Your request is being processed...
Did you mean:
Announcements
Most Relevant Content in All Topics
1 - 25 of 604
-
1.
Where can I find the number of 1099/1098 tax forms issued by the credit union for a previous tax year?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
2.
On some of my 1098 tax forms, members who just opened a loan this year are seeing an amount under “Box 2. Outstanding Mortgage Principal” that they don’t understand. Where does this figure come from?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
3.
If I have already closed my Year-End general ledger Income Statement, is it possible to create and close another income or expense entry for the closed year?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
4.
I have a member who is requesting a copy of his statement from November of last year. I went in to Phone Operator to see if I could get a copy for him, and noticed that a statement was not produced for November. Why is this?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
5.
I accidentally hit my SHIFT key a bunch of times, and a window popped up on my screen that I clicked OK on, and now my keyboard is acting really funny.
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
6.
What should I pay special attention to during 2020 year-end processing, in regards to this year's 1099-MISC changes and the new 1099-NEC form?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
7.
How can I ensure MACO is unenrolled from all devices for a member's account?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
8.
Do we incur any fees for missing our year end deadlines?
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.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
9.
My member gets a Social Security (SSA) deposit via ACH. We use an ACH distribution to pay the member’s loan payment, but the loan payment was not made. Why did this happen and what benefits are there to using an Automated Funds Transfer (AFT) instead?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
10.
I noticed a value in the "Int accrued since write-off" field on a written-off loan, but that amount doesn't match what I would have expected, since this loan was written off a few years ago.
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
11.
If I have changed my Social Security (SSA) ACH Deposits to use the Automated Funds Transfer solution, should I now consider changing back to ACH deposits?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
12.
How can I check the network settings on my computer?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
13.
We are thinking of activating the new See and Jump features for online banking. Can you explain the thinking behind the security, and why only an account owner can have this access?
IMPORTANT NOTE: When It’s Me 247 was updated in 2021, the “See” option shown on here was made unavailable. 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’s role and responsibility in protecting member private data via all access channels, from the teller line to a back office employee answering More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
14.
How do I use CU*BASE tools to keep track of the beneficial owners on my business accounts and other memberships?
Using CU*BASE to Comply with New Rules for Tracking Beneficial Ownership FinCEN has issued new rules under the Bank Secrecy Act that require financial institutions to identify and verify the identity of the beneficial owners of all legal entity members (corporations, etc.). Under the final rule, credit unions are required to have written procedures to identify and verify beneficial owners of legal entity members who open new accounts on or after May 11, 2018. In addition to identifying and coll More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
15.
What columns/fields, files/tables, and programs are included in the File Maintenance Inquiry "Critical Monitoring?"
When you use the filter buttons on the File Maintenance Inquiry dashboard (Tool #159: Audit File Maintenance Inquiry (CUFMNT)), indicators note which programs, fields/columns, and files/tables AuditLink has flagged as “critical” for auditing teams to monitor on a daily basis. You can quickly sort by that indicator and select only those items for a quick scan of maintenance that directly affects member accounts. Below is a listing of these critical items. Columns/Fields Field Why More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
16.
My member closed their account in November and received a November Statement but did not receive a December Statement. Why? How will they get their 1099-INT information?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
17.
Our credit union has been asked to perform a member account verification (audit). What are the procedures for this process?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
18.
How do I research why a loan did not report to the Credit Bureau?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
19.
Why on an ATM or Debit card do I need to flag a member's card as "hot" and also close the same card in order to close the linked account or close the membership?
When a credit union statuses a member's card as 'HOT' or warm (Lost/Stolen/Fraud/Restricted), this information is transmitted immediately to your vendor to stop any further withdrawals/purchases being performed with that particular card. But at your vendor a 'Hot Card' is not considered to be a closed card. When your member's card remains at a HOT or Warm card status on CU*BASE, CU*BASE is still required to send any maintenance updates such as address change, phone numbe More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
20.
What do the various device and print job statuses on the iSeries mean?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
21.
With the CU*BASE budgeting tools, can I project changes to my branches for the coming year, such as if I’m adding a branch or plan to reallocate member branch assignments at some point?
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.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
22.
What determines where my GOLD documents print?
This comes from the Workstation Device Configuration in CU*BASE. To view or change this: Launch Tool #326 CU Hardware Configuration Select Terminal/Workstation In the list of workstations, locate the ID of the workstation you are looking up and double click on it (or just type the ID and press Enter) This will open up the terminal's configuration in CU*BASE. In the middle is the list of default printers where your documents will print: General Printer - this will be the printer to which a More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
23.
When I reverse an NSF fee for a member, does that change the NSF history statistics as well?
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...
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
24.
Can I adjust the amount recorded as the previous-year total paid to an Accounts Payable vendor? Is there a deadline if I want this change to appear on 1099-MISC tax forms?
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.
More...
(Rate/Comment, Related Content, Larger View, Tools)
-
25.
What are the differences between an online ASP and in-house e-document strategy?
The differences ultimately come down to control and cost. The online ASP system is the fastest, simplest, most inexpensive way to get started with an e-documents strategy for your credit union. With online ASP you offload the back-end service management headaches to CU*Answers. We manage, backup, secure, and patch/upgrade the eDOC servers and databases and these processes fall under our SAS 70 and third party security audits. The online ASP system consists of electronic storage of receipts, loan More...
More...
(Rate/Comment, Related Content, Larger View, Tools)
View Mobile Help
{"IncludeArchiveItems":false,"QuestionOnly":false,"IncludeSubItems":true,"MatchValue":"and","ArticleStatusValue":"2,9","ArticleTextBoxValue":"","ProductVersionValue":"","SelectMutipleCategories":false,"Sort":null}
true
|