ACCOUNTING MANUAL FOR FEDERAL CREDIT UNIONS

ACCOUNTING MANUAL FOR FEDERAL CREDIT UNIONS

TOPICAL INDEX

ACCURATE AND CURRENT RECORDS ESSENTIAL BASIC ACCOUNTING RECORDS Double-Entry System Types Of Accounts PURPOSE OF RECORDS

ACCRUED INTEREST RECEIVABLE ACCRUED INTEREST ON INVESTMENTS Accrued Interest On Investments Purchased Accrued Interest Receivable ACCRUED INTEREST ON LOANS Sample Computations

ACCOUNTING MANUAL FOR FEDERAL CREDIT UNIONS

ELIMINATION OF THE RECOMMENDED CREDIT UNION CHART OF ACCOUNTS

LOOSE-LEAF SYSTEM - PERIODIC REVISIONS NEW REVISED EDITION PURPOSE AND USE AS A PRESCRIBED SYSTEM

ACCOUNTING PRINCIPLES AND STANDARDS -PURPOSE AND SCOPE

ACCOUNTING PROFESSION PRONOUNCEMENTS HIERARCHY OF GAAP STANDARDS HIERARCHY OF REGULATIONS

ACCRUED EXPENSES AND OTHER LIABILITIES ACCOUNTS PAYABLE Accounts Payable Accounts Payable-Check Transmittal Service Accounts Payable-Drafts Authorized Accounts Payable-Installment Payment on US Bonds Accounts Payable-Traveler's Checks and Money Orders Sold Accounts Payable-Undistributed Payments Accounts Payable-Undistributed Payroll Deductions or Allotments Accounts Payable-U.S. Savings Bond Remittances Federal Unemployment Compensation Tax Payable and State Unemployment Compensation Tax Payable Notes Payable Commitment Fees

200-3 200-3 200-3 200-4 200-3

300-99 300-102 300-103 300-102 300-99 300-101

100-1

100-2 100-2 100-1 100-1

100-2

200-7 200-8 200-8

400-40 400-40 400-40 400-43 400-44

400-44

400-41 400-42

400-43

400-45

400-48 400-46

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Section-Page No.

Other Taxes Payable Social Security Taxes Payable Taxes Payable ACCRUED EXPENSES Accrued Accounting Service Cost Accrued Cost of Space Occupied Accrued Dividends Payable Accrued Employee Benefits Accrued Salaries Other Accrued Expenses BORROWERS' TAXES AND INSURANCE ESCROWS Escrow Accounts DEFERRED CREDITS Deferred Credits-Insurance Premium Rebate Deferred Credits-Insurance Premium Stabilization Reserve Deferred Credits-Net Commitment Fees (Costs)Lines of Credits to Members Deferred Credits-Net Commitment Fees (Costs)Loans to Members Deferred Credits-Net Origination Fees (Costs)Home Equity Lines of Credit Deferred Credits-Net Origination Fees (Costs)Lines of Credit to Members Other Deferred Credits Unamortized Discount on Sale of Assets Unearned Interest on Loans OTHER LIABILITIES Liability Under Pension Cost Other Liabilities Subordinated CDCU Debt Undisbursed Loan Proceeds SUSPENSE ACCOUNTS Unapplied Data Processing Exceptions Unapplied Data Processing Exceptions (Disbursements) Unapplied Data Processing Exceptions (Receipts)

400-49 400-47 400-46 400-50 400-50 400-50 400-50 400-50 400-50 400-51

400-51 400-51 400-54 400-55

400-57

400-59

400-60

400-59

400-58 400-58 400-56 400-54 400-52 400-52 400-52 400-52 400-52 400-60 400-60

400-61

400-60

ACCRUED INTEREST PAYABLE Accrued Interest Payable (on Borrowed Funds) Alternative Interest Refund Procedures Dividends Payable Interest Refunds Payable

400-8 400-39 400-38 400-9 400-37

BASIC CONCEPTS AND GENERAL PRINCIPLES ACCOUNTING AND DIVIDEND PERIODS ACCOUNTING BASIS

200-5 200-7 200-7

2

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Section-Page No.

