UTIMCO ITF Procedure
The Mellon Long Term Investment account should be reconciled on a monthly basis. During the month, the dividends earned are booked to account 016312 1211 and the offset is to account 316312-0916. Here are the instructions on how to reconcile the Mellon account:
- Download the monthly transactions from UTIMCO website.at the end of the month. Using this statement, the dividends are booked.
- Use summary sheet to record the ending balance.
- Open the UTIMCO reconciliation spreadsheet and update the ending balance for Intermediate Term Fund (ITF), using the Balances Sheet on website.
- Using the FBM094 report for the month end, update the ending balance for the General Ledger using object codes (1223 & 1224).
- Add to the balance the dividend that was recorded on downloaded transactions.
- The balance from the website and the General Ledger should now balance.
- If the balances do not match, double check downloaded detail transactions. You may have an "Unrealized Gain/Loss of Investment". Record the entry on the general ledger to reflect the gain/loss.
- 016312-1221 $XXXXXX
- 316312-0916 $XXXXXX
If the entry is for a loss, make this entry:- 316312-0916 $XXXXXX
- 016312-1222 $XXXXXX
- Once the account is balanced, the reconciliation worksheet should be printed off and signed by both the reconciler and the supervisor. The signed reconciliation should be filed.
- At the end of each month, the UTIMCO Balances page will reflect the market value of the ITF account. A journal entry will be prepared to reflect the new market value of the account. The entry for a market increase is:
- 016312-1224 $XXXXXX
- 016312-4640 $XXXXXX
The entry for a market decrease would be:- 016312-4640 $XXXXXX
- 016312-1224 $XXXXXX
Last Updated: August 8, 2012
