guaranteed by LeaguePals.

    • Prize Fund Disbursement: Prize Funds will be sent directly to bowlers either by direct deposit or a paper check mailed. LeaguePals will also send a prize fund disbursement reconciliation to the two appropriate league officers for signature approval of disbursement.

  3. LP Fee

    1. Inclusive: The LeaguePals transaction fee is included within the bowlers’ weekly dues owed. In this scenario, the bowler only pays the designated weekly dues amount, and the league secretary/treasurer or bowling center can break up the dues received as recommended. Example:

      1. Weekly Dues - $20

      2. LP Fee (5%) - $1

      3. Lineage - $12

      4. League Expenses - $1.50

      5. Prize Fund - $5.50

    2. Additional: The LeaguePals transaction fee is outside the bowlers’ weekly dues owed and additional. In this scenario, it is similar to traditional payment platforms where the bowler pays the designated amount + transaction fee. Example:

      1. Weekly Dues - $20

      2. LP Fee - $1

      3. Total Collected - $21

      4. Lineage - $12

      5. League Expenses - $1.50

      6. Prize Fund - $6.50


 

Monthly Approval:

 

1)  Monthly Accounting Summary

  • Review the monthly accounting statement for anomalies and to ensure league funds and bowler accounts are within the league’s and/or bowling center’s guidelines.

    1. Review, print, and sign the previous months Payment Schedule, Bowler Accounts, and Transaction List.

    2. Two league officers are recommended to sign their approval of the monthly accounting statement.


 

Weekly Tasks:

1)  League Cash Recording, Reconciliation, and Deposit

  1. Enter Cash Received: If bowlers are permitted to pay for league dues with cash, it is strongly recommended that each bowler’s amount paid is recorded in LeaguePals using the Mass Cash Pay under Bowler Accounts.

  2. Receipt:  It is highly recommended to request a receipt of cash deposit, and upload the image with depositors signature to your “LeaguePals Dues Attachments” section.

2)  Accounting Pay Sheet

  1. Review and E-Sign or Print & Sign Approval (Two League Officers)

    • Recommended to verify lineage balance, dues health, overall league funds balance, as well as any other relevant league transaction data. The league’s accounting should be within your league’s and/or bowling center’s guidelines, and when it is not you should take immediate action.

3)  Bank Deposit Reconciliation

  1. Every Friday, all settled online bowler payments processed by LeaguePals according to banking guidelines during the previous 7 days (between last week’s Friday through Thursday) are reconciled and processed according to the respective league’s banking option: LP Bank or Center Bank.

  2. Review and E-Sign or Print & Sign Approval (Two League Officers)

    • Once the deposit is received on league’s end, it is recommended to review, print, and sign deposit summary provided by LeaguePals to verify against your bank’s deposit.