Portfolio Redemption/Sale Reversal
Overview of IL712
If a portfolio redemption or sale has been recorded in error, Portfolio Redemption/Sale Reversal enables your organization to easily counteract this. It issues a check or a wire to the master-account holder on the portfolio record. This application also enables you to customize the amounts reversed from various portfolio balances such as the face amount, interest, and premium or discount.
- From the DDI Connect main menu, double-click Financial Services
- Double-click Portfolio
- Double-click Transactions
- Double-click Portfolio Redemption/Sale Reversal. You will see this screen:
In the Portfolio field, type the portfolio number that received the incorrect interest. Press enter or click Find on the toolbar. You can also click the list icon to select from a list of portfolios in the system or click the search icon to locate the portfolio using Name/Address Inquiry. Once you have located the portfolio, the screen will look like this:
The following fields are available on this screen:
| Field | Description |
|---|---|
| Reverse date | The date of the reversal transaction. Enter the date in mm/dd/yyyy format |
| Reverse units | Number of investment units (CDs, shares of stock, etc.) being reversed |
| Reverse face amount | Portion of the investment face amount to be reversed. The face amount on the portfolio record will increase |
| Reverse interest sold | Portion of the earned interest on the investment to be reversed. The interest receivable balance on the portfolio record will increase |
| +Premium/-Discount | Premium (positive value) or discount (negative value) amount on the investment purchase to be reversed with the reversal transaction |
| Reverse monthly amort | Monthly amortization amount to reverse |
| Reverse +Gain/-Loss | Amount of gain/loss incurred on the original sale transaction. Look up the gain/loss amount on the original redemption transaction and plug in the appropriate amount |
| Check amount | Dollar amount of the check (or wire) to be generated for the redemption/sale reversal. Sum of the above dollar-amount fields other than Reverse monthly amort. Display only |
| Type | Method of payment for the reversal amount: check or wire. Click the drop down arrow to select the disbursement type |
When you have finished entering the amounts, click Save. You will see this message:
Click OK. You will be returned to the Portfolio Redemption/Sale Reversal screen.
