How payments are tracked

Where does the building charges money go?

Directly into your Committee's bank account, based on your current setup, without passing through Resid.ai. Resid.ai never opens accounts on your behalf and never touches your funds. The app tracks recorded payments and prepares statements of accounts. A logged record is not proof of bank collection.

The building's bank account remains external to the app. Its account holders and authorized signatories retain their standard responsibilities with their bank. Using Resid.ai to organize building charges does not grant Resid.ai the authority to move these funds. The Committee continues to decide on and verify transactions according to the building's rules. Tracking in the app does not replace bank statements or the supporting documents kept by the Committee.

For payments handed over in cash or by check, the Committee handles receipt and the necessary steps outside of Resid.ai. For bank transfers carried out via the bank, the Committee checks that the funds have cleared into its account. The app lets you log and keep track of payment details; it does not hand over cash, deposit checks, or process transfers. The method used and the confirmation must remain consistent with available supporting records.

A distinction must be made between a payment declaration, a recorded payment, and funds actually received by the bank. A Resident may have initiated a payment before the Committee has had a chance to verify the outcome. Therefore, an amount displayed in tracking does not, on its own, constitute bank confirmation. In the event of a discrepancy, the Committee reconciles the date, amount, and reference against available records, then uses the tracking actions available in its space.

Payment receipts should not be confused with a simple tracking entry. A receipt certifying a payment requires the proof expected for that workflow; a simulated payment does not prove any actual deposit. The absence of an automatic receipt does not mean the Committee has not received a payment completed outside the app. In that situation, the Committee keeps the appropriate supporting documents and checks the details before presenting a payment as received. Resid.ai does not turn a simulation into a bank record.

Statements of accounts bring together recorded information to make tracking building charges and payments easier to read. Their purpose is to make tracking clearer, not to replace the building's bank account. The Committee retains control of its funds and checks with its bank to confirm actual banking transactions. Residents view the information authorized by their role. Missing information must be reconciled against supporting records, without inventing a payment just to fill in a table.

The Resid.ai subscription covers access to the tool based on the chosen plan. It is completely separate from building charges owed to the building and from the funds held by the Committee at its bank. Pricing terms are detailed on the Pricing page; using tracking does not change bank signatories. Currently, no live payment processing service is connected within Resid.ai. Simulation screens remain simulations: they must never be used to announce an actual transfer to the Committee or a confirmed deposit.