Using General Ledger

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Portico features a totally integrated online, real-time general ledger. Financial transactions that affect cash, suspense, shares, loans, fees, fines, or interest automatically make a related entry in the corresponding general ledger account. The general ledger transactions record money coming into and out of the credit union, as well as between accounts. Portico also provides methods to inquire on general ledger (GL) information.

Portico’s general ledger processing adheres to the double-entry bookkeeping principle requiring each entry to have an equal and offsetting entry. This transaction structure prevents one-sided or out-of-balance entries.

The system’s automatic close feature performs income and expense closing transactions, thereby eliminating the need for manual posting. Refer to the Verification of Auto Closing Report 308 for more information.

Financial statements use the general ledger as their only source of information. NCUA, state regulatory agencies and trade associations establish standardized forms for the preparation and submission of financial reports. They also have established periods where financial reporting must be submitted to them for consolidated credit union analysis.

Additionally, the integrated general ledger gives you the necessary information to make accrual entries required by National Credit Union Association (NCUA) regulations.

The general ledger provides recurring entry transaction capabilities and a fully integrated asset depreciation program.

The online general ledger history displays specific general ledger activity through any terminal. The online inquiry selection enables you to request all activity for a specific account, specific business date, or specific dollar amount.