Accounting Services Setup
Thank you for choosing Accounting Services. We are excited to work with you to make this a smooth and easy transition. The steps outlined below will help streamline your implementation process. If you have questions throughout the process, contact your Accounting Executive contact.
Step 1 - Complete a Board Resolutions and an Official Authorization List (OAL)
Financial institutions that maintain an account and/or use services at a Federal Reserve Bank must have Board Resolutions and a current Official Authorization List (OAL) on file.
These forms also must be on file prior to submitting Appendices 1-3 from Operating Circular (OC) #1 and Attachments A and B from the Account Structure Guide (ASG). Appendices 1-3 and Attachments A and B determine your account type and settlement relationships. Please note that the individual signing the appendices must be listed on the OAL in order for the request to be processed.
Step 2 - Review Rules and Regulations
Federal Reserve Financial Services use is governed by applicable Operating Circulars (OCs). In addition, the Board of Governors of the Federal Reserve System has responsibility for implementing certain laws pertaining to a wide range of banking and financial activities. The following apply to Accounting Services.
- OC 1: Account Relationships: Governs the opening, maintenance and termination of a Master Account with the Federal Reserve Banks.
- Account Structure Guide (PDF): The Federal Reserve Account Structure, Transaction Settlement and Reporting Guide (“Account Structure Guide”) provides further information on the accounting and settlement services provided to a Financial Institution by the Administrative Reserve Bank (ARB) as set forth under the Federal Reserve Banks Operating Circular 1 “Account Relationships” (“OC 1”).
- OC 5: Electronic Access: Governs electronic access to services and applications provided by the Federal Reserve Banks.
- Regulations (Off-site)
Step 3 - Determine your Account Structure and Settlement/Reporting Needs
Your account structure, settlement and/or reporting relationships needs will determine which Operating Circular 1 (OC 1) appendices and Account Structure (ASG) forms should be completed for your institution. Appendix 1 of OC 1 is the Master Account Agreement and must be completed in order to establish an account with the Federal Reserve. Appendix 2 of OC 1 is the Transaction and Service Fee Settlement Authorization form and must be completed if you elect to establish a Correspondent/Respondent relationship for debit and credit transaction activity or if you do not have an account with the Federal Reserve. The Appendix 2 form must be signed by both the Correspondent and Respondent.
The ASG Attachment A (Subaccount Designation Form) and Attachment B (Transaction and Service Fee Informational Reporting Instructions for other Secondary Routing Transit Numbers (RTNs) Form) establish reporting relationships for Secondary RTNs. See the Account Structure Guide (PDF) for additional details to assist you with determining your account structure and reporting needs.
Appendix 3 of OC 1, Pass Through Agreement, determines a Correspondent/Respondent pass-through relationship for required reserve balances and must be signed by both the Correspondent and Respondent. For questions regarding the Pass Through Agreement, please reach out to your Reserves Central District Contacts.
Please note that the individual signing the OC 1 appendices and ASG forms must be listed on the OAL in order for the request to be processed.
Step 4 - Select Accounting Information Services (AIS) Options
Determine Accounting Information Services (AIS) options to assist you with managing and/or reconciling your Federal Reserve Account activity. Standard AIS options are available for Master Accounts without service subscription, while premium services are available by subscription. A subset of AIS options are available by subscription for Secondary RTNs and Respondents. Prior to completing setup for the AIS options you need, determine which forms you must complete based on the following:
Use the following links to determine what service options are right for your institution. Below is a list of standard and premium AIS options that are available to enhance your Accounting Services selections, including access to more detailed information in downloadable formats.
- Daily Statement of Account
- Statement of Service Charges
- Accounting Information Services (AIS) Premium Services
Delivery options including FedMail and other FedLine® Solutions are described in the AIS Instructions Document (PDF). You can receive your daily Statement of Account and monthly Statement of Services Charges via FedMail by completing the FedMail® Request Form (PDF) and via AMI by completing AIS Subscription forms.
Step 5 - Assess Access Needs
Determine what FedLine Solution will provide you with access to the appropriate AIS options and identify the number and type of Subscribers in your organization who will need access to the Solution.
- Review the FedLine Solutions Comparison Matrix (PDF)
- Determine Accounting Services Subscriber Access Level needed
- Review your security and contingency procedures to ensure that appropriate safeguards are in place when using FedLine Solutions
Step 6 - Review Setup and Processing Documentation
Implementation and user guides and other resources are available for your review to help you through the start-up process, as well as to help you use a service to its fullest potential.
- Account Management Guide (PDF): Provides additional valuable detail on holding an account with the Federal Reserve Banks.
Step 7 - Complete Forms/Agreements
Now that you've determined the appropriate Solution and your institution’s Subscriber needs for accessing Accounting Services, you can subscribe to the necessary Electronic Access and Accounting Information Services.
Step 8 - Congratulations! Begin using Federal Reserve Financial Services
Visit Accounting Services to review the many valuable services offered by the Federal Reserve Banks.