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    How do I make a new pool in FIMS?
    • 20 Dec 2022
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    How do I make a new pool in FIMS?

    • Updated on 20 Dec 2022
    • Contributors
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    Article summary

    Answer:

    The basic steps to creating a new pool in FIMS:  
    1. In the FACTS module - first create your new Pool record.
    2. On the Pool tab - click on the white paper in the upper left to begin a new record.
    3. Fields to have filled out:    
      • Pool id    
      • Pool Name    
    4. Check off Prevent Manual Transactions, Process Unrealized and Create Fund Level Entries. Note: If this is a pool you are setting up for a cash account for asset re-balance, do not check the box to create fund level entries.
    5. Leave Beginning Unit Value at 100.00000
    6. Save the record.  
    7. Click on the small 'GL Accounts' tab next to the small 'Pool' tab.
    8. At a minimum enter the GL asset account associated with the pool on the GL Accounts tab on the Fund Asset Account line and the GL Adjustment to Market line.  The other accounts can be entered later, but before the first cycle is processed completely.  (To add the GL account to FIMS go to File Maintenance > GL >Master Chart of Accounts)
    9. Next, Click on the Accounts supertab in the FACTS module.
    10. Click on the white paper in the upper left to create a new investment account.
    11. Enter the Account code and Account Name
    12. Select the Pool id from the drop down next to the field titled 'Pool'.
    13. Make sure unitized is checked.
    14. Click save.
    15. Say yes to the message that appears:  'Would you like to make this investment account the default deposit and disbursement account?'  
    16. Next, go to File Maintenance > FACTS > Auto-build FACTS Initial Fund Values.
    17. Click past the Help screen.
    18. Make sure the correct Pool ID is on the top line, if not select it
    19. The cycle should say 1. Do not use any other cycle number.
    20. In the Start date field, enter in the first day of the month that includes the initial transfer.  You can enter in the previous month if you prefer, but will reconcile a $0 cycle.
    21. Click the Tab key. The rest of the screen should fill out properly.
    22. The' Build balances as of period should say the period prior to your start date.  For instance, if you are a calendar foundation and are starting the pool on March 1 st , the period should be 2.
    23. The only box to be checked is the last one titled 'Build Transactions'  The from date should read March 1 st (for this example) through a date beyond today's.  This will ensure that all posted journal entries are analyzed for bringing into FACTS.
    24. Click OK. Auto-build complete will appear.  
    25. Next, go to the Account tab and open the investment account.
    26. Click Initial Balance.
    27. Click Add Initial Balance, then Done.
    28. In more recent versions of FIMS, you will find Step 26 already done for you and the option will say Delete Initial Balance..  In this case, just leave the screen by clicking Cancel.
    29. The pool has now been created.  You should be able to go to the Reconciliation tab and start a new cycle.  Once journal entries are made to move money in, you will be ready.
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