Cash Control Overview

Related Topics

Cash Control automates the tracking and reporting of cash movements or shipments, such as cash movements from the bank to the vault, from the teller drawer to the vault, and from the ATM to the vault. Cash Control provides the following features:

  • Identifies and automates tracking and reporting of all cash locations and location types.
  • Supports and tracks intransit and non-intransit cash movements.
  • Provides cash inventory control by denomination.
  • Maintains subsidiary cash locations while consolidating cash general ledger accounts.
  • Reduces manual general ledger entries.
  • Identifies internal cash location types.
  • Provides online receipts for all cash movements.
  • Provides online journal file of cash activity.
  • Tracks due dates of intransit cash movements.
  • Provides daily online exception reporting for cash movements, such as past due shipments.
  • Provides subsidiary ledger report, trial balance, and summary reporting by cash location.

To use Cash Control, you must also implement Teller Administration. Teller Administration lets you create transaction screens based on your most commonly used product codes.

Cash Location Types

Portico uses the following cash location types to track cash using Cash Control.

A - ATM
C - Correction
B - Bank
D - Drawer
M - Member
V - Vault

Types of Cash Movements

An intransit cash movement is one in which cash moves from one cash location to another cash location. There are two types of intransit cash movements, external and internal.

  • External Intransit
    An external cash movement is one in which money is sent from the bank to the credit union. During the time the cash is being shipped, the cash is in transit and may take several hours to overnight. In this instance, the cash movement will increase the credit union’s cash general ledger once the cash is received.
  • Internal Intransit
    An internal cash movement is one in which the money is sent from one credit union location to another credit union location. This cash movement is considered to be within the credit union. In this instance, there is no general ledger entry.

A non-intransit cash movement is one in which cash is not being shipped or there is never a period of time in which the money is considered in transit. For example, a non-intransit cash movement is walking to the vault to buy $10,000 and walking back to the drawer. This is a short period of time, almost an immediate cash movement.

Cash Control General Ledger Accounts

Cash Control uses one cash general ledger account to record all cash locations because Cash Control considers all credit union cash as belonging to the credit union as a whole. The task of performing daily journal voucher transactions to record cash in each general ledger for each drawer, vault, or ATM is eliminated. Cash Control allows you to see the total cash in your credit union at any given time.

With Cash Control, there are three points in a cash movement:

  • Point A (sending location, like a bank)
  • Point B (intransit cash, like a cash movement)
  • Point C (receiving location, like a vault).

The cash movement determines the cash general ledger to which the money belongs. You do not make the general ledger debits and credits manually because Cash Control manages the cash for you and automates the general ledger entries based on the cash movement.

When you order money from the bank and the bank sends the money intransit, Cash Control records the intransit cash shipment in an intransit general ledger account, which works like a suspense general ledger. When you receive the intransit cash, Cash Control automatically moves the money from the intransit cash general ledger to the vault cash general ledger, creating a credit to the intransit general ledger and a debit to the credit union cash general ledger.

Internal Cash Location Types

Internal cash location types are vaults, ATMs, and drawers. You specify the different internal cash location types and IDs on Cash Control.

The internal cash location types represent subsidiary accounts that make up one cash general ledger account. For example, a credit union may have one million dollars that represents credit union cash, but the one million dollars is not in one location. The money is distributed throughout the credit union in the various cash locations.

The sum of the cash locations equals the one million dollars; therefore, the general ledger account equals one million dollars, and the cash locations reflect the different amounts that make up the one million dollars. You will be able to tell how much money is in any cash location type at any given time.

Inventory Control by Denomination

Cash Control tracks the cash denominations in single units and bundles of ones, fives, tens, and twenties, and so forth. In addition, after the teller has entered the cash and coin amounts, Cash Control calculates the units and bundles to arrive at the total cash amount allowing you to verify the total cash amount before acceptance.

Reports

The following reports support the Cash Control:

  • Intransit Exceptions Report 810
    Lists the exceptions for all intransit movements. The report lists the intransit movements that have exceeded past due shipments, shipment days, reschedules, inventory monies, or shipment monies.
  • Cash Subsidiary Ledger Journal and Trial Balance Report 811
    Lists each location type and the activity on the location during the period. The 811 Report is a general ledger and trial balance report that shows the location type, date, beginning and ending balances, description, debits, and credits.
  • Group Cash Totals Report 812
    Summarizes cash locations by group. The summaries for the location type and the group totals include the pending total, currency total, coin total, non-denominational total, and cash total.