How do you Close a FACTS Investment Account and Move the Money to a New Investment Account in the same Pool?
- 27 Jan 2023
- Contributors
- Print
- DarkLight
- PDF
How do you Close a FACTS Investment Account and Move the Money to a New Investment Account in the same Pool?
- Updated on 27 Jan 2023
- Contributors
- Print
- DarkLight
- PDF
Article summary
Did you find this summary helpful?
Thank you for your feedback
When an investment account is closed, the money can easily be moved to another investment account in the same pool from within FACTS. If you are moving money between pools, you would use a journal entry.
Answer:
If the account being closed and the new account are in the same pool:
1. Enter the amount of the account being closed as a negative amount on the reconciliation tab on the disbursements line and enter the same amount as a positive amount on the reconciliation tab of the new account on the disbursements line. The disbursements line should net to zero.
2. If there are transactions that show in the old account and should be in the new one, edit the transactions and change the account to the new one.
3. Go to the Pools tab, open the pool and change the default deposit and disbursement account to the new account.
4. Go to the Accounts tab, open the old account being closed and enter in the closed date in the Date Closed field.
If the account being closed and the new account are in two separate pools:
1. Do a journal entry to move the money from the old pool to the new pool by debiting the new pool GL account and crediting the old pool GL account.
Notes:
If you have closed the investment account and discover that transactions are still unreconciled in the closed investment account, navigate to the Account tab in FACTS and re-open the account by clearing the closed date on the investment account.
Then either move the transactions to an open investment account by clicking on them and changing the investment account or if this is the first unreconciled cycle since closure, reconcile the bank account as if it were still open using the disbursement line to move the value of the transactions to an open account.
Once the transactions have all been accounted for, the account balance is back at $0, and the cycle processed, enter in a new closed date on the investment account to once again remove it from the reconciliation cycle.
1. Enter the amount of the account being closed as a negative amount on the reconciliation tab on the disbursements line and enter the same amount as a positive amount on the reconciliation tab of the new account on the disbursements line. The disbursements line should net to zero.
2. If there are transactions that show in the old account and should be in the new one, edit the transactions and change the account to the new one.
3. Go to the Pools tab, open the pool and change the default deposit and disbursement account to the new account.
4. Go to the Accounts tab, open the old account being closed and enter in the closed date in the Date Closed field.
If the account being closed and the new account are in two separate pools:
1. Do a journal entry to move the money from the old pool to the new pool by debiting the new pool GL account and crediting the old pool GL account.
Notes:
If you have closed the investment account and discover that transactions are still unreconciled in the closed investment account, navigate to the Account tab in FACTS and re-open the account by clearing the closed date on the investment account.
Then either move the transactions to an open investment account by clicking on them and changing the investment account or if this is the first unreconciled cycle since closure, reconcile the bank account as if it were still open using the disbursement line to move the value of the transactions to an open account.
Once the transactions have all been accounted for, the account balance is back at $0, and the cycle processed, enter in a new closed date on the investment account to once again remove it from the reconciliation cycle.
Was this article helpful?
