3.26 Process Fund Account Input Detail

This topic provides the systematic instructions to set up the bank accounts for a fund.

Each of the funds floated by the AMC must maintain bank accounts that operate in the fund base currency and any or all of the fund transaction currencies. These fund accounts can be maintained through the Fund Account Maintenance screen.

You can capture multiple bank accounts for a fund in the same currency; however, a default fund account must be designated for a particular currency. You can also specify the account categories for each bank details.

  1. On Home screen, type UTDFNDAC in the text box and click Next.
    The Fund Account Input Detail screen is displayed.

    Figure 3-34 Fund Account Input Detail


    Description of Figure 3-34 follows
    Description of "Figure 3-34 Fund Account Input Detail"

  2. Click New to enter the details of the new fund account you wish to maintain.
  3. On Fund Account Input Detail screen, specify the fields.

    Before you set up a fund account for a fund, it is desirable to ensure that the following information is already setup in the system:

    • The fund for which the fund account is being set up must have an authorized set of fund rules profile records.
    • The Banks and Branches must be maintained in the system through the Bank Maintenance and the Bank Branch Maintenance.

    For more information on fields in the screen, refer the below table.

    Table 3-46 Fund Account Input Detail - Field Description

    Field Description
    Fund ID Alphanumeric; 6 Characters; Mandatory

    Select the fund for which the fund account is to be set up, from the drop down list. This list contains the names of all the authorized funds in the system.

    When you select the fund, the Fund Base Currency is picked up from the Fund Demographics profile for the selected fund and displayed in the Fund Base Currency field.

    Fund Identification Number Alphanumeric; 25 Characters; Mandatory

    The system displays the fund identification number. However, you can amend this value.

    Fund Name Display

    The system displays the fund name for the selected Fund ID.

    Fund Base Currency Display

    The currency in which the fund is denominated is defaulted here.
    Description Display

    The system displays the fund base currency description.
    Bank Code Alphanumeric; 12 Characters; Mandatory

    Specify the name of the bank where the account is to be set up.

    Branch Code Alphanumeric; 12 Characters; Mandatory

    Specify the name of the branch of the bank where the account is to be set up. When you select the Bank Name, the branches that have been set up for the selected bank are populated in the drop down list.

    Account Number Alphanumeric; 34 Characters; Mandatory

    Enter the number of the account that will be operative for this fund.
    IBAN Alphanumeric; 40 Characters; Optional

    Specify the International Bank Account Number (IBAN) of the account holder.

    Account Currency Alphanumeric; 3 Characters; Mandatory

    Select the currency that the account is to operate in, from the drop down list provided. When the fund is selected, all the currencies that are permitted for the fund as transaction currencies are populated in this list, along with the fund base currency. This information is picked up from the Fund Demographics profile and the Fund Transaction Currency profile for the selected fund.

    As mentioned earlier, multiple accounts can be set up for a Fund ID and an account currency. An account must be maintained for the Fund Base Currency, and if this is not done, the system prompts for this on usage of the Save option.
    Account Name Alphanumeric; 140 Characters; Mandatory

    Specify the name of the fund account that is being set up.
    Close Account Mandatory

    Select Yes from the drop-down list to indicate closure of this fund account. Account closure is only available in Edit Mode.

    Direct Debit Applicable Optional

    Select Yes from the drop-down list to indicate that direct debits are applicable for the account.

    Account Category Alphanumeric; 2 Characters; Optional

    Specify the category to which the account belongs.

    Only those accounts that operate in the fund base currency can be specified as an NPI-Trust account. For a given Fund ID and Fund Base Currency combination, only account can be maintained as NPI-Trust account.
    Default Account Optional

    Select Yes from the drop-down list to default account for each currency.

    You must designate one default account for each currency, which would be deemed to be the default fund account in the selected currency, for the fund.

    In case of currency of expression fund, while saving the record, the system will check if there is fund account maintenance for all fund base currency and all fund price currencies listed for the fund selected. The system will display an error message as Maintain fund account for the account currency and currency code name.

    If fund account details are not maintained then the system will validate the number of authorized funds for which fund bank accounts have not been maintained for their Fund Base/ Fund Price Currency as part of Pre EOD.

    The system will also validate the account currencies at transaction level if accounts for fund price currencies are not maintained.

Parent topic: Other Fund Activities