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Request for Enhanced Reconciliation Tool

Comments, critical feedback, praise, or suggestions for new features.

Postby ljbc01 » Sun Jan 29, 2017 4:20 pm

Background:
- I am using FM Pro and am currently converting my wife to FM Personal from Captools.
- We live in Canada and cannot retrieve transactions from our brokerage house
and must enter transactions manually and reconcile manually.
- I have not purchased Personal yet because there is a significant difference in how
to reconcile between FM and Captools.
- I suspect my wife will not accept FM's approach as it exists today.
- Hence my request for enhancements to the Reconcile process.

Our current Procedure for month end processing:
- At month end we manually enter the monthly transactions as reported on the Broker
statement.
- We update stock prices for the month end date (manually or by download).
- We then produce a month end Portfolio Value report and compare that to the Broker
statement.
- Errors are corrected with manual updates - typically by correcting the price using a
calculator.
- Finding the error cause in this manner is not trivial and could be improved
significantly, I believe.

Proposed Improvement - add function to the Manual Reconciliation Tool:
- add columns for:
- No. of Shares (not editable, just for information)
- Statement Balance (editable)
- Price for Statement Date (editable)
all fields filled in with Fund Manager values when showing the Manual Share Balance
window.

- The user would then enter the Statement value for either Statement Balance or Price
- If the Statement & Fund Manager columns disagree, then FM would recalculate and save
the other column as follows:
Change -- Update
Column -- Column
====== -- ======
Balance -- Price
Price -- Balance

- If the user double-clicked the Price field, FM would open the Portfolio edit window

I believe this will offer a significantly simpler reconciliation process for those
who cannot use the automated one. I trust you agree.

Sorry for the long post. If you need clarification, please ask
Thanks - Lloyd
Last edited by ljbc01 on Mon Jan 30, 2017 9:57 am, edited 1 time in total.
ljbc01
 
Posts: 20
Joined: Mon Feb 18, 2013 4:01 pm

Postby Mark » Mon Jan 30, 2017 8:56 am

Hi Lloyd,

Understood, thanks for the idea/feedback. I can see adding the price/balance as helpful in the manual reconciliation process.
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
Site Admin
 
Posts: 11252
Joined: Thu Oct 25, 2007 2:24 pm
Location: Chandler, AZ

Postby ljbc01 » Mon Jan 30, 2017 10:01 am

Hi Mark

I woke up at 4:00am :shock: and realized I needed to refine my proposed solution. Please refer back to the original post for changes starting after:
Proposed Improvement - add function to the Manual Reconciliation Tool:
ljbc01
 
Posts: 20
Joined: Mon Feb 18, 2013 4:01 pm

Postby Mark » Mon Jan 30, 2017 10:26 am

Hi Lloyd,

Thanks, I understand what you're looking for.
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
Site Admin
 
Posts: 11252
Joined: Thu Oct 25, 2007 2:24 pm
Location: Chandler, AZ


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