Accounting Review & Close

Period review asks whether the fund's books, calculations and investor results agree before finalization. Open Accounting Review & Close, select the intended entity and accounting period, and check currency and scope before interpreting a result.

Review Cash & Fund Operations Reconciliation as an input to the accounting review. Unpaid obligations, unresolved cash and missing evidence must be understood, but cash matching is not a requirement to delay accrual accounting. Record protection and sign-off follow your organization's review policy.

1. GL: establish the books you are reviewing

The GL is the ledger being reviewed. Start by checking which supported source events entered it, whether entries are missing or duplicated, and whether their financial treatment agrees with the evidence. Later NAV and allocation checks depend on these books; a downstream total cannot establish that its inputs were posted correctly.

Use the GL checks to compare eligible sources, journals and ledger effects. Investigate missing and duplicate entries, cash differences, expenses, accruals and valuation adjustments.

For the saved core Cedarbridge receipt, linked funding exists but the explorer reports Missing journal. Its separate expense journal is Draft. Neither establishes posted books. Investigate those states in Accounting Operations before relying on a final accounting result.

2. Gross NAV: reconcile net assets and investment values

Net assets are the fund's recorded assets less its liabilities. Review that amount against investor capital at the same cutoff, then check the investment balances inside it against their supported accounting valuations. Agreement at the fund total can conceal a missing mark or an incorrect component.

The Gross NAV tab compares Entity/currency GL net assets with capital-account NAV and compares investment valuations with Posted investment GL balances. Its position before Fees is a review sequence; it does not remove fees already posted or create a frozen pre-fee balance. Recheck the affected comparisons after later accounting changes. A hypothetical increase in investment value from USD100,000 to USD120,000 after USD15,000 of new funding needs a bridge; the full USD20,000 is not necessarily gain.

Check source values, intervening flows and liabilities. An unpaid expense can reduce NAV before payment. See Valuations & NAV.

3. Fees: establish the applicable charge

Review effective terms, saved calculations, charged recipients and required accounting effects. Confirm the fee is represented once economically. A fee included in net allocated results must not also be deducted as an unintended second direct charge.

Use Fees & Capital Allocations for the underlying results. A clear check does not execute a fee run or post its journal. Apply the terms relevant to the fund; do not invent a charge because the review tab exists.

4. Capital Allocations: reconcile the investor result

Period capital allocations assign the reviewed result to the participating investor capital accounts. The question changes from whether the fund total is right to whether the correct classes and subscriptions received it. Review period allocation lines and their capital-account transactions. Compare investor capital to the corresponding class net assets, then reconcile the included classes to the fund on the same basis. Fund-level agreement can hide a wrong allocation between classes.

For example, moving USD100 from one class's result to another leaves the fund total unchanged. The class and recipient checks are what expose that error. This is a hypothetical illustration, not a saved correction.

5. Final Close: confirm the intended output and authorization

Review remaining exceptions and statement consistency. Complete the separate authorized approval and close process; a Ready check is evidence for that decision, not proof the action ran. The saved reporting fixture's period remains Open even though prepared posted inputs support its reports.

Protect records and handle a later correction

The Locks tab and Data Locks identify eligible unlocked records. An admin can lock reviewed rows. Locking a journal or period record does not change the accounting period's status to Closed or protect every linked row.

If a correction affects a locked record, an admin must unlock it before editing; preserve the reason and repeat the affected review. If the period is Closed, follow the authorized period-correction process too. Row unlocking does not reopen a period.