Solutions for
Fund Administrator
Smart dashboards that consolidate reporting across clients, a rules-based recon configuration process to allow specific rules and tolerances for each client, and the ability to post entries to your accounting system based on recon exceptions in an easy-to-use data management and reconciliation platform.
Fund Administrators are challenged to process reconciliations for cash, positions, dividends, interest, P&L, GL accounts, etc. for many clients. How do you know if all reconciliations are completed for a given day? How do you know if you have any risk issues with a given client? Did you receive all the required broker/custodian files for a particular day? Is your current reconciliation system constrained? Maybe it doesn’t handle derivatives very well?
Fund Administrators
Fund Administrators
These are all challenges Fund Administrators face every day and Smonik solves these issues with our powerful reconciliation tool and intuitive dashboard.
Fund Administrators – FAQ
How do you retrieve broker/custodian data for reconciliation?

Broker/custodian data files can be scheduled to be automatically retrieved. The user can setup a recurring schedule and a few other file parameters, and the file watcher service will check the FTP site, website, or email inbox every 2 minutes for the specified file. Once files are captured, any user-defined filters or translations are applied before the data is automatically loaded to recon.

What if my scheduled file does not come in?

If, for some reason, the scheduled file is not received the user will see an “Error” appear on the Control Center dashboard. Once the reason for the non-delivery is known and resolved, the file can easily be rescheduled simply by selecting “Reschedule”.

Can I configure the workflow to view reconciliations and exceptions by client, fund, broker, or by asset type?

Yes. The Recon Status view and the Break Details view are configurable to view all aspects of a recon (including matched and unmatched items) with filtering and grouping established by the user. Within the Recon Configuration screens, the user can set up which fields are available for filtering and grouping.

Are you able to restrict a user to only view data for a specific client?

Yes. Permissions can be set to allow specific users to only have access to the client's data for whom they are responsible.

Am I able to view data before and after filters and translations are applied?

Yes. From within the Control Center dashboard, users can open data files both before and after any filters and/or translations are applied. Users can see a 360° view of their data.

Most of my reconciliations have zero breaks. Is there a way to hide those so I don’t have to waste time reviewing recons with no exceptions?

On the Recon Status screen (in the top right corner,) there is a checkbox “Hide Zero Breaks:”. When selected, the recons with zero breaks will be hidden from the list of recons below. Alternatively, the user can sort by any column header. By sorting the “Outstanding Breaks” column in descending order, the recons with the most breaks will display at the top of the list.

Is there a way to “lock” the recon once all breaks for a given day have been researched and resolved and/or notated or approved?

By selecting the “Review” or “Sign-Off” button on the far right of the Recon Status screen, not only does it show who (based on Windows ID) Reviewed or Signed-Off, but it also locks the recon and does not allow any additional changes unless the Review or Sign-Off is removed. In addition, a user can right-click on the Review/Sign-Off button and add any notes or attach files to support the recon.

Can data be exported to Excel?

Data can be exported to Excel (with or without header rows) or PDF from either the Recon Status screen or the Break Details screen.

If I know an exception is going to exist for some period of time, how do I handle it in Smonik? I do not want to have to address the same break every day.

For situations where the user knows a break is going to exist for a period of time, the user can “Approve” the break and assign a date the approval will be effective until. For example, a break exists on the cash recon and I know the broker is not going to process their side of the transaction for two weeks. I can approve the break on the Break Details screen and assign the approval until a date two weeks out. Every day until then, the break will appear in an “Approved” status with no need to research it over and over again. If not cleared by the end date of the approval, it will revert to a break status.

Does a user have the ability to manage (e.g. notate or approve) the same exception across numerous clients/funds?

Yes. Due to the various ways users can view data, a user can apply notes, approvals, etc. to any group of recon exceptions. By selecting the “Show All” button on the Recon Status screen, the user can then filter for any group of exceptions and apply any of the break management functions.

Will Smonik Recon match one-to-many and many-to-many transactions?

Reconciliations can be configured to allow for exact matches (one-to-one,) one-to-many matches, many-to-many matches, and/or matches within a specified tolerance. Not only can the user define which of these match types to allow, you can also control the order of how these matches occur.