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<< Click to Display Table of Contents >> Navigation: Funds > Funds manager |
The Funds manager is part of the Funds module and is started by pressing the Funds button or menu Administration > Funds.
Only funds of the current bookkeeping will be shown in the list of funds
Functionalities of the Funds manager are:
-Adding and maintaining participants.
-Report information on calls and notices
-Relating investments to calls and notices
-Booking journals for calls and notices in the funds bookkeeping.
To create or maintain a fund go to menu Maintenance > Funds > Funds.
New calls and notices are created in menu Bookkeeping > Funds > Capital Calls and Bookkeeping > Funds > Distribution notices.
Capital calls and distribution notices can be referred to with the general term notices or calls and notices.
-The F5 key can be used in the notices list to refresh the displayed information.
-Delete notices by pressing Ctrl+D, Shift+F2 or the Delete button in the toolbar.
Only the last notice can be deleted.
Adding and maintaining participants
After selecting a fund go to Participants - General.
All current participants for the selected fund are listed.
New investors can be added to the fund by pressing Ctrl+I or the New button in the toolbar.
To create multiple participants the function Import participants can be used.
Participant
New participants in a fund can be added from an existing list of investors.
The list of investors is maintained in menu Maintenance > Funds > Investors.
New participants can be added as long as no distribution notices have been executed.
Participants can be removed unless they are involved in a capital call, distribution notice or commitment transfer.
Entry date
This is the date when a participant becomes committed to the fund.
An entry date cannot be changed once the participant has received a capital call or when there is a distribution notice present for the fund.
Commitment
A participant is committed to a fund with a maximum amount of capital which has to be equal or greater than the initial threshold of a fund.
The amount cannot be changed once the participant has received a capital call or when there is a distribution notice present for the fund.
Called
The total amount payable for the participant.
Net distributed
The total amount to be distributed to the participant.
GL Account
This general ledger account is used when notices are booked in the funds bookkeeping.
At the time a notice is booked this account must exist in the bookyear where the journal is going to be created.
Cost centre
This Cost centre is used when notices are booked in the funds bookkeeping.
At the time a notice is booked this cost centre must exist in the bookyear where the journal is going to be created.
Contact person
The contact person at the fund.
This field can be used in the fund mailing report.
In the default fund mailing report this data of this person is mentioned in the closing text.
Adding and maintaining investments
The lower part of the Notices tab page shows a list of investments related to each notice.
Select a notice to see the related investments.
An investment can be added with the F5 key, Ctrl+I and with the New button in the toolbar.
An investment can be changed by double clicking a line or by pressing the Enter key after selecting the line.
To each investment a short description and a long description (Info) can be assigned.
The currency of the investment is always equal to the fund currency.
The investments are shown on notice reports at fund level.
Book journals for calls and notices
Calls and notices can be booked to a client bookkeeping related to the fund.
Each participant is related to a general ledger account in this client bookkeeping.
Other settings are set set in the client bookkeeping of the fund.
Select a fund and go to Notices for an overview of all calls and notices.
<Book>
All notices can be booked chronologically to a client bookkeeping in Mill7.
By pressing <Book> the Book notice screen will open showing a proposal for the first notice that not has been booked yet.
The booking process itself is described in the help topic Book notices.
<View>
If a notice is booked it's journals can be reviewed by pressing <View>.
For notices which can not be booked yet the <view> button will show a proposal.
After selecting a fund go to:
-tabpage Notices to see an overview of all fund notices
-tabpage Participants to view a report with all capital calls and/or distribution notices for one selected participant.
Reports at fund level will show the fund details and current commitment in amounts and pro rata for each participant.
Only participants with an entry date before the notice will be included in the report.
Reports at fund level will also show the investment information of the notice.
<Report notice>
An Excel report is created for the selected notice.
The report contains the details of the selected notice and all prior capital calls and distribution notices, each in a separate sheet.
<Fund mailing report>
This button generates the fund mailing report in PDF format for all participants involved in the selected notice.
Prev. expenses
Total of all expenses until the current call.
Management fee, Commitment fee, Start-up expenses, Fund expenses
Expenses calculated for the current call.
