Tool number 1014: 1099/1098 Tax Information Report is the tool you can use to find this information. If you select the summary tab you will get your overall numbers. This report also displays information from your credit union's tax file, to be used when verifying tax information for reporting to members and the IRS. Three reports are available: one for 1099-INT information, one for 1099-R information, and another for 1098 information. You can even print the report for a single Social Secur  More...

The IRS, which makes changes to tax form layouts almost every year, recently added this new informational box to form 1098 to report the balance on a mortgage account as of January 1 of that same tax year. Each year on January 1 we capture the loan balance on all loan accounts in a special file, and then when tax forms are created at the end of the year we can use that figure. Therefore, for loans that were opened in a prior tax year, this balance is usually easy for members to understand.   More...

Yes. You will want to ensure that no other users are performing any general ledger processing when these steps are taken! The first step is to use Tool #202 Chart of Accounts/Budget Groups Maint and update the Current process month and year to 12/YY (December of the closing year). In addition you will want to flag the line item Current Processing year/month is equal to period 13 Y/E. Then create and post your entry using Tool #61 Create/Post GL Journal Entries. Remember to also post the ne  More...

The most likely reason is that the member did not have any activity for the month that would trigger a statement, based on the CU's configuration. Most credit unions have their statement configuration set up to print a monthly statement only if the member has a checking account, and only if there is activity on that account, saving postage costs on months when there is no activity. You can verify this by viewing his Share Draft Transaction Inquiry in Phone Operator, then compare that to yo  More...

When using Tool #990 Work With Accounts Payable Vendors to verify your 1099 vendor information, take special care that you are entering the correct 1099 box number from the 2020 1099-MISC form instructions; especially paying attention to box numbers that changed, including 7, 9, 10, 12, and 14. As an example, if your vendor reports Gross Proceeds Paid to an Attorney , that was previously box 14 and is now reported in box 10, so in order to report this correctly you must change the 14 to 10 on t  More...

Here is one way to make sure that MACO is unenrolled from all devices that have been enrolled using this particular account: Step 1: In case credentials have been compromised, have the member change their password, then enroll for MACO Step 2: If the member sees the message, “Previous Enrollment Found,” that indicates that another device has, in fact, enrolled with MACO. (Less commonly, this message could also mean that the member had previously enrolled but hit “Reset All  More...

Yes, if data is received late or needs to be recreated due to a missed deadline, your credit union may incur a fee of $100 or more. For deadlines refer to the Year-end Processing Guide, which is sent to your credit union every fall.

Remember that this new value only started being calculated with the implementation of the 22.05 release in May of 2022. However, if you had been tracking this manually via a spreadsheet since write-off, use these steps: Launch Tool #1030 Write-off/Chart-off Loan History Maint Enter the written-off loan account number Calculate the sum of whatever amount appears in the Int accrued since write-off field now plus your tracked figure, and enter that total into the field Click Update (F5) to   More...

If you press the SHIFT key five times in rapid succession it will ask if you would like to turn on StickyKeys. If you click OK, it will turn on StickyKeys. StickyKeys is an accessibility option in Windows that allows for someone to use the CTRL, ALT or SHIFT keys one key at a time without having to hold the keys down. To turn StickyKeys off: Click on the Start button Click Control Panel If you see “Pick a category” with 10 categories below, click Accessibility Options, and then c  More...

Prior to the 16.10 release, the SSA began using multiple Company IDs, and it was recommended that credit unions consider using Automated Funds Transfers (AFTs) to handle distributions. Beginning the 16.10 release a new cross-reference system will be implemented that will automatically funnel all incoming company IDs from the Social Security Administration and treat them as if they came from one, consistent company ID we’re referring to as the “Primary ID.” With the changes ma  More...

Prior to the 16.10 release, the SSA began using multiple Company IDs, and it was recommended that credit unions consider using Automated Funds Transfers (AFTs) to handle distributions. Beginning with the 16.10 release a new cross-reference system will be implemented that will automatically funnel all incoming company IDs from the Social Security Administration and treat them as if they came from one, consistent company ID we’re referring to as the “Primary ID.” With the chang  More...

Here are seven things to review if you are trying to research why a loan did not report to the credit bureau. Look to see if the loan is flagged not to report to the credit bureau: Access Tool #20 Update Account Information (shortcut: acct) for the account and click the Credit Reporting Info button. The Report to credit bureau flag must be checked. Look at the Credit Report History located in Loan Account Inquiry via the Delinquency window (F23 or click the lookup button next to the Deli  More...

