Withdrawing Share Funds to a General Ledger

For more information about share accounts, see Share and Share Draft Accounts.

The Adjustments - Share Withdrawal to General Ledger tab lets you transfer funds from a member share account to a general ledger account.

To access the Adjustments - Share Withdrawal to General Ledger tab, under Financial Activity on the Portico Explorer Bar, click Financial Transactions. Click the Adjustments tab. Locate the member using the search tool on the top menu bar. Select the down arrow to select the search method, then enter the search criteria. Select the green arrow or press ENTER to locate the member. On the Adjustments tab, click the down arrow and select Share Withdrawal to General Ledger.

How do I? and Field Help

The Effective Date field will default to today's date. You can change the effective date by clicking the Effective Date down arrow to select a date from the pop-up calendar or entering a date in MM/DD/YYYY format (Keyword: ED). Dividend and interest calculations are based on this effective date. While future effective dating is not allowed on most transactions, you can specify a future effective date on some transactions.

If the withdrawal is a reversal of an escrow deposit due to a loan payment and Portico should decrease the escrow paid totals, select the loan with escrow support from the Loan Pmt Escrow Deposit Rev drop-down list. The Reported Prior Statement Period field is required.

Click the Statement Code down arrow to select the statement code to be used when assessing a fee (Keyword: SC). The valid history codes and associated statement messages appear on the System Defined Fees window and Credit Union Defined Fees window.

In the Reg DD Fee Disclosure group box (Keyword: FF), select the appropriate option to indicate if the fee amount should be added to the statement period-to-date and year-to-date fee totals for:

• Processing a withdrawal transaction that would be denied because the account has insufficient or uncollected funds (non-return). Select the Include in Overdraft Fees option to add the fee amount to the statement period-to-date and year-to-date non-return item fee fields.
• Returning an item unpaid (return fee) for insufficient or uncollected funds. Select the Include in Returned Fees option to add the fee amount to the statement period-to-date and year-to-date return item fee fields

Select the Update Withdrawal Counter check box to increment the share account's withdrawal counter (Keyword: WD). The number of withdrawals is stored in the Period-to-Date Withdrawals field on the Shares - Activity tab.

Select the Reg D Indicator check box to increment the share account's Regulation D transaction counter (Keyword: RD). The number of transactions is stored in the Period-to-Date Reg D Txns field on the Shares - Activity tab. If the share account's Period-to-Date Reg D Txns field on the Shares - Activity tab is greater than the limit defined in the Reg D Transactions field on the Share Profiles - Account Information tab, you must enter a teller override to complete the transaction.

Select the EFT Indicator check box if this is an EFT transaction (Keyword: ET). The system will automatically select the Force at Month End Because of EFT/Misc Activity check box on the Stmts/Reporting/Notices tab. If the EFT Indicator check box is selected, you must type a statement message in the Statement Messages 1 field. The EFT Indicator check box will apply to all withdrawals listed in the Transaction Area grid.

Select the Ignore Dormant Indicator check box to complete the deposit or withdrawal even if the member account is dormant (Keyword: DM). The Ignore Dormant Indicator check box will apply to all withdrawals listed in the Transaction Area grid.

If withdrawing funds to correct an ATM transaction, enter the dollar teller associated with the ATM device in the ATM Teller field (Length: 2 alphanumeric / Keyword: AT). Then , enter the branch location of the ATM teller (Length: 3 numeric / Keyword: AB).

If desired, enter a statement message in the Statement Messages fields. If the EFT Indicator check box is selected, you must type a statement message in the Statement Messages 1 field. The first statement message line must be entered before the second line can be used. The Statement Message fields will apply to all withdrawals and deposits listed in the Transaction Area grid. (Statement Message 1 Length: 35 alphanumeric/Keyword: SM | Statement Message 2 Length: 44 alphanumeric/Keyword: M2)

Reversing a Fee

To associate a loan fee that is being reversed from a general ledger with a loan note number and report it as such on statements for open-end loans, select the loan from the Fee Note drop-down list (Keyword: FN). The Fee Stmt Msg field lets you enter the message that will print on the statement as the fee description (Length: 35 alphanumeric / Keyword: M1). If a fee statement message is not entered, the transaction will automatically use the “To” or “From” description of the product code (or general ledger description if a general ledger is used) as the statement message for the fee. Due to Reg Z, a fee, late charge, interest, principal paid or escrow amount paid that is reversed and was originally reported on a prior statement cannot be removed from the current statement-to-date totals. The Prior Statement Period Fee drop-down list indicates if any fee, late charge, interest, or loan payment escrow deposit amount entered on the transaction was originally reported on a prior month's statement (Keyword: PS). If N, the amount entered will be added to or subtracted from the appropriate statement-to-date total. If Y, the amount entered will not be added to or subtracted from the statement-to-date total. Year-to-date fees, year-to-date late charges and year-to-date interest will always be affected by the transaction amounts regardless of the value selected in this field. If multiple share deposits are listed in the Transaction Area grid, you cannot select an option from the Fee Note drop-down list, enter a message in the Stmt Msg field, nor select an option from the Prior Statement Period Fee drop-down list. This option can only be used when you process a single share deposit from a single general ledger.

