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B R A D ' s     ON L I N E R     M E M O- - -

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         TO:  Interested Onliners                                                                                                  FROM: Brad Pendable - CFO
                                                                                                                                                                        
   
         RE:  ECCU and "EC*Web" services                                                                            ORIGINATED:  February 2008                 

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|       The Evangelical Christian Credit Union -- ECCU  -- provides their members (Individuals or Ministries) with some fantastic Online bank services via a service that they call the "EC*Web"  that can be a real blessing as you go online and obtain today's bank account details .... virtually as if you had your hard copy of the monthly Bank Statement in front of you.  Plus ECCU's  transactions can electronically be uploaded directly into QuickBooks (QBs) desktop software.    Let us know at  Brad@rpfin.org  if you want more details about this.

        As indicated when you  CLICK HERE  , the Ministry needs to earn the maximum amount of Interest Income, or they need to Float Manage by keeping the minimum amount in their Checking Account and the maximum amount in their Daily Interest Bearing Savings (DIBS)  Account .... or do some type of periodic "Sweeping." The "QB-WEBrec" process provides you with the means to accomplish the following two objectives; namely:

    1>   See that ECCU and your Checking and Savings Bank balance records agree, or Bank Reconciliation -BREC, and
    2>   You have in your Checking account only what money is needed to clear released checks. This  "Float Management" process involves as least the following:

        We recommend the eFinFax - ATF  process since it does not require a formal Bank Reconciliation/BREC process,  but some Ministries users of QBs utilize its Bank Reconciliation features and they do a regular BREC from this Bank Statement equivalent information as you access Checking and/or Savings Statement equivalent from ECCU using the "EC*Web" services. This, of course, can provide you with a hard copy of the beginning and ending bank balance and the detail of why your ECCU account has increased and/or decreased. 
        These QBs Bank Reconciliation features provides you with Bank transactions (mostly checks) info that you have placed within QBs but have not yet been processed by the Bank -- namely, lists of "outstanding checks" and "deposits in transit."   Then to do its "Float Management" the Ministry manually moves (using such ECCU provided Online services) the needed money to/from their Bank Accounts and the Daily Interest Bearing Saving  (DIBS) Saving account to be sure that only the needed money is timely within the Checking Account.   Or, as needed, do only the necessary temporary borrowing via the previously arranged ECCU provided "Line of Credit- LOC"  resource. 
        We are very impressed with the prospect of this "QBs-WEBrec" system providing you with the tools needed to "Float Manage" and provide the Ministry with as much "Interest Income" as possible.   Some of you get your Bank Statement equivalent using "EC*Web" every two or three days as you find that it takes a short time to get current info for your manual "Float Management" effort. 
        A number of Credit Card Companies provide,  like ECCU and various Banks, a means for you to get a copy of their month-to-date statement. This allows you to reconcile your monthly Credit Card (Plastic) at any time of the month. This can be quite helpful; especially when staff does not timely turn in their Plastic charges, etc.   Again, see the ATF process that does not require any Credit Card liability accounts within your QBs system and their reconciliation, etc.
         If this interest you, be sure and pursue the automatic "Sweep" process made available by ECCU and see if this would meet your needs.
        Let us know at  Brad@rpfin.org  if you have any comments or questions
 

   --MINISTRY FINANCE "LINGO"  ABOVE INCLUDES--:

   ATF = "After The Fact" - weekly accounting system - makes the BREC process easier
   BREC = Bank Reconciliation
   DIBS = Daily Interest Bearing Savings 
   ECCU =  Evangelical Christian Credit Union
   EC*Web = see details about ECCU and providing the equivalent of a Bank Statement upon accessing your account at ECCU via their web site Online services.
   Float Management = See 0006 whereby the maximum amount is maintained in the DIBS account and the minimum in the Checking Account.
   LOC = Line of Credit
   QBs = Quickbooks
   QBs-WEBrec = see details about how the EC*Web is combined with BREC features within QB.
   Sweep = see details above about how via Float Management it is arranged among three accounts (Checking, Savings and LOC) that the Checking Account is at minimum so that your balances are earning the maximum of Interest Income for the Ministry and/or paying the least amount of Interest Expense at the LOC.

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UPDATED LAST:    August 11, 2010

                                                                                                                     Fresno, California
                                                                                 Please contact Brad Pendable by Email at   Brad@rpfin.org  

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