Posting Corporate Draft Auto-Reconciliation

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PCKRXX-01

Reconcile Corporate Drafts

1007

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Access this screen by selecting Tool #606: CHECKS 5: Post Corp Draft Recon (Opt).

If your credit union has been set up for automated corporate draft reconciliation, a process is run for you which reads through your daily share draft posting file for corporate drafts and marks those checks as “Cleared” in your check register.

This tool is used in rare cases when the automated option was not run and it is necessary to reconcile drafts manually. Contact a CU*BASE representative before running this option.

Auto Check Reconciliation Q&A

What is Auto Check Recon?

CU*Answers can automate the Corporate Check/Money Order clearing process when the checks are drawn on the credit union itself. (The MICR line on the check contains the routing number of the credit union.) These checks are routed through the Federal Reserve back to the credit union's check processor. CU*Answers can configure the share draft program to look for this MICR line. Once a match is found, the system will automatically mark the check as “C” for cleared on the CU*BASE check register. CU*BASE provides a daily “Corporate Draft Reconciliation Report” which will list all of the corporate check detail, including the trace number.

Do we have to add any new G/L accounts?

Yes. You will need to set up a Clearing Account which will contain the balance of outstanding checks for the month.

When would be a good time to start?

More and more credit unions are purchasing laser printers for corporate checks and money orders. This is a perfect time to add the Auto Check Reconciliation option. Since CU*BASE prints the information on the corporate checks and money order forms we can simply change the MICR line to your credit union's Routing & Transit number. The checks will be routed along with your member checks to your check processor.

Can we use this option on preprinted checks/money orders?

If you are not yet printing on a laser printer, you could implement this option when it's time to order new checks/money order stock. You would simply change the routing number on your MICR line and notify CU*Answers of your request for setup.

Is there a fee?

Yes! CU*Answers will charge our normal custom programming fee for setting up the programming necessary to perform Auto Check Recon for your credit union. Call for current rates and a quote for your specific project.

Make sure you contact our Client Service department to set up a conversion date. Our programming staff will need time to make the appropriate changes.

 

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#PCKRXX-01.htm