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    GL Accounts Tab (FACTS Pools)
    • 19 Jul 2023
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    GL Accounts Tab (FACTS Pools)

    • Updated on 19 Jul 2023
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    You are here: Fund and Account Tracking System (FACTS) > Parts of the Screen – FACTS > Pools Supertab > GL Accounts Tab (FACTS Pools)

    GL Accounts Tab (FACTS Pools)

    The GL Accounts tab allows you to edit or view the natural accounts where earnings and fees will be recorded when FACTS allocations are posted to create General Ledger Journal entries. There are five categories of accounts:

    • Pooled Asset Account: Tracks the market value in the Pool.
    • Adjustment to Market Account: Tracks accumulated unrealized gains.
    • Revenue Accounts: Track realized and unrealized gains and losses, income, and dividends.
    • Expense Accounts: Track fees.
    • Asset Accounts Outside of the Pool: Tracks Principal Transfers (allocated distributions from the Pool).

    You must establish General Ledger mapping for each Pool before you can post allocations to participating Funds. If you have mapped a natural account number to the Fund Asset account and created Fund level entries, but have not assigned a Deposit and Disbursement account to the Pool record, you will receive an error in the General Ledger when posting to a Pooled asset account.

    The account fields on this tab only accept natural account numbers. The remainder of the full General Ledger Account Key is automatically filled in based on each participating Fund during the posting process.

    NOTE: The GL Contra Asset and GL Fund Allocations fields accept a full General Ledger Account Key. However, most organizations leave these fields blank. Contact FIMS Support if you are interested in using these two accounts.

    GL Accounts Tab

     

    GL Accounts Tab Fields

    Field

    Description

    GL Contra Asset

    The full General Ledger Account Key for the General Ledger contra asset account that will be credited to offset the debit to an account level asset account.

    You should only enter an account key in this field if you are accounting at both the Investment Account and the Fund level.

    NOTE: Most organizations should leave this field blank. Contact FIMS Support for more information.

    NOTE: This is a Pool level account.

    GL Fund Allocations

    The full General Ledger Account Key for the General Ledger account that will be debited to offset the credit to an account level revenue account.

    You should only enter an account key in this field if you are accounting at both the Investment Account and the Fund level.

    NOTE: Most organizations should leave this field blank. Contact FIMS Support for more information.

    NOTE: This is a Pool level account.

    Fund Asset Account

    The natural account number for the Pooled Asset Account used by the Funds in this Pool.

    NOTE: You must enter an account in this field before you can Autobuild FACTS Initial Fund Values.

    GL Adjustment to Market

    The natural account number for the account that tracks the accumulated Unrealized Gain / Loss. This account offsets entries allocated from the Unrealized Gain / Loss field on the Reconcile tab.

    NOTE: If you only retain one Asset Account at Market for each Fund in the Pool, enter the same natural account number in this field as in the Fund Asset Account field.

    Realized Gain (Loss)

    The natural account number for the Revenue account that records Realized Gains and Losses for the Funds in the Pool.

    Unrealized Gain (Loss)

    The natural account number for the Revenue account that records Unrealized Gains and Losses for the Funds in the Pool.

    NOTE: The amount allocated to this account will be offset to the GL Adjustment to Market account.

    Interest

    The natural account number for the Revenue account where allocations of interest will be made.

    You can use this account for either gross or net income activity. If you track net income, you do not need to enter any account numbers in the fee-related fields.

    NOTE: If you combine interest and dividend activity into one General Ledger account, you should only enter an account number into either this field or the Principal Dividends field (not both). If you wish to record the unique dividend and interest income separately in FACTS even though they are combined in the general ledger, enter the same account number in both the Principal Interest Earned and Principal Dividend fields.

    Dividends

    The natural account number for the Revenue account where allocations of dividends will be made.

    You can use this account for either gross or net income activity. If you track net income, you do not need to enter any account numbers in the fee-related fields.

    NOTE: If you combine interest and dividend activity into one General Ledger account, you should only enter an account number into either this field or the Principal Interest Earned field (not both). If you wish to record the unique dividend and interest income separately in FACTS even though they are combined in the general ledger, enter the same account number in both the Principal Interest Earned and Principal Dividend fields.

    Custodial Fees

    The natural account number for the Expense account that records custodial fees charged to principal for the Funds in this Pool.

    NOTE: Many organizations do not have custodial fees, so they use this account to record bank charges.

    Management Fees

    The natural account number for the Expense account that records management or investment fees charged to principal for the Funds in this Pool.

    NOTE: These are generally negotiated fees that are charged periodically. They are frequently assessed as a percentage of assets.

    Lega/ Probate Fees

    The natural account number for the Expense account that records Legal and / or Probate Fees charged to principal for the Funds in this Pool.

    Other Fees

    The natural account number for the Expense account that records Other Fees charged to principal for the Funds in this Pool.

    Disbursements

    The natural account number for the account where allocated disbursements from the Pool will be posted.

    This will be offset to the account entered in the Fund Asset Account field. The amount to be disbursed is entered as a negative in the Disbursements field in Account Reconciliation. For example, Interest could be entered as a negative in the Disbursements field, and an asset account mapped to the Principal Disbursed field to sweep interest out of the Pool.

    If you use the Disbursements field in Account Reconciliation screen to transfer dollars among Custodial Bank Accounts within a Pool, leave this field blank.

     

    NOTE: The following fields map allocations from returns and fees to income. They are only relevant if you maintain an income balance in FACTS (very rare). Otherwise, they should be left blank. Within FACTS, these fields roll up to the Income Balance. When FACTS is posted to General Ledger, the values are offset to the Pooled Asset Account.

    Field

    Description

    Interest Income Earned

    The natural account number for the Revenue account where allocations of earned income will be made.

    Income Dividends

    The natural account number for the Revenue account where allocations of income dividends will be made.

    Custodial Fees to Income

    The natural account number for the Expense account that records Custodial Fees charged to Income for the Funds in this Pool.

    Management Fees to Income

    The natural account number for the Expense account that records Management Fees charged to income.

    Legal Fees to Income

    The natural account number for the Expense account that records Legal and / or Probate Fees charged to income.

    Other Fees to Income

    The natural account number for the Expense account that records Other Fees charged to Income for the Funds in this Pool.

    Income Disbursed

    The natural account number for the transfer account that records Transfers of Income to or from principal or elsewhere for the Funds in this Pool

     

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