COMPLETE RECORDING OF INCOME AND EXPENSES

CONSERVATIVE ACCOUNTING CONSISTENCY IN ACCOUNTING FROM PERIOD

TO PERIOD FISCAL YEAR GOING CONCERN CONCEPT INTERNAL CONTROL MATERIALITY MONETARY BASIS FOR ACCOUNTING SEPARATE ENTERPRISE TIMELY RECOGNITION IN ACCOUNTING

RECORDS

200-7

200-6 200-6

200-7 200-5 200-6 200-6 200-6 200-5 200-6

BORROWED FUNDS CERTIFICATES OF INDEBTEDNESS FEDERAL FUNDS PAYABLE Federal Funds Purchased LETTERS OF CREDIT MORTGAGES PAYABLE Mortgage Notes Payable NOTES PAYABLE Notes Payable-Other OBLIGATIONS UNDER CAPITAL LEASES PROMISSORY NOTES REVERSE-REPURCHASE AGREEEMENTS

400-5 400-6 400-8 400-8 400-8 400-7 400-7 400-5 400-5 400-7 400-6 400-8

BRIEF OUTLINE OF THE PRESCRIBED ACCOUNTING SYSTEM

ACCRUAL BASIS MODIFIED CASH BASIS THE BASIC CREDIT UNION ACCOUNTING SYSTEM

DESCRIBED Records Of Original Entry And Record Of Final Entry

200-4

200-4 200-4

200-4

200-5

CASH AND CASH EQUIVALENTS CASH EQUIVALENTS All Other Investments Certificates Of Deposit Commercial Paper Federal Funds Sold Shares/Deposits/Certificates In Commercial Banks, S&L's, Savings Banks Shares/Deposits/Certificates In Corporate Credit Unions Traveler's Checks/Money Orders Treasury Bills CASH ON DEPOSIT

300-3 300-27 300-28 300-28 300-27 300-27

300-28

300-28 300-28 300-27 300-3

3

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Section-Page No.

Balances On Deposit Deposits In Transit Monetary Control Reserve Deposits CASH ON HAND Change Fund Petty Cash GENERAL CASH HANDLING AND ACCOUNTING PROCEDURES Accounting For Cash Receipts Accounting For Disbursements Balancing Teller's Cash Receipts And

Disbursements Using Online Computer Terminals Balancing Out Teller's Funds Bond Sale Transactions/Records Cash Received From Sales Of U.S. Savings Bonds Check Endorsements Check Protectors Check Signing Machines Check Writing Machines Compensation For Services Coupon Book Plans For Loan Repayments Depositing Cash Disbursement of Cash By Check Or Bank Charges Disbursements Disbursing Share Withdrawals And Loans In Cash Installment Payments Received Over The Counter Liability Account Liability In Connection With Loan Drafts Listed Check Register Loan Drafts Mail Receipts Member's Check And Drafts Returned Payment By Check Payment By Share Credit Payment In Cash Payments Received Posting To General Ledger Procedures For Cash Disbursements/Check Register Receipts And Disbursements Using Automatic Transfer Accounts And Now Accounts Reconciling The Cash On Hand Recording Payment Data Records In Connection With Loan Draft

300-3 300-3 300-3 300-3 300-3 300-6

300-7 300-7 300-8

300-15 300-11 300-22 300-23

300-13 300-19 300-18 300-19 300-27 300-15 300-10

300-11 300-24 300-17

300-24

300-20 300-16 300-19 300-14 300-9 300-25 300-25 300-26 300-23 300-10 300-16

300-15 300-13 300-26

4

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Section-Page No.

Procedures Records Of Installment Payments Responsibility For Funds On Hand To Meet

Loan Draft Obligations Sale And Redemption Of U.S. Savings Bonds Savings Bond Redemption Transactions Shipment Of Paid Bonds Subsidiary Ledgers Total Payment Vouchers Voucher Check Register

300-20 300-24

300-21 300-21 300-25 300-26 300-25 300-13 300-16

COMMITMENTS AND CONTINGENT LIABILITIES Accrued Loss Contingencies

400-62 400-62

EXTRAORDINARY GAINS AND LOSSES

600-11

FINANCIAL STATEMENTS FULL AND FAIR DISCLOSURE REQUIRED FULL AND FAIR DISCLOSURE DEFINED OPTIONAL STATEMENTS Statement Of Cash Flows Statement Of Member's Equity (Including Other Comprehensive Income PURPOSE REQUIRED CERTIFICATION REQUIRED STATEMENTS Disclosures About Fair Values Of Financial Instruments Notes To Financial Statements Statement Of Financial Condition Statement Of Income STATEMENT OF FINANCIAL CONDITION Figure 9-1 Figure 9-2 STATEMENT OF INCOME Classifying Outstanding Loans Miscellaneous Information Other Loan Information STATEMENT OF CHANGES IN MEMBERS' EQUITY (EXCLUDING SHARES) STATEMENT OF COMPREHENSIVE INCOME Figure 9-4 Figure 9-4a SUPPORTING SCHEDULES FOR FINANCIAL STATEMENTS Figure 9-3

200-17 200-20 200-20 200-19 200-19

200-19 200-17 200-20 200-17

200-18 200-18 200-18 200-18 900-3 900-4 900-5 900-6 900-6 900-6 900-6

900-8 900-8 900-9 900-10

900-6 900-7

5

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