If the member closed their account in November, they would receive a final statement for their November transactions but will not receive a December Statement as they did not have any transactions in December and the account was not active. This would also be true for members who closed their accounts earlier in the year. For example, for a membership closed in April, the member will receive their final statement at the end of April then will not receive another statement again (not even the q  More...

At some point during the year your credit union's audit firm may contact your credit union to perform a member account verification. This involves sending statements with a special message and unique return address, so that members respond to the auditing firm rather than the credit union directly. Here are some important tips to ensure your audit is successful: CU*Answers cannot change your credit union's return addresses on statements. CU*Answers uses custom statement envelopes for a  More...

No, those statistics are only updated when the original posting program charges a fee to the member. The idea behind this stats file is to record the member was NSF when the item originally came in, regardless of why. There may be several reasons why you reverse the fee, not all of which would mean the history should be changed. (For example, say the item came in NSF but the member had called and said his paycheck was coming tomorrow, so you gave him a break and reversed the fee. In this cas  More...

There are many, many components in the infrastructure that protects your member data, from passwords and daily backups to production redundancy and full-blown DR/BR plans. One important piece of that puzzle involves the protections we put in place to control data moving between the System i and a local workstation. Years ago no one ever imagined an employee popping a thousand member records onto a thumb drive and heading out the door. Today we have entire teams and sophisticated tools to prev  More...

Regardless of whether a member is enrolled in eStatements, the member will receive a paper copy of their tax documents in the mail, provided they earned enough dividends (or paid enough interest) through the tax year to qualify for a tax form. The presentation of tax documents in the My Documents section of It's Me 247 is an additional convenience that makes the forms readily available online, often earlier than they are provided by via mail. If you are not currently offering this feat  More...

If you need to adjust the previous year total paid that will appear on a 1099-MISC form, launch tool # 990 Work with AP Vendors , select the vendor, then click the Update 1099 Misc for Prev Year button and update the amount that should be reported on form 1099-MISC. This must be done after January 1 but prior to the deadline set in your Year-End Processing Guide (typically within the first week of January) if you want the change to be included on the printed 1099-MISC form.

Yes. There is a technique for reviewing and manually adjusting branch allocation calculations for projected asset and liability balances. See the Budgeting with CU*BASE booklet for instructions. NOTE: The classical budgeting tools also contain a “Close a branch” function which zeros out monthly figures from your budget starting with a month you specify. But this does not affect projections for asset and liability balances used in the modeling tools.

The member will need to wait 15-20 minutes until they are unlocked. Or the member can also toggle to the standard login process and enter their username, password, and answer to security question, then access the settings info option from the More menu, and they can reset their app data or go into authentication options and reset authentication options on all devices to re-establish their MACO features.

This is how to check your current network settings. The procedure varies depending on your computer's Operating System: For Windows 2000 or XP Right -click on the Start button and select Explore . Scroll to the bottom of the left hand pane, then right -click on My Network Places and select Properties . A new window will pop up and you should see Local Area Connection in the window. Right -click that connection and, again, select Properties . A separate window should pop up and you shoul  More...

IMPORTANT NOTE: With the new look for It’s Me 247 being released during 2021, the “See” option shown on here is temporarily unavailable. Members who had See-only access previously configured will no longer have access. Jump, however, is still available. There are two major points to consider when thinking about allowing members to see information beyond the account to which they are actually logged in. Both extend beyond online banking to consider a financial institution&rs  More...

In this particular member's situation there was no activity in either October or November that triggered a statement. The credit union's quarterly (and year-end) statements are configured to produce a statement for every member, regardless of activity level, but monthly statements are more restrictive in an attempt to save postage costs, and not every member gets a statement every month. NOTE: CU*BASE statements have a considerable number of configuration options that allow credit unio  More...

Printed Statement Style fees are triggered only by production of a regular account statement (based on a file called STPRINT01, which is generated only with regular statements, not CC statements) . If a member gets only a credit card statement, they wouldn’t get a fee that particular month. If the next month they get both a credit card statement and a regular statement, then they would get a fee that time. (Note: We do always produce a year-end statement for every member, no matter wha  More...

When a device first connects to the iSeries, a virtual device is created - consider it a placeholder for that workstation or printer. Only one device can exist for each ID, which is why only one person can sign into a printer at a time. Throughout the virtual devices lifecycle, there are several different statuses that device can be in. Read below for some details! Workstations VARY ON PENDING - this is the default status of the virtual device. This status means the device is ready and wai  More...