General Ledger Entries
ModernFi CUSO clients can leverage daily or monthly General Ledger (GL) entries to support accounting and reporting activity associated with the ModernFi CUSO Deposit Network. This overview covers how your institution can structure and manage its general ledger accounts in alignment with these postings, outlining the key accounts needed and serving as a practical reference to help your accounting and operations teams ensure consistent, transparent, and accurate financial reporting of your network activity.
To get started:
- Set Up Accounts: Create the recommended GL accounts in your core system as outlined in the table below
- Share Account Mapping: Provide ModernFi with your GL account numbers and mapping details by filling out the attached file and providing a copy to your Institution Success Manager or [email protected] (not all accounts are required, and your institution can provide account numbers only for the accounts it will want to use)
- Enable Entries: ModernFi will supply daily and/or monthly reports with required entries or facilitate automated posting directly
Impacted General Ledger Accounts
| Account | Classification | Description |
|---|---|---|
| Reciprocal Deposits Received | Liability | Total reciprocal deposits received from the network |
| One-Way Deposits Received | Liability | Total one-way sourced deposits received from the network |
| Accrued Interest Payable | Liability | Interest accrued on network deposits (resets monthly) |
| Interest Expense | Expense | Interest expense on network deposits (aggregate) |
| Fee Expense | Expense | Fee expense associated with network sweeps |
| Fee Income | Income | Fee income earned from network sweeps |
General Ledger Configuration
Credit Unions can access General Ledgers Entries in two ways:
- Direct from Admin Portal: Credit union teams can pull these directly from the Admin Portal in the ‘documents’ section
- SFTP: Credit unions can enroll in automated SFTP delivery of these files
Please reach out to your Institution Success Manager or to [email protected] to enroll in GL support.
Updated about 13 hours ago