Reconciling Investment Accounts

Reconciling Investment Accounts

Once you confirm your transactions (refer to Recording and Confirming Fund Level Transactions for more information), click the Reconcile tab to create a new Investment Account balance for the current Cycle 

1. In FACTS, click the Reconciliation super tab and then click the Reconcile tab.

2. Click the Start Next Cycle button. The Change Dates window opens.

Change Dates Window

NOTE: The Start Date is automatically populated based on the day following the End Date of the previous Cycle, but you can change the date, if necessary. Please contact FIMS Support before changing the date.

3. Enter the End Date for the new Cycle.

NOTE: Cycles can be of any duration (up to three months), although monthly or quarterly Cycles are the most common (depending on how often you receive your statements). You can also change the duration of a Cycle at any time (the new Cycle does not have to be the same length as the previous Cycle).

4. Click OK to open the new Investment Account Balance record for editing on the Reconcile tab.

NOTE: If you have confirmed Fund level Transactions, with Confirm Dates that fall within the new Cycle, they will be reflected in the non-editable fields at the bottom of the Reconcile tab (for example, Gifts / Donations, Fund Miscellaneous, Fund Transfers, Fund Disbursements, or Interim Earnings).

5. In the editable data fields (these fields have a white background), enter the values from your bank statement(s). These amounts will be allocated to all Pooled Funds.

NOTE: You can use the Disbursements field to enter the net values for intra Pool transfers.

NOTE: As you enter the returns and fees, the amount in the Ending Balance field will reflect the changes and should equal the Ending Balance from your statement when you are finished.

NOTE: Sometimes you must infer Unrealized Gains from the statement. Make sure you do this calculation, and do not use Unrealized Gains as a placeholder value to balance to the statement.

NOTE: In most cases, there is only a Market Balance column where you can enter values. However, if you selected the Use Book Balances and / or Use Income Balances checkboxes when you created the Pool, additional columns will be available for these values. The values in the Book column will mirror those in the Market column. It is rare to track Income in FACTS.

6. When you are finished entering the returns and fees and have matched the computed Ending Balance to your statement(s), click the Save button on the toolbar.

NOTE: If the text of the Ending Balance is red, click the Recalculate Balances button. This typically occurs if you changed a confirm date or posted additional Journal entries within the Cycle dates.

7. Repeat this process for any additional Investment Accounts in the Pool.

You are now ready to run Pool Allocation Processing and post your allocations. Once you post, the values you entered on the Reconcile tab will be booked to the appropriate General Ledger Accounts. Refer to Running Pool Allocation Processing for more information.