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How do I record a transfer of investments from one investment firm to another in FIMS?
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I have multiple investment accounts that make up one pool in FIMS. How do I show a transfer of money from one firm to another?
I might close one investment account and move the assets to another.
Answer:
The usual way to handle this transition:
- Add the new Investment accounts to the existing pool to handle the new brokerage statements/investments
- Use the Disbursements line in each of the reconciliations to move the money from the closing investment to the new investment.
- Enter a journal entry that both debits and credits the pool for the amount of the transfer
- In FACTS, change the confirm date on the side of the transaction that did not clear during the period to the following period.
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