Switching Asset Custodians Mid Year Switching Asset Custodians Mid Year

Switching Asset Custodians Mid Year

Jane Nickalls Jane Nickalls

If you want to track the assets separately you will need to use investment accounts, and it requires a bit of a workaround, since you can only have one 'Vendor' account at a time. Basically you set the vendor account for the first asset custodian, upload the first transaction file, switch the vendor account to the second asset custodian and upload that file. You will use investment accounts to track balances and activity in the different accounts.

Steps are below for switching from Asset Custodian 1 to Asset Custodian 2:

  1. Go to Plan Specifications and click the Work with Sources/Inv Accounts link. Select Yes to use investment accounts to track participant balances.
  2. Set up an investment account as follows:
    ID = Vendor
    Account Name = whatever you want to be on the reports for AC 1
    Account Description = anything you like
  3. Add the investment account to all appropriate sources on the Work with Sources screen.
  4. Set the financial data import vendor as Asset Custodian 1 and enter the financial data import ID code.
  5. Go to the transaction/statement menu. Map sources for AC 1 and upload the AC 1 file, don't post the batches.
  6. Go back to the Accounts/Sources block. Change the financial data import vendor to Asset Custodian 2 and enter the financial data import ID code.
  7. Change the account name of the vendor account to whatever you want to be on the reports for AC 2. Add another investment account for AC 1 with a different ID.
  8. Make sure both investment accounts are added to all appropriate sources - on the Work with Sources screen.
  9. Go back to the transaction menu, change the investment account on the AC 1 batches you uploaded previously to the new account; post the batches.
  10. Map sources for AC 2; upload the AC 2 file and post the batches.

Add comment

Please sign in to leave a comment.