General Ledger Transactions

When would you perform a general ledger transaction?

• When a member is purchasing something from the credit union

• Never

• At the beginning of the day

• After every transaction

General Ledger Receipts begin with a _________ a member's account.

• Deposit into

• Withdrawal from

• Transfer to

• Transfer from

True or False? If a member brings in cash or check for a purchase, we will first deposit the funds into the member's account.

• True

• False

When processing a withdrawal in a conjunction with a general ledger transaction, always place a _______ on the transaction.

• Hold

• Description

• Hold and Description

• None of the above

GL Receipt Description must include

• Full account # where the funds are coming from

• Member's last name

• Detailed description of what was sold (number of products, type of products, total dollar amount, and any fees charged)

• All of the above

If the item was purchased with a cash and was for more than _______, it will need to be logged in the monetary transaction log.

• $1,000

• $3,000

• $5,000

• $10,000

General Ledger Transaction that involves funds going from a TBCU GL account to a Member's account.

• General Ledger Receipt

• General Ledger Disbursement

• Electronic Transfer

• Principal Disbursement

When processing a deposit in conjunction with a general ledger transaction, always place a description on the transaction. GL Disbursements Description must include: (Select all that apply)

• Detailed description of what was deposited (number and type of products)

• Member's last name

• Reason for transaction

• Full account # where the funds are deposited

What is occurring in a General Ledger Receipt?

• Funds are coming out of a General Ledger and into a member's account

• Funds are coming out of a member's account and into a General Ledger

General Ledger Disbursements begin with .......

• A deposit into a member's account

• A withdrawal from a member's account

• A withdrawal from a GL account