Recording and Confirming Fund Level Transactions

Recording and Confirming Fund Level Transactions

All Transactions affecting the Pool are usually confirmed against one or two FACTS Investment Accounts – the default Deposit and Disbursement account(s). The default account may be an actual account or a Dummy account. If the Transactions actually impacted a different Investment Account, you can use the Disbursements line on the Reconcile tab to shift the amount to the appropriate account.

Some organizations edit Transactions coming from General Ledger to change the Investment Account from the default. Some organizations also enter manual Transactions to record intra Pool transfers between Investment Accounts.

IMPORTANT: Please contact FIMS Support if you need to enter manual Transactions.

TIP: you may find it easier to confirm Transactions against the Transaction Entry Listing report. If any items appear on the report that are not on the statement, you can find them on the Transaction tab by entering the document number in the Find Document No. field, and then set the Confirm Date to the first day of the next Cycle. Refer to the Transaction Entry Listing Report in the Reports chapter for more information.

NOTE: You should only move in transit items out of the Cycle by changing the Transaction’s Confirm Date to the following month. Changing the Confirm Date for Transaction to the next Cycle can potentially defer a problem to a future month for resolution. If Transactions are moved repeatedly, you should examine them carefully. This typically indicates a problem with the financial institution or check recipient, or an error that was made in FIMS.

FIMS automatically creates Fund level Transactions in FACTS when you post any debits or credits to a General Ledger account that holds the value of participating Funds in the Pool. Each Transaction is associated with a Fund and an Investment Account, so you can confirm the Transaction against your statement

1. In the FACTS module, click the Reconciliation super tab, and then click the Search button on the toolbar (looks like binoculars) to open the Reconciliation Data Grid.

NOTE: If this is the first time you have opened FACTS during the current FIMS session, the Data Grid will open automatically.

2. Select the Investment Account that you want to reconcile, and then click the Transactions tab.

Transactions Tab

NOTE: Two of the Transaction record fields are open for editing on the Transaction Data Grid: Confirm Date and Type. These are the only fields normally edited on Transactions coming from General Ledger. You do not need to save when editing a field in a Data Grid: the change will be saved when you move from the record.

NOTE: Transactions from General Ledger are confirmed by default. The Confirm Date will be the same as the General Ledger date unless you manually enter a different date on the Transactions tab.

3. Confirm the Transactions in the list against those on your statement(s). If a Transaction in the list is not reflected in your statement, you can change the Confirm Date to the first day of the next Cycle.

4. Once you confirm all of the Transactions and change the Confirm Date for any Transactions that should be part of the next Cycle, click the Reconcile tab to continue with the reconciling and processing FACTS. Refer to Reconciling Investment Accounts for more information.