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Net Asset Sweep

overview

 

  • Net Asset Sweep is an optional function that automatically creates a journal entry to move “accumulated earnings” into “spendable” net assets for non-endowed funds.
 
  • This process will run automatically after processing Joint Investment Allocation as well as once nightly. It will also run after Fund Fee Assessment if auto-post is enabled.
 
  • Once activated, this process will not post back prior to the “Allow Posting From” date in the General Ledger Setup.

 

ensure funds are not endowed

 

Net Asset Sweep will only run for funds that are not marked as Endowed using the checkbox on the Fund form.  Ensure this box is not marked for all funds whose assets should automatically sweep from Accumulated Earnings to Spendable.
 

 

configure net asset sweep

 

  1. Navigate to Fund Management.


     
  2.  Then choose Accounting Settings.


     
  3. There should be one active accounting setting record. Open that record.


     
  4. You will see a section titled Net Asset Accounts. Select the general ledger account you use for spendable and accumulated earning net assets.

Note: These accounts MUST be in the range of 3000-3999!


To enable the Net Asset Sweep to run, set the Net Asset Sweep setting to “On”.

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