Credit Union Branch Configuration

Description

Select this box if the branch is connected to any active member accounts.

Enter a description of the branch location.

For credit unions using branch level member accounting, this field is used to indicate how branch numbers will be attached to each new member account.

If checked, this branch number will be assigned to any memberships opened at this branch.

If you wish to use a different branch number for memberships opened at this branch (for example, if this branch number represents just a drive-through kiosk located near an existing general branch, or if you do not wish to separate members by branch), uncheck and enter the branch number can be used in the Member branch field.

Whether or not your credit union uses branch level member accounting, all members must be assigned to a branch number. If the Used by member account field is unchecked, this field gives the system a default location (usually 01) to use for all new member accounts.

This field indicates whether or not a vault number will be assigned to this location (the system uses the branch number as the vault number also). If this location does not have a vault, choose No here and be sure to complete the If unchecked, Default vault branch field described below.

This field works in conjunction with the Allow teller vault field described above. If that field is set to No, this field indicates the default vault location.

• For example, if branch 2 uses the same vault located at branch 1, enter “01” here.

These fields control the automatic G/L entries regarding deposits of outside checks made by members.

When the system totals outside checks for each branch location during EOD, it creates a journal entry that credits G/L account 739-00 and debits the G/L account and branch # configured here. Enter the G/L account number which represents the bank where outside checks are deposited.

If you wish to combine checks deposited at multiple branches into one combined G/L account representing the bank, be sure to enter the branch number to be used for the debit side of the transaction.

• For example, if this is branch 02, and you wish all outside checks to be deposited to branch number 01 in the G/L to make reconciling the bank statement easier, you would enter branch # 01 here (as well as on any other branches where checks are deposited to this same bank account).

These fields control the automatic G/L entries regarding the sale and purchase of cash between the vault and the bank.

When the head teller buys or sells cash to the bank, the system creates a journal entry that debits G/L account 739-00 and credits the bank account for purchases, or credits G/L 739-00 and debits the bank account for sales of cash from the vault. Enter the G/L account number which represents the bank account used to transfer cash between the bank and the vault.

If you wish to combine cash sales and purchases from multiple branches into one combined G/L account representing the bank, be sure to enter the branch number to be used for the bank side of the transaction.

• For example, if this is branch 02, and you wish all cash transfers to be recorded as branch number 01 in the G/L to make reconciling the bank statement easier, you would enter branch # 01 here (as well as on any other branches where vault activity uses the same bank account.)

This field controls the automatic G/L entries regarding the release of funds for credit union-issued member checks.

During EOD, the system adds all the member checks cut from a branch and creates a journal entry that debits G/L account 739-00 and credits the G/L account and branch # configured here for the total check amount.

If you wish to combine member checks drawn at multiple branches into one combined G/L account representing the bank, be sure to enter the branch number to be used for the credit side of the transaction.

• For example, if this is branch 02, and you wish all CU member checks to be recorded as branch number 01 in the G/L to make reconciling the bank statement easier, you would enter branch #01 here (as well as on any other branches where checks are drawn on this same bank account).

Enter in the address and phone number for the selected branch. It is important to enter this information for National Shared branching. This way, for example, the correct location where the transaction occurred can be recorded. We also plan to use this information for additional reporting and analysis features in CU*BASE.