Statement Accounts in CommunitySuite allow you to combine multiple revenue accounts or multiple expense accounts into a single line on fund statements with a custom display name.
Who: Finance teams and administrators who manage fund statement formats and chart of accounts configurations in CommunitySuite.
When to Use Statement Accounts
Use Statement Accounts when:
- A chart of accounts contains multiple accounts that should appear as a single combined line on fund statements, such as combining Dividends and Interest into Investment Earnings.
- Fund advisors receive statements that reflect a simplified view of account activity rather than individual general ledger accounts.
- Control over whether detailed account activity appears in the Activity Detail section of a fund statement is needed.
Revenue Accounts can be combined with other Revenue Accounts. Expense Accounts can be combined with other Expense Accounts. You cannot combine Revenue and Expense Accounts in the same Statement Account because they are distinct sections and cannot be mixed or alternated. Statement accounts change how revenue and expense accounts are presented on a fund statement. They will be visible in the foreach receipt and foreach distribution sections.
Create Statement Accounts
To create a statement account in CommunitySuite:
- Navigate to the Accounts page and click Statement Accounts in the left-side menu.
- Click Create in the left-side menu.
- Enter the applicable Create Statement Account information, and then click Create.
- The name will display on fund statements.
- Examples: Gains and Losses, Investment Fees
- Check the Hide Detail box to remove this statement account activity from the Activity Detail section on fund statements.
- The Activity Details section of a fund statement will show individual General Ledger entries and display the statement account names.
- The Activity Details section of a fund statement will show individual General Ledger entries and display the statement account names.
- The name will display on fund statements.
- Click the Accounts box of the accounts that will be combined, and then click Save.
Edit Statement Accounts
To edit an existing statement account in CommunitySuite:
- Navigate to the Accounts page and click Statement Accounts in the left-side menu.
- Click the ID of the Statement Account to be edited.
- Click Edit in the left-side menu.
- Edit the applicable information, and then click Save.
Statement Accounts Video
The following video covers how to create statement accounts in CommunitySuite to combine multiple revenue or expense accounts into a single line on fund statements, and how to configure a fund statement format to use statement accounts.