Fees
A fee moves through several stages: approved terms and inputs support a calculated run; review establishes the intended result; accounting records the journal and any required direct recipient capital effects. A calculated or finalized label describes one stage, not completion of the whole chain. Some components affect capital directly and others reach it through P&L, so the expected delivery depends on treatment.
Open Accounting → Accounting Review & Close → Fees to bring the calculation, posting and recipient controls together for the period. Begin by establishing which fee outputs should exist, then investigate the exact stage with missing or inconsistent evidence.
Match the scope
Choose Entity and Accounting Period. This review tab has no Fee Run or Share Class selector. Its first three tables initially hide Ready records. Use Fees & Capital Allocations → Fee Calculation, Fee Posting and Fee Recipients to inspect full populations and isolate a run or class.
The fictional period has no fee runs. Fee Calculation shows No results; Fee Posting, Fee Recipients and Fees Close Readiness are separate expandable sections. No fee calculation or posting was executed for this example.
Follow the fee through its layers
Calculation asks whether the run's basis, inputs, evidence and lifecycle support the stored result. Posting asks whether that run received its intended accounting. Recipient review asks whether each line reached the right investor account through the intended path. A run-level agreement can hide a line-level mistake; a line with zero direct capital can be correct when its component follows P&L. Interpret the control against that treatment before asking for another movement.
Fee Calculation checks run/line lifecycle and the presence and consistency of calculation evidence. It does not independently recalculate the contractual fee or prove that every expected fee run exists.
Fee Posting inspects the run's journal and treatment-specific capital effects. A finalized run label is separate from a Posted journal.
Fee Recipients inspects individual fee-line delivery. In these detailed controls, carry, incentive fee, true-up and clawback use the direct-capital path. Other components use the through-P&L path and must not also create a direct capital charge. Compare the expected treatment with the actual component before interpreting a missing capital transaction.
Some detailed controls suppress records with unresolved ignored-exception comments even after table filters are cleared. Check the owning record's review notes and approved exception rationale when reconciling populations; suppressing a row does not correct its economics.
One run can contain several recipient lines. Run totals and line amounts overlap, so do not add the tables together or treat every fee component as a direct capital charge.
Treat generic readiness messages with care
Fees Close Readiness displays the Fees stage of the generic blocker dataset. Its coverage and rules differ from the three detailed fee controls: it follows fee batches into their runs and lines, and its missing-capital-transaction check currently applies to every nonzero fee line.
For example, a hypothetical USD200 through-P&L fee line expects zero direct capital impact in Fee Recipients. Its fee-run journal is reviewed separately in Fee Posting. The generic readiness section can nevertheless request a capital transaction because the line is nonzero. That message alone does not justify another USD200 charge to the investor's capital account.
Do not create a capital movement merely to clear that message. Ask the fee/accounting owner to reconcile the component's intended treatment with Fee Posting and Fee Recipients. Preserve the evidence and raise a control-definition discrepancy when the generic message conflicts with the approved path. No such fee line was produced in the empty native example.
Investigate and return
- Confirm which fees should exist from approved terms and the intended period. No displayed runs does not mean no fees are due.
- Identify the run, version, line, component and currency behind the exception.
- Inspect the recorded basis and line outputs, then the actual journal and recipient capital effects.
- Use the authorized fee/accounting workflow for an evidenced correction or execution step. These tables do not calculate, finalize or post.
- Refresh the same scope and revisit capital and NAV comparisons.
The fictional period currently has no fee runs. Its empty fee tables illustrate an unproduced population, not a completed fee calculation or successful posting.