Balancing Procedures

If the G/L Adjust field is Y on the 450 Report Rules and the credit union does not receive electronic adjustments, complete the following steps to balance share drafts.

1. Complete Share Draft Daily Procedures. Portico will move prior-day returns from the suspense GL to the liability GL in last night’s back-office cycle.
2. Balance Suspense GL: To balance the suspense GL, complete a GL Activity window. The debit balance in the suspense GL should match the total of all the returns completed on the Share Draft Exception Items window today. Be sure to balance the suspense GL each day. If the share draft suspense GL is not in balance, check your Exception Items window for accuracy. The suspense general ledger numbers are in the range of 872200 through 872219.
3. Balance Liability GL 805100: To settle the liability GL, complete a Basic Journal Voucher window to debit the liability GL and credit the share draft processor or corporate GL for the day’s total liability amount (from the 450 Report) minus all the return items from today’s Share Draft Exception Items window. On the GL Activity window, verify that the share draft liability GL has a credit balance for the amount of the returned drafts. During the back-office cycle, Portico will automatically credit the share draft suspense GL and debit the share draft liability GL for the amount of the returns. Be sure to balance the liability GL each day.

If the G/L Adjust field is N on the 450 Report Rules, complete the following steps.

1. Complete Share Draft Daily Procedures.
2. Balance Suspense GL: To balance the suspense GL, complete a GL Activity window. The balance in the suspense GL should equal the current day returns plus any prior day returns that you have not received adjustment for from the share draft processor. (It may also include any odd outstanding adjustment items). Be sure to balance the suspense GL each day. If the share draft suspense GL is not in balance, check your Share Draft Exception Items window for accuracy and verify that you received all adjustments pending for previous days. The suspense general ledger numbers are in the range of 872200 through 872219. Current Day Returns (debits) + Prior Day Returns (debits) = Share Draft Suspense GL Balance (debit balance)
3. Electronic Adjustments: When Portico receives electronic notification that the returns have been accepted, Portico will credit the suspense GL and debit the share draft liability GL. A manual entry is not required. Match the adjustments received on your 450 Report against your paper ledger (printed Share Draft Exception Items window or manual list) to verify that you have received all the credits. Transaction codes beginning with 5 (e.g. 51) will appear on the 450 Report if the credit union receives electronic adjustments.
4. Manual Adjustments: If Portico does not receive electronic notification that returns have been accepted, you must manually credit the suspense GL and debit the share draft processor or corporate GL when you are notified that your returns have been accepted by your share draft processor.
5. Balance Liability GL 805100: On the GL Activity window, verify that the balance in the share draft liability GL matches the total liability on the 450 Report. Use the Basic Journal Voucher window to debit the share draft liability GL and credit the share draft processor GL for the day’s total liability amount (from the 450 Report). On the GL Activity window, verify that the share draft liability GL balance is zero. Be sure to balance the liability GL each day.