The Share Withdrawal to General Ledger Transaction Area lets you transfer funds from a member share account to a general ledger account.

The Label Appearance group box on the Teller Information window indicates if the product code name or general ledger account will appear on the transaction. If General Ledger is selected, tellers can enter GL numbers when processing the transaction.

Column Heading	Description
From Product	Click the down arrow to select the share account that the funds will be transferred from.
From IRA Code/Escrow Note	If the funds will be withdrawn from an IRA share account, click the down arrow to select a valid IRA withdrawal code. Click here to view the list of valid IRA withdrawal codes. Keyword: IW If the share account is an escrow account, click the down arrow to select the loan note number that corresponds to the escrow share account. Keyword: NT
From Escrow Nbr	The escrow number if the share account is an escrow account. Portico will increase the disbursal amount for the current period by the amount specified. The valid values are: 0 - Over/short amount 1 through 9 - Tax or insurance This field is required if the share type specified is an escrow share type.
From Amount	The amount that will be deposited to the general ledger account. Length: 12 numeric including decimal Keyword: SA
To Product	The general ledger or product code that will receive the funds. Keyword: GL
To Branch	The branch location of the general ledger account.
To Amount	The amount to be deposited to the general ledger account or product code.
IRA Non Tax Amount	In the IRA Non-Tax Amount field, enter the amount of the transaction that is considered non-taxable if the account is an IRA (Length: 12 numeric including decimal).
Federal Withholding	The amount of Federal withholding that will be subtracted from the IRA transaction amount. This amount is automatically calculated if the Calculate Federal check box is selected on the tab. Length: 8 numeric including decimal Keyword: WH
State Withholding	The amount of state withholding that is subtracted from the IRA transaction amount. This amount is automatically calculated if the Calculate State field on the Credit Union Profile - Shares tab is greater than 0.00 or you may manually enter the amount Length: 8 numeric including decimal Keyword: SW
Excess Earnings	In the Excess Earnings field, enter the amount of the IRA distribution that is excess earnings. Excess earnings is the dividend amounts earned on excess contributions during a given tax year. This amount is taxable. Keyword: EA / Length: 12 numeric including decimal. Enter an amount in this field only if you are using one of the following IRA distribution codes: Removal of excess contributions for same year (Traditional - 8, 81 (with exception); Roth - 8J; Coverdell - 8M) or Removal of excess contributions for prior year (Traditional - P, P1 (With exception); Roth - PJ; Coverdell - PM).

When the total amount of the From Side product codes equals the total amount of the To Side product codes, click Submit to complete the transaction.

The member account listing appears on the Overview tab, Transactions tab, and Adjustments tab.

General Ledger Effects:

• DEBIT 901XXX Share general ledger account specified on the Share Profiles window
• CREDIT XXXXXX General ledger account specified by the Adjustments - Share Withdrawal to General Ledger tab

Related Reports: none

Teller Balancing Effects: The teller balancing effects are as follows:

• Adds the transaction amount to the Transfers/JV amount field on the Balancing and Close tab
• Adds one to the Transfers/JV count field on the Balancing and Close tab

Correction Procedures:

To reverse the transaction on the same day, perform the Reversals - Same Day Reversals tab or access the Adjustments - Share Deposit from General Ledger tab and reverse the "from" information and the "to" information.

For a prior-day correction, access the Adjustments - Share Deposit from General Ledger tab and reverse the "from" information and the "to" information. f required, complete the following transactions:

• Use the Shares - Activity tab to maintain the eligible share balances if required by the share type.
• Use the IRAs tab to correct the IRA information.
• Refund the withholding and fee amounts to the member with the Adjustments - Share Deposit from General Ledger tab.
• Maintain the Period-to-Date Withdrawals field on the Shares - Activity tab to decrease the number of share withdrawals for the share account.
• If the Reg D Indicator check box was selected on the original transaction, maintain the Period-to-Date Reg D Txns field on the Shares - Activity tab to decrease the number of Reg D transactions for the share account.

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