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Assets

Managing General Asset Information

Asset information is stored at the PAN level. The
Comprehensive Asset List
 register is updated with the asset information when the initial transaction or sale for the CUSIP is loaded. Items (such as the CUSIP, asset name, state of issue or country code) are added to the asset's entry in the asset register if the fields are populated on the transaction or sale.
After an asset is added, certain rules determine which asset fields are updated. The following table includes a description of how bridged asset field values are loaded and updated:
Field
Load and Update Details
Asset ID(CUSIP)
The value is from the initial transaction or sale loaded for the CUSIP. The value cannot be modified once it is added.
Name
The value is from the initial transaction or sale loaded for the CUSIP. The field is locked if the value is modified in ONESOURCE Trust Tax. If the field is not locked, the value is updated only if the value is populated in the bridge file.
Asset Type
The value is determined from the tax code of the initial transaction. If there are multiple transactions in the same bridge file, the information from the last transaction loaded is used.
The field is locked if the value is modified in ONESOURCE Trust Tax. The asset type is populated from the bridge file if the field is not locked and a subsequent load includes an income transaction for the asset.
Origin
The value is from the initial transaction or sale loaded for the CUSIP. The field is locked if the value is modified in ONESOURCE Trust Tax. If the field is not locked, the value is updated only if the value is populated in the bridge file.
Minor Asset
The value is from the initial transaction or sale loaded for the CUSIP. The field is locked if the value is modified in ONESOURCE Trust Tax. If the field is not locked, the value is updated only if the value is populated in the bridge file.
NQ Asset
The value is from the initial transaction or sale loaded for the CUSIP. The field is locked if the value is modified in ONESOURCE Trust Tax. If the field is not locked, the value is updated only if the value is populated in the bridge file.
Factored
The value is set to
Yes
 if the bridge file includes transactions coded with tax code 906.
Issue Date
The value is loaded only if the ONESOURCE Trust Tax value is blank. No changes occur from loads after ONESOURCE Trust Tax is populated. Only manual changes in ONESOURCE Trust Tax update a non-blank value.
90 Day Holding Period
The value is from the initial transaction or sale loaded for the CUSIP. The field is locked if the value is modified in ONESOURCE Trust Tax. If the field is not locked, the value is updated only if the value is populated in the bridge file.
TAV Security Type
The value is from the initial transaction or sale loaded for the CUSIP. It is updated if the value is populated in a subsequent bridge file. The
TAV Security Type
 field is used to indicate the proper WHFIT asset classification value from the initial sale or transaction that is loaded for the CUSIP.
In the
Comprehensive Asset List
 register, the asset type for an asset displays in
Asset Type
 field. If the asset will be factored into multiple income or expense categories then the asset type must be
Common Fund
 or
Mutual Fund
, or
Yes
 must be selected for the asset's
Factored
 field. If the asset is a municipal bond, the state of issue is included in the asset's
Origin
 field. If the asset is a foreign asset, the country of issue is displayed in the
Origin
 field.

Managing Asset Field Locks

You can use the
Tape Lock-Out Signals for Asset Data
 register to lock or unlock the following asset fields:
  • Name
  • Asset Type
  • Origin
  • Minor Asset
When an asset's lock field is set to
On
, the field is locked. The field value is not updated by a data load but can be manually updated in ONESOURCE Trust Tax. When an asset's lock field is blank, the field is unlocked. The field value can be updated by a data load and/or a manual update in ONESOURCE Trust Tax.
The following asset fields can be locked or unlocked if they are added to a custom register:
  • SEC Listed
  • NQ Asset
  • 90 Day Holding Period
The lock fields for these asset fields are in the
Asset Tape Lock-out Signals
 category on the Register Properties page. The columns are:
  • Lock Asset is SEC listed
  • Lock Nonqualified Asset flag
  • Lock 90 Day Holding Period
You can make a global change to lock or unlock an asset field for all or a group of assets in register. To globally lock or unlock an asset field:
  1. From the Register Listing page, select Run for the register that includes the asset fields to lock or unlock.
  2. Select the assets you want to lock or unlock an asset field for. To select one or more assets, select the check box in the second column on the left. If you want to lock or unlock an asset field for all of the assets in the register, do not select any check box.
  3. Select the
    Column Update
     collapsible section.
  4. From the
    Column
     drop-down list, select the column heading for the lock field you want to lock or unlock.
  5. From the
    New Value
     drop-down list, select
    On
     (to lock) or blank (to unlock).
  6. Select
    Update
    .

