CORRECTING 2999 ENTRIES

 

INTRODUCTION

When akoyaGO cannot autobalance a transaction using the appropriate asset accounts, it will instead post to account 2999: Due To/Due From.

This function serves several purposes:

• It keeps the target fund in balance, ensuring assets, equal liabilities, and net assets
• It preserves the consolidated asset balances
• It signals users that there is an issue with fund(s) DT Accounts

 

SECTION ONE: IDENTIFYING 2999 BALANCES AND RESOLVING

There are a few different scenarios that could lead to a 2999 balance, such as:

 

• The Fund record in akoyaGO CRM does not contain an active DT Account
• Start date is later than the Posting date of the transaction
• End date is earlier than the Posting date of the transaction
• DT Account balance percentage does not equal 100%

 

This guide will cover the above scenarios. The very first step will be the same:

 

• Look for the fund(s) listed on the Account 2999 Balance email sent to the “Notification Recipient” listed in Accounting Settings. 

(The email will also contain the transactional balance of the 2999 by date & department)

 

 

Navigate to the Fund entity in the Fund Management workplace in akoyaGO CRM. Search for and open the fund with the 2999 balance and locate the DT Account subgrid (‘Box’ for information fields)

 

Scenario 1: No DT Account listed

 

The DT Account subgrid has no DT Accounts listed.

 

 

To correct, select + New DT Accounts in the DT Account sub grid.

 

 

 

On the DT Account form add:

• Start Date (red) that covers the earliest 2999 posting date located on the Account 2999 Balance email
• DT Account (green) that represents the asset account where the fund’s balance should reside
• Percent (blue) of the assets that reside in the Asset Account
• End Date will be blank if the fund currently keeps assets in the Asset Account listed

 

 

Save & Close when complete.

**If the fund keeps assets in multiple accounts, multiple DT Account records should be added from the fund with differing percentages that total 100%**

 

Scenario 2: Start Date After Posting Date

 

The Start Date on the DT Account does not cover the earliest posting date listed on the Account 2999 Balance email.

 

To correct, open the DT Account record and update the Start Date to be at or before the earliest posting date when the 2999 balance appeared.

 

 

Save & Close when complete.

**If the fund has multiple DT Accounts, each record will need to be opened and have its Start Date updated**

 

Scenario 3: End Date Before Posting Date

 

The End Date on the DT Account does not cover the latest posting date listed on the Account 2999 Balance email.

 

 

To correct, choose See associated records from the DT Accounts sub grid.

 

 

Then open the DT Account record

 

 

 

 

Update the End Date to be at or after the latest posting date when the 2999 balance appeared.

 

Save & Close when complete.

**If the fund has multiple DT Accounts, each record will need to be opened and have its End Date updated**

 

Scenario 4: DT Account Percent Does Not Equal 100%

 

The Percent on the DT Account(s) do not equal 100%.

 

 

To correct open the DT Account record(s) and update the Percent so that the total of all active DT Accounts equal 100%.

 

 

Save & Close when complete.

**If the fund has multiple DT Accounts, each record will need to be opened and have its Percent updated**

 

 

 

SECTION TWO: REAPPORTION BUSINESS CENTRAL

Once all DT Account records have been added or corrected, Business Central should be manually Reapportioned. 

Reapportioning is an automated process that will adjust all fund asset balances to match the accounts, dates, and percentages listed on all DT Account records.

 If this process is not run manually, it will occur automatically overnight.

 

Step 1: Navigate to Accounting Settings

 

To Manually Reapportion:

• Navigate to the Fund Management Workplace in akoyaGO CRM
• Select the Accounting Settings entity
• Click on the Business Central link
• Open the Reapportioning tab 
• Click on the Reapportion Button 

 

 

• Select the Reapportioning tab 
• Click on the Reapportion button

 

Reapportionment may take several minutes.

 

 

Once complete, a message will appear indicating whether reapportionment posted entries, and how many entries.

Running a balance sheet for the affected funds in Business Central should reveal the 2999 balance has been transferred to the fund’s asset account.

 

(Note: this process will reapportion all funds, not just those with recently modified DT Accounts. Assets could potentially be adjusted as early as the Reapportion From Date or the Allow Posting From Date listed in Business Central’s General Ledger Setup: whichever is later.)