Penny version 11.1 offers new tools for data conversion, reconciliation, compliance, and reporting

22 April 2015
Mt. Kisco, United States

Released on April 21, 2015, Penny v11.1 includes enhancements designed to make accounting and financial practices even more accurate, efficient and manageable.

MT. KISCO, N.Y

TKS Solutions, LLC has issued the latest version of the Penny It Works® investment partnership accounting software, with a strong focus on system integration, data reconciliation, and regulatory compliance.

Released on April 21, 2015, Penny v11.1 includes enhancements designed to make accounting and financial practices even more accurate, efficient and manageable.

The Penny Reconciliation Tool

This handy new tool provides a convenient means to reliably reconcile Penny fund and investor data with external data.

  1. Set fund-specific thresholds for discrepancies.
  2. Override the Penny data that falls within those thresholds with the external data.
  3. Export reconciled data Excel®.

The Penny Converter

Easily import data that does not match the Penny data requirements, and let the system manipulate the data into the required formats.

Another useful component of the converter is the ability create "permalinks" to a designated folder on a computer or network, and automatically monitor that folder for new data files to be converted and imported.

Automatic Accruals

Set up automatic accruals in Penny.

This is useful to amortize amounts over time. Just set a percentage or fixed basis, and a repeating interval, and let the system do the work of calculating the proportional amount to accrue.

There is also the option to specify a maximum amount for the accounts (a cap). If the p/l exceeds the cap, a ledger entry is created.

FATCA Record-keeping and Reporting

This version includes the FATCA-compliance features necessary to facilitate comprehensive record-keeping and reporting for the Foreign Account Tax Compliance Act (FATCA) records.

Use Penny to generate PDFs of the FATCA-8966 form.

The system also supports creation of a FatcaXML file for delivery of the information to governmental agencies.

Bullpen Enhancements

Penny Bullpen provide even more flexible distribution and reporting capabilities.

The enhancements include generating additional recipient documents, replacing distribution files with another PDF, and editing the subject and body of the distribution email.

Other Enhancements…

Fees

  • Asset-based fees: override the base amount for an asset based fee for a period or estimate, and select accounts and subaccounts to eliminate from the base calculation.
  • Incentive fees: calculate overperform adjustments; specify how general partners share in the incentive fees that are set to reallocate; set incentive fees for loss carry-forward positions.
  • Management fees: option to use the feeder fund to calculate a management fee ultimately charged at the master fund. If a management fee changes during a period, changed fees can be displayed on investor repost.

Funds

  • FX rates: ability to lock the rates (at the fund, company, or system level) upon the processing of an end of period.
  • Default fund investment value: when adding a fund valuation to Penny, if no market value is entered, then the prior market value is used. If neither market values are entered, then 0 is used by Penny.

G/L

  • Partner withdrawals: withdrawals for GP shareholders are included in the processing, yielding more detailed end period processing.
  • Trial balance reclassifications: ability to move (“reclassify”) amounts from one account or subaccount to another.

Investors

  • Classification information: record greater investor detail.
  • Recalcitrant accounts: specify a recalcitrant account classification and related details.
  • Distributions: optionally exclude investors as recipients or set up the distribution to select only investors who are in all the funds of a consolidation; For Penny Bullpen users, enter a default email subject and body; optionally save the distribution reports as individual files.
  • Imports: To facilitate full FATCA compliance, the investor import includes more optional fields.

Private Equity

  • Waterfalls: Designate for a waterfall fund override an amount of accrued carry that should be crystallized. Enter crystalized fees for a fund’s waterfall. Generate three new reports: GP Carry, Waterfall Audit Fund Total, and Waterfall Liquidation Fund Total.
  • Capital calls: additional fund-related fields on the Capital Call Custom Report.

Reporting

  • Titles: Specify a title for a batch report and report set. Optionally, add tags to report titles.

Security

  • Obfuscate database: take any personally identifiable information and change it to a random set of letters, as in accordance with the US Department of Commerce/National Institute of Standards and Technology for protecting the confidentiality for personally identifiable information.
  • Password requirements: option to set Penny to require that users set “strong” passwords with specific characteristics.

Tax

  • Chapter 4: view the Chapter 4 recipient code for an investor on the Tax Withholding Report.

Workflow

  • Templates: copy a workflow template from one instance of Penny to another.

About TKS Solutions

TKS Solutions is the firm that brings you the acclaimed software, Penny It Works®. TKS is a registered Microsoft partner offering specialized partnership and shareholder accounting solutions for the financial industry. Penny It Works® is used to manage upwards of 600 onshore and offshore funds with more than $450bn in AUM.

The award-winning system provides automated and instant access to detailed investor data, performance, fees, and transactions.

Penny’s open architecture facilitates easy integration with portfolio accounting systems, data warehouses and proprietary solutions. Penny is tailored to the specific needs of leading hedge funds, fund of funds, private equity firms, fund administrators and management companies with assets under management ranging from $50 million to $60 billion.

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