One of the difficulties in performing fund accounting is maintaining the consistency of the fund Net Asset Value ("NAV") per share as used in the transactions versus the NAV/share computed in the valuation records.  In order to maintain this consistency, there must be a valuation record for every date there is a fund account transaction in the fund.  The NAV/share for that transaction record is computed as the total value of the fund on that date divided by the shares outstanding in the fund on that date.

 

The NAV/share in fund account transactions is obtained from the valuation record of the same date when the transaction is created.  However, if valuation are re-computed due to entry of new portfolio transactions on prior dates or due to re-pricing of holdings for the valuation date, this can create the situation where the NAV/share of the transactions do not match that of the re-computed valuation records.  Captools/net "freezes" fund accounting portfolio transactions and valuations to prevent occurrence of NAV/share changes, however, sometimes a user needs to "unfreeze" records to make additional entries or changes to existing entries.

 

In order to detect and resolve NAV/share mismatches Captools/net provides a "Fund Fixup Utility" to simplify the process of correcting the NAV's. This utility accessed from the Fund Transaction screen as follows:

 

 

 

Before running the "Fund Fixup" utility, it is a very good idea to run a backup of your Captools/net Database, so that you have a current recovery point if the utility produces unexpected results.

 

If you do not see any mis-matched NAV's on screen (indicated by orange color in NAV field), you may want to first run the utility in the "Mark NAV Mis-Matches only" mode to identify problem areas.

 

 

 

After identifying transactions with mis-matched NAV's, you can re-run the utility to specify that these be "Fixed".

 

The "Fix NAV mis-matches" option, only operates on manually entered transactions which generally involve deposits or withdrawal of funds via the fund transaction records (e.g. "BYD" and "SLW" transactions).  These are recomputed by applying the correct NAV from the valuation records and recomputing the share quantity for the transaction.  Subsequent valuation records have their NAV's recomputed based upon the share changes before moving on to the next transaction date.  Transaction amounts are not changed.

 

The "Recalc. Fee Amounts" and "Recalc. Distributions" options operate on transactions that were generated via the "Gen Transaction" function.  These are basically removed, and then re-generated.  This can result in both quantity and amounts changing.  Subsequent valuation records have their NAV's recomputed based upon the share changes before moving on to the next transaction date.