Managing Suppressed Sales

The
Suppressed Sales
 field, which is included in the
Comprehensive Asset List
 register, is used for sweep assets that report no gain or loss. When the value for an asset's
Suppressed Sales
 field is set to
Yes
, sales of the asset for all of the accounts in the PAN are suppressed and are prevented from being reported on Form 1099-B.
If your trust accounting system uses a particular minor asset type to categorize sweep assets, you can update the
Suppressed Sales
 field for all of the assets at one time by creating a custom register to limit the asset list to the minor asset types then globally updating the
Suppressed Sales
 field.
note
Since the
Suppressed Sales
 field is not automatically updated for new sweep assets, be sure to regularly review the custom register for new assets that may have been added since your last update.

Managing Year End Position Information

Asset information used to comply with WHFIT reporting requirements is displayed for each trust or asset relationship in the
Year End Position Information
 register. Each position record bridged from your trust accounting system to ONESOURCE Trust Tax shows the as of date of the position, the number of units and the original face value. Your trust accounting vendor may send this information monthly or annually.
In the
Year End Position Information
 register, the number of units and the original face value can be locked so that the information is not overridden by subsequent data loads. Selecting
On
 from the
Lock Units
 or
Lock OFV
 field locks the number of units or original face value. Selecting blank unlocks the fields.

Managing Assets while Processing Tax Returns

Fund factors and other asset-related tax information is not always readily available, which may make it difficult to determine the returns to process and the returns not to process due to incomplete tax information. One way to manage this process is to set the
Account contains transactions for asset marked "Held for Review"
 SmartBridge probe to stop processing tax returns, then place the asset on hold. After you receive the complete tax information for the asset, you can remove the asset hold then process the returns.
note
If the
Can force compute accounts with SmartBridge errors
 user right was granted to you, you can process a return even though an asset is placed on hold. To process a return even though an asset is placed on hold, select the
Bypass SmartBridge probes
 check box on Process page or pop-up window.
To manage assets while processing tax returns:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. In the
    SmartBridge Probes
     category, set the
    Account contains transactions for asset marked "Held for Review"
     SmartBridge probe to
    Display message and do not process tax return
    .
  3. Select
    Save
    .
  4. Create a custom asset register. Use the Register Properties page to add the
    Beginning year to stop processing for asset
     field to it.
  5. Run the custom asset register.
  6. Select the tax year you are working in from the
    Hold Asset for
     field for each asset that has incomplete tax information.
  7. Select
    Save
    . The asset is now placed on hold.
  8. After you receive the asset's complete tax information, remove the asset hold by running the custom register, selecting the blank value from the
    Hold Asset for
     field then selecting
    Save
    . You are now ready to process the accounts that hold the asset.

