blog

Blog

Real time posting

Many credit unions have to deal with general ledgers that rely on a lot of manual intervention, third party posting files, or vendor-compiled reports. With Sharetec’s integrated and real-time general ledger, credit unions can automate postings and gain a 360-degree view of the institution’s financial standing.

Working within Sharetec’s General Ledger credit unions can see how items are posted from all different parts of the system. Journal entries, AP, fixed assets, investments and lending transactions are posted to the GL in realtime. The system automatically posts member transactions when tellers close their drawers throughout the day. This keeps transaction audit trails clean and prevents unnecessary traffic from muddying account histories.

Each committed transaction brings metadata into the GL giving credit unions unique insight into each posting. Data like member number, date, GL voucher number, and batch information show users exactly where each transaction comes from and how it has affected other accounts. By providing a member number, credit unions can more easily research what member accounts a transaction originated from. This gives the credit union a more complete picture of each GL posting.

None of this would matter much if the credit union had a limited amount of transaction history in the system. Fortunately the Sharetec core processing platform is designed to give credit unions ultimate control of their data. There is no limit to the amount of GL or member transaction history each credit union can have on their Sharetec system.