This article walks through how to book one-to-one and multiple transfers in FundPanel.
Booking a One-to-One Transfer
Follow these steps to book a transfer from one LP to another LP:
- Navigate to the Investment Vehicle Record: Find the record of the investment vehicle making the transfer (the transferor).
- Access the Capital Commitment Record: Click on the related capital commitment record for this investment vehicle.
- Initiate the Transfer: Click the Transfer Commitment button on the capital commitment record.
- Enter the Transfer Amount: Input the total commitment amount being transferred to the transferee, not the remaining commitment amount. *The transfer Capital balance amount will be updated when you run a Capital Account Statement, with the balance allocated based on the transfer amount being added to the LP receiving the transfer, and deducted from the transferring LP.
- Specify the Transfer Date: Enter the date of the transfer. It is recommended to perform transfers as of the current quarter to maintain clean data and avoid historical transfers.
- Select the Transferee: Choose the investment vehicle record receiving the transfer (the transferee). The Investmet Vehicle record for the Transferee must be created before initiating the transfer.
- Submit the Transfer: Click the Submit Transfer button.
A completed transfer will leave the original commitment detail with the updated commitment amount (whatever commitment amount is left after the transfer, if any) and issue a new commitment record to any LPs that are recipients of the transfer. Contributions and distributions would be backed out from the transforer on the date of the Commitment Transfer and posted to the transferee on the date of the Commitment Transfer.
Transferor Commitment Detail:
The Commitment Detail for the Transferee will reflect the total Contributions and Distributions on the Commitment (including everything called and distributed to Transferor LP prior to the Commitment Transfer).
Transferee Commitment Detail:
The Commitment Detail will update the Total Called and Total Distributions.
The Capital Account Balance will not pull in transferred Contributions or Distributions, so you will use the Transfer field on the Capital Account statement to transfer over the balance, with a positive transfer amount on the transferee and negative transfer amount on the transferor.
*The ITD Contributed and ITD Distributed fields on the Capital Account field only pull in activity that has happened after the LP received the Transfer, so if a client wants to pull through the cumulative Contributed and Distributed amounts, you can request Support to update the Code to pull the Called Amount and Distributed Amount from the Commitment Detail or use the Contributed to Date field instead of the ITD Values.
Booking a Transfer from One LP to Multiple LPs
To transfer an LP's commitment to multiple LPs, the process is the same, you will initiate the transfer from the Transferor LP, and enter the amount of the Commitment being transferred to the LP, and just repeat the process for each LP receieving a commitment transfer. When it is time to run a Capital Account, the balance amount added to the transfer field of the Capital Account for each LP receieving a transfer will be allocated based on the percentage of the commitment that was transferred to them. The transferor's transfer field will have the cumulative of each of the LP that received a transfer, just negative.