Disbursing a Participant Check

The Check Disbursal window lets you disburse a check to a participant. To access the Check Disbursal window, click Administration on the Lending menu on the Portico Explorer Bar. On the Administration menu bar, click Loan Participation, then click Check Disbursal.

How do I? and Field Help

To disburse a check to a participant, enter the participant code in the Participant Code field (Length: 6 alphanumeric) and click the green arrow. In the Description field, enter the description of the transaction (Length: 40 alphanumeric). Then, click the Effective Date down arrow to select the effective date of the transaction from the pop-up calendar or enter the date in MM/DD/YYYY format.

The GL accounts and branches associated with the participant from the Participant Information window will automatically appear in the Transaction Area grid. If desired, enter a different general ledger account and branch.

Column Heading	Description
Exclude	Select the Exclude check box to exclude a line item without deleting each field.
GL Account	The general ledger account to debit for the check amount. The GL accounts and branches associated with the participant from the Participant Information window will automatically appear in the Transaction Area grid.
Branch	The branch associated with the general ledger account. The GL accounts and branches associated with the participant from the Participant Information window will automatically appear in the Transaction Area grid.
Amount	Enter the check amount in the Amount field.
Description	Enter a description of the disbursal in the Description field

The name and address information from the Participant Information window will appear in the Check Payee group box. If desired, you can enter a different name and address.

Field	Description
Name	The name of the payee. The name and address information from the Participant Information window will appear in the Check Payee group box. Length: 40 alphanumeric
Address 1	The first line of the check recipient's address. The name and address information from the Participant Information window will appear in the Check Payee group box. Length: 35 alphanumeric
Address 2	The second line of the check recipient's address. The name and address information from the Participant Information window will appear in the Check Payee group box. If the Address is Foreign check box is selected, the foreign city's name must reside in the Address 2 field and the foreign country's name must reside in the Address 3 field. Enter the foreign country code in the Address 3 field. For Canada, enter the province code in the Address 3 field. Length: 35 alphanumeric
Address 3	The third line of the check recipient's address. The name and address information from the Participant Information window will appear in the Check Payee group box. If the Address is Foreign check box is selected, the foreign city's name must reside in the Address 2 field and the foreign country's name must reside in the Address 3 field. Enter the foreign country code in the Address 3 field. For Canada, enter the province code in the Address 3 field. Length: 20 alphanumeric
ZIP	The postal ZIP Code for the address listed. The name and address information from the Participant Information window will appear in the Check Payee group box. For domestic addresses, the ZIP code must be either 5 or 9 digits. For foreign addresses, the ZIP code can be up to 10 characters. If the Address is Foreign check box is not selected: A valid ZIP Code must be entered without the dash. Alpha characters are not allowed. If the Address is Foreign check box is selected The member ZIP Code field is optional. Alpha characters are allowed. Length: 9 numeric (10 alphanumeric if the Address is Foreign check box is selected.)
Address is Foreign	Select this check box if the payee address is foreign.

Click the print envelope icon to print an envelope for the payee. Click Clear Address to clear the address fields in the Check Payee group box.

In the Check Number field, enter the number of the check (Length: 6 numeric). Then, select the Valid Check Number check box to confirm the check number.

Click the Check Type down arrow to select the type of check. Then, in the Check Stub field, enter a description of the payment (Length: 40 alphanumeric).

The Check Total field will display the total amount of the payment(s). Click Submit to disburse the payment.

When issuing a cashier’s check, click Submit on the Check Disbursal window to enable the Check Writer button. Click Check Writer to display the Check Writer dialog box and specify the purchaser name in the Cashier’s Check Purchaser field.

To reverse a transaction, select the Reversal check box. Then, enter the computer-assigned number in the CAN field (Length: 7 numeric). If desired, select the Return Checks to Inventory check box to return a reversed credit union check to inventory. Then, click Submit.

Click Reset to clear the fields.

Click this button to display the Participants window.

Click this button to display the Participant Information window.

Click this button to view the Participant Disbursal History window.

General Ledger Effects:

• CREDIT XXXXXX General ledger account specified on the Checks Disbursal tab
• CREDIT XXXXXX Checks disbursed general ledger specified on the Open tab for the check amount

If the teller branch is different from the general ledger branch specified on the Checks Disbursal tab, then the system will perform an offsetting entry to the interbranch general ledger designated in the Inter-Branch GL Clearing Account field in the Expanded JV Options section on the Credit Union Profile - Accounting tab.

Related Reports: Participant Loan Remittance Report 659

Teller Balancing Effects: For checks disbursed, the transaction amount is added to the Other Disbursements Amount field and the Checks Disbursed field on the Balancing and Close tab