- Select Reports\FACTS\FACTS-GL Comparison Report
- Select the Pool (the following example uses the Equity Pool)
- Change the GL Fiscal Year to the current fiscal year
- Change the Thru Period to 12. The reason you choose the current fiscal year and period 12 is to insure that you are including all the transactions that have been posted into FACTS and comparing the ensuing calculation to the latest GL Market balance. You want to be able to use the most recent GL balance and compare it to the most recent FACTS cycle plus all the transactions that haven't been reconciled yet.
- Click OK and then click Run Report
How the report works:
When you build the pools in FACTS you base the beginning balance on the General Ledger balance for that asset account. At that point in time, the FACTS balance and the G/L balance are the same. On a periodic basis you post journal entries to the pool account representing money either being added to or removed from the pool for that fund (e.g., gifts, grants, transfers). These journal entries affect the balance in the G/L and create similar transactions in the FACTS module. You will notice that the first column on the Transactions tab for an investment account holds the Doc number. This is the same number as the journal number in the G/L for this transaction.
As you process journal entries in the GL and they flow into the FACTS module, the balance in the G/L changes and equals the beginning FACTS balance plus these transactions. When you reconcile the FACTS module, you accept these transactions into the reconciliation and when the cycle is processed, they are added or subtracted from the balance in the FACTS module. Thus, if there are no outstanding transactions in FACTS, the balance in FACTS should equal the balance in the G/L.
When FACTS processes for the month it creates journal entries that need to be posted in the GL. These journals have a journal key of FA. After processing the cycle, the net change in the investment account for the pool for that fund is combined with the beginning balance for the cycle to derive the ending balance.
After processing the cycle and posting the journal entries in the G/L, the general ledger balance for the fund and the pool balance for the fund should be equal.
The report will look at the general ledger balance for the pool for the period you selected (current fiscal year, period 12) and display that value in the G/L column. It will take the last reconciled cycle and add all the transactions it finds that have yet to be confirmed for the fund and enter that number in the FACTS market column.
If there are variances it would be because someone either isn't running the report correctly ( see above process for how to run it correctly), or has manipulated the transactions created by FIMS.
See Article # 24498 - How do I figure out what caused a variance in the FACTS to General Ledger Comparison report? for more information.