The fund accounting transactions accept a subset of the regular Captools/net transaction codes in the "TAC" field.  Except for the BYD and SLW transactions, many of these can be generated using the Fund Accounting "Transaction Generation" tool (see next topic). These operate as follows:

 

BYD - Buy & Deposit.  This is used to record the purchase of shares in the fund by the participant indicated by the transaction account number.  The purchase price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.  The deposit of funds is not recorded in the portfolio until the next calendar date so the deposited funds do not affect the NAV for the transaction date.

 

SLW - Sell & Withdraw.  This is used to record redemption of shares by the fund participant indicated by the transaction account number. The redemption price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.  The withdrawal of funds is not recorded in the portfolio until the next calendar date so the withdrawn funds do not affect the NAV for the transaction date.

 

DVW - Dividend Withdrawn.  This is used to record a dividend paid in cash to a fund participant.  No shares are involved in this transaction.  The withdrawal of funds is not recorded in the portfolio until the next calendar date so the withdrawn funds do not affect the NAV for the transaction date.

 

NQW - Non-Qualified dividend. Withdrawn. This is used to record a non-qualified dividend paid in cash to a fund participant.  No shares are involved in this transaction.  The withdrawal of funds is not recorded in the portfolio until the next calendar date so the withdrawn funds do not affect the NAV for the transaction date.

 

SGW - Short term Gain distribution Withdrawn. This is used to record a short term capital gain paid in cash to a fund participant.  No shares are involved in this transaction.  The withdrawal of funds is not recorded in the portfolio until the next calendar date so the withdrawn funds do not affect the NAV for the transaction date.

 

CGW - Long term Gain distribution Withdrawn. This is used to record a long term capital gain paid in cash to a fund participant.  No shares are involved in this transaction.  The withdrawal of funds is not recorded in the portfolio until the next calendar date so the withdrawn funds do not affect the NAV for the transaction date.

 

RCW - Return of Capital Withdrawn. This is used to record a return of capital paid in cash to a fund participant.  No shares are involved in this transaction.  The withdrawal of funds is not recorded in the portfolio until the next calendar date so the withdrawn funds do not affect the NAV for the transaction date.

 

DSW - Distribution Withdrawn. This is used to record any other distribution paid in cash to a fund participant.  No shares are involved in this transaction.  The withdrawal of funds is not recorded in the portfolio until the next calendar date so the withdrawn funds do not affect the NAV for the transaction date.

 

DRI - Dividend ReInvestment.  Used to record a dividend distribution used to buy additional shares of the fund.  The purchase price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.

 

NQR - Non-Qualified dividend, Reinvested.  Used to record a non-qualified dividend distribution used to buy additional shares of the fund.  The purchase price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.

 

IRI - Interest ReInvestment.  Used to record an interest distribution used to buy additional shares of the fund. The purchase price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.

 

SGR - Short term Gain Reinvestment.  Used to record a short term capital gains distribution used to buy additional shares of the fund.  The purchase price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.

 

CGR - Long term Gain Reinvestment.  Used to record a long term capital gains distribution used to buy additional shares of the fund.  The purchase price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.  The "Months Held" field can be used to specify the holding period for which this distribution qualifies for tax purposes.  If left empty, this is assumed to be the standard long term capital gains period.

 

RCR - Ret. of Capital Reinvested.  Used to record a return of capital  distribution used to buy additional shares of the fund.  The purchase price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.

 

DSR - Distribution Reinvested.  Used to record any other distribution used to buy additional shares of the fund.  The purchase price is the NAV/Share computed for the portfolio valuation record dated the same date as the transaction.

 

SLD - Short term capital Loss Distribution.  Used to record a short term loss distribution.  This is typically needed when the fund experienced a loss for the tax period and the loss must be flowed through to the participants.  There is no share quantity associated with this transaction and it is a non-cash, tax-information transaction when it hits the participant's individual portfolio.

 

CLD - long term Capital Loss Distribution.  Used to record a long term loss distribution.  This is typically needed when the fund experienced a loss for the tax period and the loss must be flowed through to the participants.  There is no share quantity associated with this transaction and it is a non-cash, tax-information transaction when it hits the participant's individual portfolio.

 

DVA - Dividend Assigned [non-cash].  Used to assign a pro-rated portion of a dividend received by the fund to a fund participant without adding shares or removing cash from the fund.

 

NQA - Non-Qualified dividend, assigned [non-cash]. Used to assign a pro-rated portion of a non-qualified dividend received by the fund to a fund participant without adding shares or removing cash from the fund.

 

INA - Interest Assigned [non-cash].   Used to assign a pro--rated portion of a interest received by the fund to a fund participant without adding shares or removing cash from the fund.

 

SGA (Short term Gain Assigned [non-cash].   Used to assign a pro-rated portion of a short term capital gains distribution received by the fund to a fund participant without adding shares or removing cash from the fund.

 

CGA  Long term Gain Assigned [non-cash].   Used to assign a pro-rated portion of a short term capital gains distribution received by the fund to a fund participant without adding shares or removing cash from the fund.

