Processing Club Accounts
Club Accounts processing time is upon us...
Note: Most of this posting is excerpted from the CAMS-ii Help topic, "Processing Club Accounts."
KEY POINTS:
You have three disbursement method options: print club checks, transfer the money
to a share account, or transfer funds to a draft account. All three options are scheduled
through end-of-period batch processing.
Before scheduling the club accounts, ensure your that members' club accounts are
set up with correct disbursement method in data maintenance for the club account.
Before you process your Christmas Club accounts, you must set the Control-Club Account
Parameters in CAMS-ii at Back Office > Standard > Parameters > Control-Club Accounts.
The Control-Club Accounts Parameters are explained in the CAMS-ii Help. Search for Control-Club in the CAMS-ii Help.
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Make sure that you schedule only those sub accounts that you want to distribute.
Recommend that you verify club account parameters to make sure they are correct.
Note that you can also add a special comment for club checks.
Club accounts/checks are processed during end-of-period batch processing, preferably
during month-end or quarter-end batch processing.
IMPORTANT: The Club Account process runs during NEXT DAY batch in batch processing,
which means that the club account distribution for November 1st must be run for the October 31st end-of-month batch process, for example. In other words, if you want to process your club account
so that the proceeds are distributed tomorrow, you must set up the accounts to process TODAY with TOMORROW's date.
If you are processing club accounts/checks on a date other than a month or quarter
end, you must set the dividend rate table for the club accounts that you are processing
to D Daily (On Demand) for both calculation frequency and posting frequency.
If you are processing during a month-end or quarter end batch processing, set the
calculation frequency and posting frequency to either monthly or quarterly on the
dividend rate tables for the club accounts that you are processing.
If you change any dividend rate tables, write down which dividend rate tables you
changed and what the original calculation and posting frequencies because you must
reset them after processing club accounts. Dividend Rate tables are at Back Office
> Standard > Parameters > Dividend Rates Maint. .
To process club accounts...
1. Select Process/Create Club Check Register at Back Office > Standard > Batch Processing > Batch Parameters.
2. Verify the totals in the Club Checks Register against your G/L total and Check totals,
if you are printing checks.
3. Print the club checks from CAMS-ii (Back Office > Standard > Check Processing > Club
Accounts.)
Click here to view the Club Account Processing Checklist.