Auto-build FACTS Initial Fund Values Enhancements

Auto-build FACTS Initial Fund Values Enhancements

The Pool Building process using the Auto-build FACTS Initial Fund Values tool was updated with several enhancements to help prevent common errors.

Upon running the tool you are now presented initially with a Help screen and then after closing that, if this is an existing pool you are trying to rebuild, you get an additional message reminding you to click the Delete FACTS history for pool box.

The system will read the various FIMS tables and deduce from the database the start date (using the previously entered date for the pool start from the initial pool balance record) and the as of period.

The system will also check the Delete FACTS history for pool box for you. If you had checked off the Use Book Balances box on the pool record, that box would be checked here as well.

As usual, it has filled in the date range for the building of transactions. Be aware, if you are building a pool for the prior fiscal year, it might be necessary to change the through period for the transactions to the end of the current fiscal year. So if 2023 has begun, the “Through Date” should read 12/31/2023 in this instance.

Although the values are now flowing in to help you rebuild the pool using the same dates as you did initially, you should still review the various choices and modify as necessary. For instance, if you built the pool incorrectly for 7-1-23, you should change the date to the correct date (8/1/2014 perhaps) and as before, click the tab key to cause the rest of the screen to populate with the new dates based upon this new starting date.

If this is a NEW pool, or you have forgotten to enter a GL account on the Fund asset line of the GL accounts tab, you will get this helpful message:

If you do not back out of the process and correct the situation, it will be necessary to rerun the process again.

You should note that the Cycle is properly filled in as Cycle 1. Please do not build the pool with any other starting cycle number. Since this is not a rebuilding of an existing pool, you would enter in the Start date – the first day of a month. If you hit tab at the point, the as of period, year and GL Journal history ranges should fill in.

You will note that the Delete FACTS history for pool box is checked. It does no harm to leave the box checked and it is likely that at some point in the future, that option will be removed from the screen and checked automatically in the background.

If you want, you can leave the Single investment account checked and it will create an account and populate it with the beginning balance in the process of pool building.  If you like to have control over the naming convention or have already created the account or have multiple investment accounts in the pool, uncheck this box.  If you have already created the account and it is the only investment account for the pool, the system will automatically create an initial balance that will equal the pool balance.

In this example, the Build book balances was checked on the pool tab and the system automatically checked it on this screen.