 

SP+ - Split. - Used to increase the number of outstanding shares accross the board, so as to reduce fund NAV/Share.  The actual number of additional shares for the account indicated are entered in the share quantity field.  An SP+ transaction is recommended if the NAV gets so large (e.g. >1000) that share rounding affects account valuation precision.

 

MFS - Management Fee from Shares sold.  Used to sell shares and pay for management fee charged to the indicated account.  An "MFE" transaction will appear in the fund portfolio for the combined amount of all MFS transactions occurring on a given date.

 

MFD - Management Fee Deposit.  Used to record funds received to pay for a management fee charge.  No shares quantity is entered.  An "MFD" transaction will will appear in the fund portfolio for the combined amount of all MFD transactions occurring on a given date.

 

MFA (Mgmt Fee Accrued/Assigned [non-cash]) - This is used to allocate a fund management fee to a participant account in the case where no actual funds are removed from the fund. For example the management fee could be computed and assigned monthly, and only be removed at end of the year.  For performance computation purposes the MFA acts to reduce after fee performance.

 

PCS - Profit Concession, (incentive fee shares sold) - The PCS TAC code implements the profit concession by liquidating limited partner shares to pay for the concession and crediting those shares to the general partners accounts.  The one drawback of this approach is that it creates a possible tax liability for the limited partners.  The PCN TAC (below) code resolves this by not liquidating limited partner shares, however it credits additional shares to the general partners accounts in sufficient quantity to equal the total concessions receive.  Note that this increases the number of outstanding shares, thus lowering the NAV.  If some limited partner accounts have discounted rates, e.g. 10% instead of the usual 20%, then Captool will credit these accounts with a return of capital (RCR) transaction in the amount of the discount.

 

PCN - Profit Concession (incentive fee from cash) - This is used for transactions to indicate a profit concession made by a fund limited partner (negative amount and quantity) to the benefit of a fund general partner (positive amount and quantity).  This type of transaction is normally not manually entered, but generated using the "Generate Transactions" command to perform the necessary profit and and allocation computations. If some limited partner accounts have discounted rates, e.g. 10% instead of the usual 20%, then Captool will credit these accounts with a return of capital (RCR) transaction in the amount of the discount. This same treatment occurs for management fees when using the MFE code in lieu of the MFS code, so you should use the MFE code for fees and PCN code for concessions if you wish to avoid creating taxable events.

 

PCA - Profit Concession (incentive fee) Accrued/Assigned [non-cash] - This is used to allocate a profit concession to a participant account in the case where no actual funds are removed from the fund. For example the incentive fee could be computed and assigned monthly, and only be removed at end of the year.  For performance computation purposes the PCA acts to reduce after fee performance.

 

FES - Administrative Fee from Shares sold.  Used to sell shares and pay for an administrative fee charged to the indicated account.  An "FEE" transaction will appear in the fund portfolio for the combined amount of all FES transactions occurring on a given date.

 

FED - Administrative Fee Deposit. Used to record funds received to pay for a management fee charge.  No shares quantity is entered.  An "FED" transaction will will appear in the fund portfolio for the combined amount of all FED transactions occurring on a given date.

 

MIS - Margin Interest Share Liquidation - This is used to pass fund margin interest costs through to fund participants, by reducing their shares.  Typically this transaction will be entered at the end of an accounting period and will be generated using the Generate Transaction function (see next section).  The sum of all margin interest payments for the period will be entered in the setup dialog, and Captool will compute the applicable amounts for each account.

Most of the above transactions, except the "BYD" and "SLW" transactions will typically be generated for all accounts at one time using Fund Accounting Distribution Generation function, covered in the next section.

 

XPS - eXpense Paid from Shares.  Used to pass fund expenses to fund participants by reducing their share allocation.  Typically this transaction will be entered at the end of an accounting period and will be generated using the Generate Transaction function (see next section)

 

XAE - eXpense Accrual Entry.  Used to assign ongoing fund expenses to fund participants without reducing shares. Typically this transaction will be entered at the end of an accounting period and will be generated using the Generate Transaction function (see next section)

 

FDW - Fund Distribution Withdrawal.  Used to record the pro-rated share of cash distributed to a fund participants from distributions received by the fund.

 

FDR - Fund Distribution Reinvested.  Used to record the pro-rated share of distributions received by the fund to a fund participants by issuing them more shares..

 

CCT - Capital CommiT.  Used to record a capital commitment by a fund participant without increasing fund cash. Shares are typically allocated in this transaction. This is usually followed at some later time by a "Paid in Capital" payment by the participant.

 

PIC - Paid In Capital.  Used to record a cash payment into the fund by a participant in satisfaction of a prior capital commitment.

 

TXS - TaX withheld, shares sold - Used to remove cash from the fund in satisfaction of tax withheld requirements for a fund participant.

 

CBA - Cost Basis Adjustment - Used to adjust the cost basis for a fund participant.  This does not affect fund cash.

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