Creating a Custom Register to Review Asset Information

Since the
Comprehensive Asset List
 register includes all of the assets in your PAN, it may not be the ideal register to run for reviewing and correcting asset information. By creating a custom register, you can review and correct asset information on a monthly basis or for only the assets that were added in the current year.
To create a custom register for reviewing and correcting asset information:
  1. From the Register Listing page, select Modify register properties for the
    Comprehensive Asset List
     register.
  2. Select the
    Information
     collapsible section on the Register Properties page.
  3. Enter the register name in the
    Register Name
     field and select the register scope from the
    Scope
     drop-down list.
  4. Select
    Save As
    .
  5. In the first grid under the
    Detail Columns
     section, add the columns listed below depending on how you will review assets. Adding a column moves the column from the first grid to the second grid under the
    Detail Columns
     section.
    Review Type
    Columns to Add
    Assets on a monthly basis
    • ID of Load file that first added asset
      -This column is in the
      Asset Audit Information
       category.
    • Date asset last updated from Load
      -This column is in the
      Asset Master Information
       category.
    Assets added only in the current year
    • Date asset last updated from Load
      -This column is in the
      Asset Master Information
       category.
  6. Select the
    Detail Filter(s)
     collapsible section.
  7. Add the following filters depending on how you will review assets:
    Review
    Columns to Filter
    To Add the Filters
    Assets on a monthly basis
    Load Added ID
     and
    Load Update Date
    For the
    Load Added ID
     column:
    1. Select
      And
       for the
      Condition
       field in the row that includes the text, "Please select here to add new row."
    2. Enter
      (
       for the
      (
       field.
    3. Select
      Load Added ID
       for the
      Column
       field.
    4. Select
      Equal to
       for the
      Operator
       field.
    5. Select
      Predefined
       for the
      Value Type
       field.
    6. Select
      ID of Last Tape Loaded
       for the
      List Value
       field.
    7. Press TAB until the filter is added as a grid row.
    For the
    Load Update Date
     column:
    1. Select
      Or
       for the
      Condition
       field in the row that includes the text, "Please select here to add new row."
    2. Select
      Load Update Date
       for the
      Column
       field.
    3. Select
      Equal to
       for the
      Operator
       field.
    4. Select
      Predefined
       for the
      Value Type
       field.
    5. Select
      ID of Last Tape Loaded
       for the
      List Value
       field.
    6. Enter
      )
       for
      )
       field.
    7. Press TAB until the filter is added as a grid row.
    Assets added only in the current year
    Added Date
     and
    Load Update Date
    For the
    Added Date
     column:
    1. Select
      And
       for the
      Condition
       field in the row that includes the text, "Please select here to add new row."
    2. Enter
      (
       for the
      (
       field.
    3. Select
      Added Date
       for the
      Column
       field.
    4. Select
      Equal to
       for the
      Operator
       field.
    5. Select
      Predefined
       for the
      Value Type
       field.
    6. Select
      This Calendar Year
       for the
      List Value
       field.
    7. Press TAB until the filter is added as a grid row.
    For the
    Load Update Date
     column:
    1. Select
      Or
       for the
      Condition
       field in the row that includes the text, "Please select here to add new row."
    2. Select
      Load Update Date
       for the
      Column
       field.
    3. Select
      Equal to
       for the
      Operator
       field.
    4. Select
      Predefined
       for the
      Value Type
       field.
    5. Select
      ID of Last Tape Loaded
       for the
      List Value
       field.
    6. Enter
      )
      for the
      )
       field.
    7. Press TAB until the filter is added as a grid row.
  8. Select
    Save
    .

Viewing Asset Lists

The following registers allow you to view a list of accounts that hold an asset, accounts that have sales of an asset, or all of the transactions for an asset:
  • Trust List for Asset
    -This register lists the accounts that have transactions in the current year for an asset.
  • Trust List for Asset (Sales)
    -This register lists the accounts that have sales in the current year for an asset.
  • Transaction List for Asset
    -This register lists the current year transactions for an asset.
Running these registers is a great way to scan your PAN for asset holders. You can run the registers from the
Trust and Transaction Lists for Assets
 base category on the Register Listing page, or from an asset register.
Running a Register in the Trust and Transaction Lists for Assets Base Category
To view an asset list by running a register in the
Trust and Transaction Lists for Assets
 base category:
  1. On the Register Listing page, apply a filter to limit the registers displayed to the
    Trust and Transaction Lists for Assets
     base category. Select the filter bar below the heading of the
    Base Category
     column, select
    Trust and Transaction Lists for Assets
    , press ENTER or select Filter then select
    Apply All Filters
    .
  2. Select Run for one of the following registers:
    • Trust List for Asset
      -To view a list of the accounts that have transactions in the current year for an asset.
    • Trust List for Asset (Sales)
      -To view a list of the accounts that have sales in the current year for an asset.
    • Transaction List for Asset
      -To view a list of the current year transactions for an asset.
  4. The Running Asset List Register pop-up window displays.
  5. Enter the asset ID or CUSIP in the
    Asset ID/CUSIP begins with
     field.
  6. ONESOURCE Trust Tax supports partial matching. If you do not know the entire asset ID or CUSIP, you can enter only the part you know. If you do not know the asset ID or CUSIP, select the asset type from the
    Asset Type
     drop-down list.
  7. Select
    Search
    .
  8. Select the check box in the second column on the left for the asset you want to view the asset list for. In the following graphic, the check box for the asset with an asset ID of 000000828543 is selected:
  9. Select OK.
Viewing an Asset List from an Asset Register
To view an asset list from an asset register:
  1. From an asset register, select the check box in the second column on the left for the asset you want to view the asset list for. In the following graphic, the check box for the asset with an asset ID of 000000828543 is selected:
  2. Select the
    Trust and Transaction List
     subtopic.
  3. Select Run for one of the following registers:
    • Trust List for Asset
      -To view the accounts that have transactions in the current year for an asset.
    • Trust List for Asset (Sales)
      -To view the accounts that have sales in the current year for an asset.
    • Transaction List for Asset
      -To view the current year transactions for an asset.

This article applies to:

  • PRODUCT: ONESOURCE Trust Tax