Sharetec Features

Accounts Payable

Accounts payable is often overlooked on credit union accounting systems, but Sharetec provides a complete A/P system. Vendor records are stored along with unlimited vendor history. Prepaid expenses are entered one time and allocations are posted automatically, eliminating time consuming manual entries. Member checks and vendor checks are printed on either laser or dot-matrix printers.

Fixed Asset Depreciation

• Eliminates manual entries
• Records acquisition amount, book value, accumulated depreciation and last depreciation amount
• Inventory tracking by branch, department and location
• Item description with serial number
• Flexible amortization frequency
• Fully integrated with G/L

Investments

The Sharetec system provides a fully integrated investment module designed to eliminate individual general ledger entries. Those employees responsible for the investment function at a credit union will find the Investment Module allows the credit union to spend time analyzing investments rather than recording investments.

Investment Purchase

Investments are recorded at purchase to include premiums/discounts, interest purchased, accrual of income and all related general ledger entries. Once an investment is recorded, a complete history of all transactions is stored on-line for future reference.

Investment Maturity

Investments that mature or are sold prior to maturity automatically calculate accrual adjustments, premium/discount adjustments and the profit/loss generated by the sale. All general ledger entries are made automatically and history of the transactions is available on-line.

Investment Features

• Automatically records interest payments received
• Investment yield calculations
• Investment rate schedule maintenance
• Investment effective yield calculations
• Call versus maturity yield calculations
• Handles all types of investments (CD's, CMO's, Treasury Notes, etc.)

Accrual Accounting

The credit union has the option of utilizing the accrual method or cash method for income accounting for each investment. All accruals are done automatically as well as amortization of premiums/discounts. The system provides for variable rate and step rate interest calculations. Manual entries can be made to record adjustments as required.

Reporting Features

• Reports by maturity / call date, by description
• Accrued interest balance report by investment
• Premium / discount report by investment
• Par / book value report
• Outstanding interest payment report
• Maturity schedule by month or by years