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    Transactions Tab (FACTS)
    • 06 Nov 2024
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    Transactions Tab (FACTS)

    • Updated on 06 Nov 2024
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    Transactions Tab (FACTS)

    The Transactions tab allows you to confirm Fund level Transactions for the selected Investment Account against your statement. These are usually Transactions that are automatically created when debits (deposits) or credits (withdrawals) to the Pooled Asset Account are posted in General Ledger. In fact, if you select the Prevent Manual Transactions checkbox on the Pool tab, you cannot manually add, delete, or (except for certain fields) edit Transactions. This eliminates some of the potential for FACTS getting out of balance with General Ledger.

    NOTE: Although all Transactions affecting the selected Investment Account (that were not confirmed for a previous Cycle and moved into history) will be displayed in the Data Grid, only those Transactions with a confirm date falling within the current Cycle will be reflected in the ending market balance calculation for the Investment Account.

    If your configuration uses a single Deposit / Disbursement Investment Account, Transactions will only be displayed for that account. Other Investment Accounts for the Pool will have blank Transaction tabs unless you manually reassign a Transaction to a different Investment Account.

    You can confirm Transactions directly from the Transactions tab, or you can select the desired Transaction and click the Edit Transaction button to open a new window where you can edit many of the fields associated with the Transaction.

    You can sort the list of Transactions by Fund ID, Doc No., Confirm Date, Type or Description. If you know the document number (usually the General Ledger Journal number), you can enter it in the Find Document No to open the desired Transaction for editing.

    TIP: If you have a large number of Transactions, run the Transaction Entry Listing to identify Transactions for confirmation. For example, Gifts usually appear as individual Transactions for each Fund for a particular date. If you subtotal the listing by Transaction Date for the GifP Transaction Type, you will receive a list of daily deposit amounts that you can compare to the amounts on your statement. Refer to the Transaction Entry Listing Report in the Reports chapter for more information.

    Transactions Tab
     

    Transaction Tab Fields

    NOTE: You can only edit the Confirm Date and Type fields on this tab. If you want to edit any of the other fields, click the Edit Transaction button. Refer to Editing Transactions for more information. You should not generally have to edit Transactions. Please contact FIMS Support before making any changes.

    NOTE: As of FIMS 14.10 three additional fields are available for sorting; Transaction Amount, Transaction Type, Payee Name

    Field

    Description

    Doc. No.

    The unique tracking number (up to six digits) for each Transaction in a Cycle.

    When Transactions are automatically created by posting the General Ledger Journal, this number is the same as the Journal Number.

    When Transactions are created manually, the default number is the next General Ledger Journal number.

    You can also overwrite the default value to follow a different scheme.

    Transaction Date

    The date when the Transaction took place. The default value is the General Ledger Apply Date. This date should generally not be changed, since it provides a historical link with the originating Journal Entry.

    NOTE: You can only edit this field if the Prevent Manual Transactions checkbox is cleared on the Pool tab.

    Amount

    The amount of the Transaction. Disbursements are negative.

    This field is not usually editable (if the Prevent Manual Transactions checkbox is selected). If the Prevent Manual Transactions checkbox is cleared, use caution if you change any Transactions that come from General Ledger to avoid imbalances between FACTS and General Ledger.

    Confirm Date

    The date from which the Transaction will be valued in the FACTS allocation process. This date also determines the unit value of the Transaction for the selected Fund.

    The default value is the General Ledger Apply Date, but you may change the date to more accurately reflect the date on the account statement.

    NOTE: The best way to defer reconciling a Transaction that has been posted in General Ledger but does not yet appear on the statement is to change the Confirm Date to the first day of the next month.

    TIP: Some organizations deposit Gifts directly into the Pool. If you can anticipate the statement Transaction date, you can set the Apply Date to match the Transaction date when you post, which will in turn become the General Ledger Apply Date, and the default Confirm Date.

    Type

    The Transaction Type code that is used to categorize Transactions as either Gifts, Disbursements, Transfers, Interim Earnings, or Miscellaneous.

    Transactions are summed by Transaction Type in the Account, Pool, and Fund Balance records, and the category totals appear on reports. This categorization does not impact allocations, but it is useful for interpreting FACTS history.

    The Journal Key Code determines the Transaction Type code for automatic entries from General Ledger. When you enter manual Transactions, you should use a code that is not commonly used for automatic Transactions, to help distinguish the entries.

    Description

    A text description of the Transaction.

    When automatic Transactions are made from General Ledger, the description is copied from the Journal Description field.

    NOTE: If a checking account is an Investment Account within the Pool, the check number (from the Journal Reference number), will be included as an aid to reconciliation.

    Fund ID

    The Fund ID code for the Fund to which the Transaction was booked in General Ledger.

    NOTE: You cannot edit this field.

    Fund Name

    The Fund’s report name, automatically populated based on the Fund ID code.

    NOTE: You cannot edit this field.

    Account

    The Investment Account ID code (Invest-IDCode) for the account associated with the Transaction.

    For entries from General Ledger, each Pool has a default deposit and disbursement account (usually the same account).

    NOTE: If the actual deposit or disbursement account for a particular Transaction is different, refer to Recording and Confirming Fund Level Transactions for more information.

    NOTE: This field is only visible when you click the Edit Transaction button.

    Pool

    The unique code (up to six characters) that identifies the Investment Pool.

    NOTE: This field is only visible when you click the Edit Transaction button.

     

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