Reviewing Events' Effects

Introduction

In this section you will use the system’s reporting capabilities to review the effects of processing events on the working environments. This ability to review any changes before posting is helpful in determining whether what you expected to happen, from a books and records perspective, actually happened.

Accessing Reports

There are two convenient ways to access reports.

1) Accessing Reports - Home Page Links

Return to the Home page, and in the bottom panel you’ll see links to the system’s available reports. Clicking on any of the links will display the corresponding report.

2) Accessing Reports - Reports Menu

Alternatively, you can use the Report slide-out menu to go directly to the desired report. The Reports menu can displayed by clicking on the third of the main menu buttons to display

Comparing the :current and :pending Environments

The Comparison Report

One of the most useful reports while reviewing events’ effects is the Comparison report. In a side-by-side manner this report displays the portfolio and financial positions in the :current and the :pending environments.

Navigate to the Comparison report using either the Home page links or the Reports menu (see above).

If you’ve processed, but not posted, the initial call event you should see something similar to the following:

Some items to note:

• The Portfolio is empty. This is expected as the fund has made no investments yet.

• All the balances in the :current environment’s financial ledgers are zero ($0). Again, as expected - no postings have been made.

• The balances in the :pending environment’s :Asset and :Capital accounts are $100,000. This is correct. After a call we would expect the fund to have a Receivable amount of the total of the call, and the partners’ capital to have a corresponding reverse balance.

• The reporting date is set to the current date. This can be changed to get a point in time view of the portfolio and financial ledgers.

• There is a dropdown control to select the reporting entity. If it’s empty (as it is in the figure above), the report consolidates all entities.
  It’s also possible to use this dropdown to select one (or more than one) entity. In that situation the report consolidates the portfolio and financials for the selected entities only.

The Comparison reports also allow you to drill-down into any account to view its details by clicking on the account’s name. Click on [:Asset] on the :pending side of the report. You should see the Receivable balance as follows:

You can now drill-down into the receivable account by clicking on its name [:Asset :Receivable] to display the balances at that level for that account.

At any point in time you can go up levels by clicking on the account name ‘breadcrumb’ trail displayed between the Financial Balances header line and just above above the tabular financial report, i.e. All > Asset > Receivable

Note also the Register link that’s displayed to the right of the balance. Its presence indicates that there are individual ledger entries accessible at this level, or at one level below.

To drill down further you can either click on the account name, or on the ‘Register’ link. Each will present a slightly different view of the account’s activity at the levels below your current level in the financial accounts structure.

If you click on the account name [:Asset :Receivable :Partner] you will see something like this

Again, this is as expected. Partners :p-001 and p-002 were each issued calls for $50,000, and this is reflected in the balances of the receivable accounts for each partner.

Now, navigate back up one level by clicking on the Receivable link in the breadcrumb trail displayed above the tabular report, and then click on the Register link to the right of the displayed balance of $100,000. You should see something like this

This is merely a different view of the entries, but helpfully displays extended information about the the dates and the id’s of those entries.

You should note that each entry has a Date and an Active Date. The distinction between these two dates will become important when you inspect the effects of Transfer and Closing events. The Date is the transaction date, and the Active Date is the date an adjusting entry is considered to have been made. In this way it’s never necessary to modify, in any way, prior entries, only to add to them. The net effect is the sum of all the entries up to the date in which you’re interested.

Although you’ve been using only the :pending side of the Comparison report, the same functionality is also available on the :current side of the report. This allows you to drill-down on both sides to easily compare balances and registers in any account, and at any level.

Below to two portfolio/financial report panels there is another panel containing a number of links that when clicked display summary information about the differences between the two environments.

The Commitment Report

The Commitment Report allow you to view the partners’ commitment balances (and details) in a selected environment. The information displayed shows each partner’s

• total commitment amount,
• the amount remaining to be called,
• the amount remaining and available for use,
• the amount paid in, and
• the amount called but unpaid.

Navigate to the Commitment report using either the Home page links or the Reports menu (see above) and select the :pending environment in the dropdown shown in the top left corner of the report.

You can observe that each partner has a commitment to the fund of $1,000,000; that each has been issued a call for $50,000 and that both calls are unpaid. This is as expected.