Format 1 can be reconciled and used for Trust Accounting
Format 2 can’t be reconciled and will not be used for Trust Accounting.
Format 1
ATTENTION: Moving forward, for this provider, you will:
Extract all the fields visible in the screenshots.
Calculate any other relevant details from the statement, particularly in the transaction section, to capture all the reporting activities during that period.
CAREFUL: Select the “Auto-Calculate Gain/Loss” option, but only after performing the steps mentioned above.
Leave a note stating “Please review and verify the statements below. The activity has been manually calculated by referencing the transaction details, and the gain/loss has been determined based on that information.”
Mark the account as “Reviewed” in the Investments Dashboard (if you are working in there).
**You may approve the statement, even with an “Other Transaction” value as long as you are leaving the appropriate note and marking the account as “Reviewed”.
Extractions:
Beginning Balance
Ending Balance
TX: Income
TX: Deposits
TX: Sales
TX: Withdrawals
TX: Purchases
TX: Fees
The normal Transaction Detail guidelines will be followed and used for these statements
Table Name: Transaction Detail
Column Names: Date, Description, & Amount
Format 2
FORMAT 2 OF GOLDMAN SACHS EITHER WILL CONTAIN A CASH ACTIVITY SUMMARY, OR WILL NOT. PLEASE DOUBLECHECK BEFORE MOVING FORWARD.
If the statement does contain a cash activity summary, please follow Format 1 (GS) procedures.
Format 2 of Goldman Sachs statements will not reconcile.
We are unable to run Trust Accounting on Goldman Sachs Format 2 since there is no activity breakdown. We still want to make sure this statements saves, but we will not be reconciling this document as per our normal admin procedures.
Please read below for more information.
When we see this particular format of Goldman Sachs, we will NOT pass it through a client’s Trust Accounting. However, it will still end up in the Trust Accounting/To-Do sub-stack since we have ‘Goldman Sachs’ in our base stacks.
GS Format 2 Procedure:
Open the document and double check the fields (listed below) to make sure they are pulled from the correct places.
Once the metadata fields have been verified, DO NOT move this document back into Trust Accounting or through the ‘Ok’ stack. Instead, please place it into the ‘Other Documents’ stack.
We want to make sure that this statement still saves to the client’s desktop, which is why AFTER it passed through File IT and ends up in TA/To-do, we will move back into their Other Documents stack.
Format 3
Goldman Sachs Format 3 statements will not reconcile on their own, and will always end up in the Trust Accounting To-do stack. Once each metadata field has been reviewed and confirmed, we will click the “Auto-calculate gain/(loss)” button below these fields to reconcile the document.
Extractions:
Beginning Balance
Ending Balance
TX: Deposits
TX: Sales
Transfer In
Interest
Dividends
TX: Withdrawals
TX: Purchases
Transfer Out
TX: Fees
TX: Other
Equations:
TX: Income
={dividends} + {interest}
Gain/Loss
Autocaculate Gain/Loss
Format 4
Extractions:
Beginning Balance
Interest
Dividends
Gain/Loss
Ending Balance
TX: Purchases
TX: Sales
Equations:
TX: Income
={interest} + {dividends}
The normal Transaction Detail guidelines will be followed and used for these statements
Table Name: Transaction Detail
Column Names: Date, Description, & Amount