Our work / Client story
Automating a month-end trial balance reconciliation.
A private credit fund reconciled its fund administrator’s trial balance to its own records in Geneva each month end. The reconciliation required 13 files to be consolidated by hand. Dacumen automated it.
- Client
- Private credit fund of a credit asset manager
- Process
- Month-end trial balance reconciliation
- Records compared
- Fund administrator trial balance and Geneva
- Source data
- 13 files, previously consolidated manually
- Reported result
- A reconciliation that took about 20 hours now runs in seconds
Summary
The engagement in three points.
- Each month end, the fund reconciled its administrator’s trial balance to Geneva, which required the manual consolidation of 13 files and about 20 hours of effort.
- Dacumen automated the consolidation and built the reconciliation logic into the process.
- The automated reconciliation now runs in seconds and can be regenerated when the administrator or the fund issues revised files.
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Client name, if the client authorizes a named reference.
The problem
Thirteen files and about 20 hours for each reconciliation.
At each month end the fund compared the trial balance prepared by its fund administrator with the accounting records held in Geneva, its own portfolio accounting system. The purpose is to confirm that the two sets of books agree, and to explain any balance that does not.
The data for that comparison came in 13 different files, which had to be consolidated manually before any balance could be compared. The client estimated that the reconciliation took about 20 hours.
Dacumen’s contribution
Consolidation and reconciliation logic in one automated process.
Dacumen automated both parts of the task:
- Consolidation
- The 13 files are read and combined automatically into one set of balances for each side of the reconciliation.
- Reconciliation logic
- The rules for comparing the administrator’s balances with Geneva are built into the process, so the comparison is performed the same way every month.
- Revisions
- When a revised file arrives, the reconciliation is regenerated from the updated data.
The reported result
From about 20 hours to a process that runs in seconds.
The manual consolidation is no longer required. The automated reconciliation runs in seconds, and because it can be regenerated, a revised file from the administrator no longer means repeating the manual work.
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Read the storyDiscuss your priorities.
If your month-end reconciliation to the fund administrator depends on manual consolidation, tell us about it. A senior practitioner will reply personally.