Correction prev. expenses
This is the correction amount when previous expenses are redistributed over all participants after a new participant joined the fund.
Current expenses
This is the sum of all current expenses including the'Corrections prev. expenses'.
Total expenses
The sum of 'Prev. expenses' and 'Current expenses'.
Net amount call
The participant's share of the capital call amount minus the sum of all current expenses.
Prev. calls
Total amount called until the current call.
Correction prev. calls
This is the correction amount when the previous called amount is redistributed over all participants after a new participant joined the fund.
Current call
The sum of the participant's share of the capital call amount and the 'Correction prev. calls'.
Total called
The sum of 'Prev. calls' and 'Current call'.
Prev. Deposit remaining
The remaining deposit amount at the end of the last previous call.
Deposit changes
An amount is add to the deposit when the participant's first called amount is lower then the initial threshold amount.
The deposit amount will always be used first to pay the amount to be called before a new amount is requested.
Other changes can exist because of redistribution of previous calls after a new participant joined the fund.
Deposit remaining
The sum of 'Prev. Deposit remaining' and 'Deposit changes'.
Prev.requested amount
The total requested amount at the end of the last previous call.
Requested amount
The current requested amount as the sum of the 'Current call' and the 'Deposit changes'.
When a participant joined the fund for the first time, the requested amount will not be lower than the initial threshold amount.
Total requested amount
The sum of 'Prev.requested amount' and 'Requested amount'.
Unrequested amount
The participant's commitment amount minus the 'Total requested amount'.
Details report distribution notice
Invested
The 'Total requested amount' minus the 'Remaining deposit' from the last previous call.
Prev. net distributions
The sum of 'Prev. distributions' and 'Curr. nett distributions' from the last previous notice.
Curr. gross distribution
The participant's share of the distribution notice amount.
Fees 1 / Fees 2
Current fees.
These fees are not taken in account at the amount to be distributed.
Curr. net distribution
Curr. gross distribution minus the fees 1 and 2.
Prev. invested return, Curr. invested return
These 2 columns are used to calculate step 1 of the Waterfall method.
The following columns are used to calculate step 2 of the Waterfall method.
-History
-Days
-Calculation over amount
-Total called Hurdle
-Prev. Hurdle distributions
-Curr. Hurdle distributions
Remaining after Hurdle
The remainder of the current distributed amount after the current hurdle has been deducted.
Prev. Catch-up, Catch-up
These 2 columns are used to calculate step 3 of the Waterfall method.
Remaining after Catch-up
The remainder of the current distributed amount after the Catch-up has been deducted.
Prev. 1st split man. , 1st split man. *
These 2 columns are used to calculate step 4 of the Waterfall method.
Prev. 1st split participants , 1st split participants *
These 2 columns are used to calculate step 4 of the Waterfall method.
Remaining after split *
The remainder of the current distributed amount after the first split phase has been deducted.
Prev. 2nd Catch-up , 2nd Catch-up *
These 2 columns are used to calculate step 5 of the Waterfall method.
Remaining after Catch-up *
The remainder of the current distributed amount after the 2nd Catch-up has been deducted.
Prev. 2nd split man. , 2nd split man. *
These 2 columns are used to calculate step 6 of the Waterfall method.
Prev. 2nd split participants , 2nd split participants *
These 2 columns are used to calculate step 6 of the Waterfall method.
Remaining after split *
The remainder of the current distributed amount after the second split phase has been deducted.
* These columns are only visible if there is a rate filled in for 1st split man. at Maintenance > Funds > Funds
The following columns are used to calculate step 7 of the Waterfall method.
-Prev. Carried interest man.
-Carried interest man.
-Prev.Carried interest part.
-Carried interest part.
Curr. total fees
The sum of 'Catch-up', '1st split managers', '2nd catch-up', '2nd split managers' and 'Carried interest man' (Also previous fields).
Curr. Net distribution
The 'Curr.distribution' minus 'Curr. total fees'.
Total of all fees
Sum of 'Total all fees' from the last previous notice and the 'Curr. total fees'.
Total Net distribution
Sum of 'Total Net distribution' from the last previous notice and the 'Curr.Net distribution'.