Back Office Common Questions

Back Office Section Heading Back Office Common Questions

Back Office Common Questions

Can the OFAC – Name Match be automated? 1
Yes, the OFAC – Name Match process can be fully automated within the Flex system2.

  • Automation Capability: The system can automatically retrieve the CON_Prime and SDN (Specially Designated Nationals) files directly from the official website3.

  • Process Kick-off: Once files are downloaded, the OFAC-Name Match process automatically initiates4.

  • Benefits: This automation streamlines the compliance workflow by preparing the results for review, reducing manual effort and ensuring timely checks5.

FinCen Automation

Can FinCen be automated? 

Yes, the FinCen process can be automated7.

  • Prerequisite: Automation requires that updated FinCen files are pulled into the system before the process runs8.
  • Integration with OFAC: If you have already automated the OFAC-Name Match, which involves pulling in the necessary files, it is highly recommended to also automate the FinCen process for a more comprehensive and efficient workflow9.

Aires Download Restore

The Flex Back Office Team can assist with automating the Aires download process11.

  • Automation Integration: This process can be incorporated into your End of Month (EOM) processing schedule12.
  • Data Scope: The automated process will run for current EOM information13.
  • User Configuration: Users will need to configure their settings according to their preferences14.
  • Backup Feature: Automation of the Aires process also generates a backup folder named NCUABK on your i:drive15.
  • Benefits: While some credit unions may already have programming for this backup, adding it to run automatically with EOM processing can significantly enhance data integrity and operational efficiency16.

 

Check Register Troubleshooting and Reconciliation

General Recommendations:

  • Daily Reconciliation: FLEX highly recommends performing daily reconciliation of your Check Register19. This practice significantly simplifies the identification and resolution of any outages20.

  • Sequential Resolution: When an outage occurs, resolve it completely before proceeding to the next day’s reconciliation. Moving forward without resolving an outage complicates the troubleshooting process21212121212121. Take one day at a time22.

  • Leverage FLEX In-House Check Clearing:
    • If you are not currently utilizing FLEX In-House Check Clearing, consider using the system to reconcile your Check Register23.

    • This eliminates manual work often associated with third-party solutions24.

    • Switching from spreadsheet-based reconciliation to FLEX can lead to savings on third-party fees25.

    • For more information, contact your Sales Representative26.

Troubleshooting Steps for Check Register Outages: 27

 

  • Last Balanced Date: Identify the last day you successfully balanced the Check Register. Begin your troubleshooting from that point28.

  • Check for Exceptions: Review the Check Register for any exceptions that have not been dealt with29.

  • Cleared Items vs. GL/CU Account:
    • Filter the Check Register for all items that cleared on the day you are reconciling30.

    • The total of all cleared items
      must always match the amount that flowed through your daily offset to the General Ledger (GL) and the CU Account31.

  • GL Entry Verification:
      • Filter all items for the specific date you are working on32.

      • Compare this list with the General Ledger to ensure there is a corresponding entry for each item33.

  • OP Code Configuration:
      • If entries are offset via an OP code, verify the configuration of that OP code34.

      • Ensure the OP code was set up to generate a check and that the ‘Output Check into the Check Register’ box is checked35.

      • If this box is not checked, the funds for the item(s) may have been moved to the Outstanding Check Register but not actually written to the Check Register. In this scenario, you will need to manually add it to the Check Register36.

  • Voids and Stop Payment Handling:
    • Look for potential item(s) that were not correctly flagged in the Check Register37.
    • If the outage amount is higher than expected, checks may be incorrectly coded as Unflagged38.
    • If the outage amount is lower, a check may need to be manually added to the Check Register39.
    • Verify there is no incorrect void date40.

  • RDC Review: Remote Deposit Capture (RDC) can cause issues if review processing is untimely and spills into another day41.

  • Manual GL Entries: Check for any manual entries made directly to the General Ledger that should not be offsetting your Check Register42.

  • Archiving: Regularly archive (but not prematurely) your Check Register. A cluttered active register with too much information can make filtering and troubleshooting difficult43.

GL Closing Entries Automation

The process for making General Ledger (GL) Closing Entries can be automated to prevent oversight45.

 

  • Configuration Path: Navigate to Company Maintenance / GL Closing Configuration within the Flex system46.

  • Profit and Loss Configuration: Configure the Profit and Loss General Ledger account47.
    • Manual Closing Entries: Typically associated with GL 9600048.
    • Automated Closing Entries: Typically associated with GL 9400049.
    • The system allows you to specify the
      Profit or Loss GL Number (e.g., 9994000 as shown in the configuration image)50.

  • GL Closing Frequency: The system also allows setting the GL Closing Frequency (e.g., Quarterly)51.