Best way to handle a bank account that doesn't need balances swaps
We are considering reclassifying one of our bank accounts from a bank account to an investment account in Foundant. This account is not used for daily transactions, and we want to:
- Exclude it from all balance swap activity – it should not be swept or adjusted during cash management.
- Maintain a consistent reconciled balance in the account without system-generated transfer suggestions.
- Continue to reconcile the account monthly as an investment account.
- Avoid having this account included in admin fee or distribution calculations if it's not holding grantable or fee-bearing funds.
I'd love your input to make sure this will accomplish our goal and there aren't any risks with reclassifying it from a bank account to an investment account.
Thanks so much for your help!
Best Answer
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Yes - you would have to re-establish the balances in that account for each of the funds that should maintain a balance in the account. Since it only has Z_Cash balances in it as well I would suspect there might be other things going on with this account meaning it is part of the pool or has a revenue share parent set. I'm happy to help you troubleshoot this together on a call please send an email to support@foundant.com & we can setup a time to work together.
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Answers
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Meghan -
- Turn off cash management on this Account. Doing that would prevent it from being included in any balance swap suggestions. You can still leave it marked as a bank account.
- You'll still be able to reconcile this account the same way you have already been doing & it can remain a bank account if that is really the account type
- Same as above
- When you are setting up your admin fees you have the ability exclude specific accounts within the admin fee type. You could adjust the admin fee type(s) as needed to exclude this account. Distributions you will need to adjust your distribution type to have a different calculation base. It can be setup to be by account. You would then select the Bank & Investment account balances that you would to be part of the calculation.
I think that addresses your questions/concerns. I would be happy to meet with you to help you configure this within your system. I work on our support team so you can email in to support@foundant.com at any time & we would be more than happy to help you with this.
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Thank you for your response! I tried to do that before, but I get this message about a non-zero balance. Any suggestions?
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Yes - you would have to re-establish the balances in that account for each of the funds that should maintain a balance in the account. Since it only has Z_Cash balances in it as well I would suspect there might be other things going on with this account meaning it is part of the pool or has a revenue share parent set. I'm happy to help you troubleshoot this together on a call please send an email to support@foundant.com & we can setup a time to work together.
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Will do. Thank you!
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