Implementing FACTS

Implementing FACTS

NOTE: In addition to the steps that are involved in implementing FACTS, this section provides tips and information about how to best implement and use FACTS in your organization. Please contact FIMS Support to help guide you through the process.

When you implement your General Ledger, FIMS Support staff will also help you to decide how you want to reflect your Pooled investments in General Ledger and FACTS. You will also create a General Ledger Asset Account for each Pool.

NOTE: Before you can create a FACTS Pool (unless you are creating a Pool with a zero balance), you must enter balances for the Pooled asset account (or they must already exist in the General Ledger for each participating Fund). The consolidated balance of the Pooled Asset Accounts in the General Ledger should equal, or be reconciled to, the total opening balance for all the investment accounts that you want to include in the Pool.

NOTE: FACTS is usually one of the last FIMS modules you will implement, so General Ledger will almost always be active before you start using FACTS.

There are three main goals in implementing FACTS:

• Create Pool records.
• Create an Investment Account record for each custodial account.
• Enter Beginning Balances for each Investment Account, Fund, and Pool.

Before you can enter Beginning Balances, you must create the actual Pool and Investment Account records.

NOTE: If you need to create Fund records, refer to Creating a Fund Record in the Fund Management module for more information.

Once you create the records (before you can process a Pool in FACTS), you must establish Beginning Balances for each Pool, Investment Account, and Fund within the FACTS module (although they may all be zero balances, if subsequent Transactions create the Pool). Refer to Creating a Zero Balance Pool for more information.

When you first create your Pools and Investment Accounts, you actually create Ending Balance records for the month previous to the first FACTS processing Cycle. When each Cycle is processed, FACTS creates a new set of complete balance records – each with Beginning Balances, Changes, and Ending Balances.

IMPORTANT: If you are implementing FACTS as of the first period for which General Ledger is going to be run, you must have correct beginning balances in the Pooled Asset Accounts at the Fund level in General Ledger. If you are creating the Pool for a subsequent period, you must post all General Ledger Transactions affecting the beginning balance of the Pooled Asset Accounts. All Gifts, Grants (via Accounts Payable), and other Transactions affecting the Pooled Asset Accounts must be posted to the General Ledger journal and then to the General Ledger accounts.