Creating a Member IRA

All financial activity on IRA shares and certificates use the same deposit, withdrawal, and transfer tabs that are used for regular shares and certificates. Portico looks for contribution codes, distribution codes, and IRA withholding on activity on all IRA-designated share and certificate types. You can use the New Member Share dialog box to add a new IRA share account or the Certificate Purchase dialog box to add a new IRA certificate for a member.

Changing the IRA Type

You can use the Transactions – Share and Loan Transfers tab to change a member’s traditional IRA share type to a Roth IRA share type. Be sure to verify the deposit and withdrawal codes.

To change a member’s IRA certificate type from one IRA type to another IRA type, use the Certificate Surrender dialog box to surrender the IRA using the appropriate internal deposit and internal withdrawal codes.