Share Draft Daily Procedures

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Complete the following steps daily.

  1. Retrieve all of the share draft reports including the 450 and 457 Reports. These reports can be printed using the Short Reports – Critical window. Every night when drafts are processed, the share draft liability GL (805100) is credited and the member account or share draft suspense GL is debited. The suspense general ledger numbers are in the range of 872200 through 872219.
  2. Review the 450 Report for exceptions to the rejected draft file. Highlight the drafts you consider exception items that need to be processed individually. For example, rejected items you wish to pay or paid items you wish to return. You can highlight the items to return in one color and the items to pay in another color. Cut-off times remain the same; however, the share draft file will now be accessible after the cut-off time. Items to be returned must still be processed prior to the cut-off time, but items to be paid, fees, and notices can be processed at any time before the back-office cycle begins.
  3. Return Drafts: Prior to the share draft processor cut-off time, specify return/non-return codes for drafts on the Share Draft Exception Items window. Complete the Processing a Specific Item and Processing the Entire File procedures.
  4. Reversing Drafts: Portico will automatically create a Reverse Posted Share Drafts window if you use the Share Draft Exception Items window to return an item that was paid by the back-office cycle or previously paid using the Share Draft Exception Items window the same day. On the Share Draft Exception Items window, select Reverse from the Action drop-down list, select a valid return code from the Return Code drop-down list, and select or clear the Notice and Fee check boxes. Then, click Save. The Reverse Posted Share Drafts window debits the share draft suspense GL and credits the member.
  5. Complete the Balancing procedures.
  6. Add Members to Return File: Use the New Return Item window to add return drafts to the Share Draft Exception Items window.
  7. Charge or Reverse Fees using the Share Draft Exception Items window. If a member was charged a fee in error for a previous back-office cycle, use the Adjustments – Share Deposit from General Ledger tab to reverse the fee.
  8. Maintain a MICR Number: Use the Shares – Draft Info tab to maintain the share draft ID.