Create, Copy, and Edit an Account

1. Navigate to the Accounts page and click Create in the left-side menu.
2. Complete all applicable Create Account fields, and then click Create.
   •  Account Number, Name, and Account Type are required fields. 
     • Account Number - Enter an account number that aligns with the current chart of accounts.
       • It is recommended not to change this number in training.
     • Name - Name of the account.
     • Description - A description is helpful for identifying why the account will be used.
     • Account Type - Defines how the account interacts with the system and how it is displayed in reporting.
       • Click Edit Types in the left-side menu of the Accounts page to edit a specific account's type.
       • If an income account type is selected, then it should not be changed to a balance sheet account type once the account is created. 
       • If a balance sheet account type is selected, then it should not be changed to a income account type once the account is created.
       • Bank and investment account types must be defined while other other types are optional.
         
         
         

A new account can be created by copying an existing account. Copying the account copies all attributes associated with the account and adds copy to the title of the account. 

1. Navigate to the Accounts page.
2. Click the account number of the account to be copied.
   
   
3. Click Copy in the left-side menu. 
4. Edit the applicable Account information, and then click Save. 
   
   • Copying an account will display all of the same fields available when editing the account. 
     
     
     

Additional configuration settings are available after an account has been created. 

1. Navigate to the Accounts page
2. Click the account number of the account to be edited.
   
   
3. Click Edit in the left-side menu. 
4. Edit the applicable Edit Account information, and then click Save.
   • Field availability is dependent upon the account type.
     • Currency - This field sets bank accounts that are in Canadian or Australian currency.
       • This cannot be edited once the account has any activity.
       • If a bank account is being edited, then Multi-Currency Accounts contains additional information about the currency functionality.
     • Financial Institution Account Number - The financial institution's account number associated with this account. 
     • Has Checks - Check this box for all investment and credit card liability accounts that external money out items can come out of via wires, checks, and ACHs.
       • The system automatically assumes bank account types have checks.
     • Check Format - A bank or investment account can be assigned a check template.
       • The selected template will be the account's default.
       • If only one check format is used, update that information in check settings.
     • Sub Accounts - This field designates the parent account of the account being edited.
       • The most common type of accounts to set up sub-accounts for are assets, revenue, and expenses.
       • It is recommended not to change or set up sub-accounts in training.
       • Net asset accounts should not contain sub-accounts as they could cause implications on the fund balance report. Reach out to Support for additional guidance.
     • Rev Share Parent - Treats multiple accounts as one.
       • It is recommended to set up new connections after go live.
     • Statement Account - Customizes the information fund advisors see on fund statements.
     • Functional Expense - Classifies the account by functional expense for reporting purposes.
       • This is typically applied to expense account types.
     • Close to Equity Account - Complete this field if retained earnings should not be booked to the default account.
       • This only applies to revenue and expense accounts.
     • Vendor - This field designates the account vendor so statement vouchers can be used to record all income and expenses associated with the account.
       • For bank and investment accounts, set the vendor as the financial institution who sends statements.
       • This field assists with wrapping up end of period.
       • It is recommended to set this up after go live.
     • Advisor - This field designates the account investment advisor. 
       • When a transfer request is made from this account and Email Request is selected as the request option, the investment advisor will receive a notification about the transfer request. 
     • Manage Cash - Check this box to enable the system to track movement between accounts and funds.
       • It is recommended to utilize this feature for bank and investment accounts. This will also include their parent and child accounts.
       • This setting also helps with managing negatives in accounts as well as money in accounts that need to be moved to agree with the investment strategy on the fund.
     • IRS 1099 Field - This information can be found on the IRS 1099 form.
       • It is recommended to set up 1099 codes on expense accounts in order to use 1099 reporting.
     • Investment Level - This field is used to designate the level of an investment account.
       • An account without an investment level does not show in the investment report unless it has subaccounts with an investment level assigned to them.
     • Restriction - This field indicates the general restriction on an account balance.
       • The following are available restrictions:
         • Illiquid Assets
         • Permanently Restricted
         • Temporarily Restricted
         • Unrestricted
       • These are visible on the fund balance report.
       • Available for Cash - Percentage of cash that is liquid.
         • There is no adjustment as long as all of the money in the Bank/Investment Asset account can be spent.