Reconciling FACTS Pools and Accounts

Reconciling FACTS Pools and Accounts

Fund level Transactions (buying or selling units in the Pool) automatically flow into FACTS when you post the General Ledger Journal. There are four main types of Transactions:

• Gift dollars deposited directly or transferred into the Pool from a holding account. This also includes proceeds from the sale of stocks from individual Gifts.
• Grant dollars transferred out of the Pool.
• Administrative Fees paid out of the Pool.
• Administrative expenses paid by individual Funds.

With the exception of earnings and bank and investment fees, dollars are almost always moved into or out of the Pool by Fund level Transactions that originate as General Ledger Journal entries. Such Transactions buy or sell units in the Pool at the calculated daily unit value.

You should reconcile and process your Pools when the associated bank statement(s) arrive (usually either quarterly or monthly). There are six main steps to reconciliation and processing:

• Confirm Fund Level Transactions. Refer to Recording and Confirming Fund Level Transactions for more information.
• For each Investment Account statement, enter the Gains, Income, Dividends, and Fees that will be allocated back to the participating Funds. Refer to Reconciling Investment Accounts for more information.
• Allocate the cumulative earnings for the Pool, which will create Balance records for the new Cycle for each Pool, Account, and Fund. Refer to Running Pool Allocation Processing for more information.

NOTE: You can run Pool Allocation Processing several times (for example, if some Fund level Transactions had not been posted in General Ledger when you first ran the process).

• Run the Unitization report to view the results of the allocation. Refer to Running the Unitization Report for more information.
• Run an Edit report and Post your allocations to update the Fund level General Ledger Accounts. Refer to Running the FACTS Allocations Edit Report and Posting FACTS Allocations to General Ledger for more information.
• Run the FACTS – G/L Comparison report for each Pool. Refer to the FACTS – G/L Comparison Report in the Reports chapter for more information.

NOTE: Use the Pool Processing Status button to keep track of the processing steps you have finished and what remains to be done. Refer to Tracking Pool Processing Status for more information.