Types of Payrolls
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Portico offers the following types of payroll processing:
Exception payrolls deposit funds into member and cross-account share and certificate accounts, make payments on loans including vendor mortgage loans, and credit specified general ledger accounts for optional credit union services.
The credit union sponsor(s) deliver the payroll information directly to your credit union. You must manually add, change, or delete payroll records on the Payroll Group Details window to match the new information from the sponsors so that the amount to be posted matches the amount received. Once the payroll information is correct, you can perform the required posting procedures via the Payroll Posting Summary window. Portico will post the payroll based on a credit-union specified date.
Positive payrolls deposit funds into member and cross-account share and certificate accounts, make payments on loans including vendor mortgage loans, and credit specified general ledger accounts for optional credit union services.
The credit union sponsor(s) or the credit union delivers the payroll information to Portico by electronic transmission. A system-generated report notifies you that the payroll information has been received after which you initiate the payroll-posting request. You do not have to create the payroll records to match the information on the transmission before posting the payroll. Portico will automatically create and/or maintain payroll records as necessary during the posting process.
Negative payrolls, also referred to as transfers, allow you to use payroll transactions to transfer funds from a share account to other share accounts, certificates, loans, and specified general ledger accounts. For example, you could set up a negative payroll for safe deposit box fees that would instruct the system to withdraw the fees from the member's account and post them to the appropriate general ledger account.
Like deduction payrolls, separate transfer groups should be established for different transfer frequencies and special purpose transfers. Special purpose transfers can be for Christmas clubs, vacation clubs, insurance premiums or specified general ledger accounts. Negative payrolls are processed the same as exception payrolls, except negative payrolls do no deposit funds into the credit union.
ACH payrolls, like exception and positive payrolls, deposit funds into member and cross-account share and certificate accounts, make payments on loans including vendor mortgage loans, and credit specified general ledger accounts for optional credit union services.
List bill payrolls are used to deduct premiums from a member's share or loan account for different types of insurance, such as credit life and disability, accidental death and dismemberment, and life insurance. The associated payroll number for the list bill must be 050 through 059 for share withdrawals and 075 through 079 for loan add-ons or premiums. The insurance company sends the information to Portico via electronic transmission. When the list bill payroll is posted, Portico creates a List Bill Premium Register Report 580 for share withdrawals and an Insurance Premium Loan Advance Register Report 581 for loans add-ons.