Member records are vital to the business practices of a credit union. Discover the best procedures for delinquency control, recordkeeping, and problem accounts. Also, learn how to reconcile your records in an efficient manner.

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Following are the topics and learning objectives:



Cash Accounts:

• Explain how funds move between financial institutions
• Select the appropriate balancing technique
• Identify three reasons there may be a need for adjustment in either section of the cash reconciliation
• Create a cash account reconciliation

Share Draft Accounts:

• Identify key elements of a share draft
• Explain the steps in the share draft cycle
• Cite the general ledger accounts affected by the share draft posting process
• Identify types of adjustments needed to reconcile share draft accounts
• Reconcile the cash letter to the total posted in the Deposit in Transit account

Credit and Debit Cards:

• Prepare daily postings for credit cards
• Reconcile the loan and payment clearing account
• Prepare daily postings for debit cards
• List four reasons for disputes
• Calculate the daily cash withdrawn and compare the total to the audit tape total

ACH Payments:

• Identify similarities between ACH and draft processing systems
• Verify cash account payments
• Reconcile daily postings
• Cite three ACH posting errors and how each should be processed
• Reconcile the month-end ACH return account

Investments:

• Record certificate purchases and modify subsidiary schedules accordingly
• Calculate interest income for certificates
• Record certificate maturing and associated interest payments
• Post security purchases, interest income and maturity entries