Gross NAV
A NAV review first compares the net assets recorded in the GL with the investor capital ledger at the same cutoff. It must also ask whether the investment assets within that GL use the supported accounting values. Two aggregate books can agree while sharing an omitted mark or an incorrect investment balance.
Open Accounting → Accounting Review & Close → Gross NAV for these two comparisons: Entity/currency net assets versus capital, and investment/currency accounting valuations versus Posted investment GL balances.
Match the scope
Select Entity and its Accounting Period. Both tables initially hide Ready rows. An empty table can mean that returned records passed, that no eligible records exist, or that filters exclude them. Inspect the table filter and expected population before drawing a conclusion.
The same fictional entity and period. Gross NAV and Valuation-to-GL both show No results. The Core Entity 1 example has no Posted ledger, accounting marks or capital ledger, so this is not evidence of a completed NAV tie-out.
Read the two comparisons
The Entity bridge asks whether assets less liabilities equal the cumulative capital attributed to investors. The investment bridge asks whether each relevant asset is carried at its supported accounting mark and whether unrealized activity explains its value movement. An investment mark is not extra NAV to add to the Entity total; it is evidence about one component already inside it. Resolve a specific mark or posting difference before relying on an agreeing aggregate.
Gross NAV compares cumulative Posted GL assets less liabilities with cumulative capital-account transactions, by currency, through the period end. Variance is GL net assets minus capital-account NAV. A difference greater than 0.01 fails this control.
The tab name and its position before Fees do not create a frozen pre-fee NAV snapshot. Existing posted fees and capital movements can affect the current comparison. Revisit it after downstream changes.
Valuation-to-GL compares each investment/currency's latest accounting valuation on or before period end with its Posted investment GL balance. Inspect:
- Valuation date, fair value, method and supporting document.
- Investment GL balance, cost and unrealized components.
- Opening unrealized balance, period activity and roll-forward variance.
- Status and the specific issue.
No valuation, a fair-value/GL mismatch or an unrealized roll-forward break can block the comparison. A mark that is older than period end, or lacks a supporting document, can require review even when the amounts agree. Investigate unassigned investment dimensions as well; a correctly valued investment row does not establish complete tagging of all GL lines.
For an illustrative investment with an evidenced period-end accounting mark of USD4,500 and a Posted investment GL balance of USD4,000, investigate the USD500 difference. Inspect the mark's date, currency, method and supporting document, then the tagged journal lines and any unrealized adjustment. The mark may be wrong, the ledger may be incomplete, or the scopes may differ; the comparison identifies the question rather than choosing the correction. Agreement between entity-level GL and capital totals would not resolve that investment-level difference.
These amounts are hypothetical, not a populated control result in the empty core example. An operational investment value is not automatically the same persisted accounting mark or accounting posting.
Resolve a difference
Follow the balance to its owner: a wrong or unsupported mark belongs to the valuation review; a missing or mis-tagged accounting effect belongs to the journal/source path; missing investor representation belongs to capital coverage and delivery. First determine which amount is independently supported. The comparison identifies a difference, not which side should be changed.
- Establish that all expected investments and capital accounts are represented. Missing source or capital coverage can coexist with a zero aggregate variance.
- Use Accounting Operations → Valuations & Allocations for the recorded accounting mark and its provenance.
- Inspect Posted journals, account classifications, investment dimensions, dates and currency in Journal Explorer.
- Use Fees & Capital Allocations to investigate missing recipient effects or capital coverage.
- Correct the responsible source, valuation or accounting process with approval, then refresh both comparisons.
Do not change a mark to force agreement with an unexplained GL balance. Do not add fair value to capital NAV again: these are different views of the same economics.
The Core Entity 1 example has no Posted journals, accounting marks or capital ledger. It therefore does not demonstrate a completed NAV reconciliation. Its operational cash and investment activity alone do not establish a verified accounting NAV.