Manage daily import and reconciliation
The total process generates daily tasks to keep track of successful (and unsuccessful) transaction imports as well as reconciliation to be confirmed or worked with. In total there are four separate tasks to keep track of, one for each of the following areas:
transaction importing
security importing
position reconciliation
cash account reconciliation.
Daily import tasks
Tasks for importing of transactions and securities are generated shortly after the movements are received by m2. These tasks are explained below and are available by filtering on “m2-Import” under the Tasks module:
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Transactions
If auto-import is configured, successfully imported transactions will be marked with “done” in the title (M2-Import-Transactions [done]: [m2 filename]). Further details of the successful import can be found by opening up the task and downloading the csv attachment.
Unsuccessful imports are summarized in a separate, incomplete task. This is also the case when auto-import is not configured.
Opening up this task will reveal a spreadsheet window (example on next page) with the unsuccessful imports, and fields marked with red which cause failure.
The unsuccessful imports should be reviewed, fixed where applicable and then imported by clicking the “Confirm” button.
Any changes done in the spreadsheet should also be pre-checked by clicking “Retest all” – before confirming the import.
Securities
If auto-import is configured, successfully imported securities will be marked with “done” in the title (M2-Import-Securities [done]: [m2 filename]). Further details of the successful import can be found by opening up the task and downloading the csv attachment.
Any non-existing securities in the system will be available for import – check is done on securityCode (in most cases this is the same as the ISIN code).
Unsuccessful imports are summarized in a separate, incomplete task. This is also the case when auto-import is not configured.
Opening up this task will reveal a spreadsheet window (example on next page) with the unsuccessful imports, and fields marked with red which cause failure.
The unsuccessful imports should be reviewed, fixed where applicable and then imported by clicking the “Confirm” button.
Any changes done in the spreadsheet should also be pre-checked by clicking “Retest all” – before confirming the import.
Daily reconciliation tasks
Tasks produced from position and account reconciliation are generated shortly after the positions are received from m2. If any errors are found, these tasks will be incomplete – if positions/accounts reconcile then the tasks will be marked as complete. The two types of reconciliation tasks are explained below and can be found in the Tasks view when filtering on “m2-Recon”:
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Positions
M2-Recon-Positions: [date] – [file name]
These tasks contain the verdict of the reconciliation of FA positions against security positions at the custodians, per portfolio.
Reconciliation report is obtained by opening the task and downloading the csv file
Any discrepancies in the reconciliation should be investigated by tracking portfolios, accounts and recent imports.
If errors persist in the reconciliation after settlement date (in some cases a discrepancy can show between transaction and settlement), there is most likely a true error in the reconciliation which needs to be fixed.
Temporary errors in reconciliation can also happen if transactions are imported before reconciliation is done. In these cases, make sure to import transactions and then click “Rerun reconciliation” after opening the task.
If reconciliation is done, the task should be completed by clicking “Complete now”.
Cash
M2-Recon-Cash: [date] – [file name]
These tasks contain reconciliation information of cash accounts in FA against cash account balances at the custodians. The verdict is per account and per portfolio.
Report is obtained by opening the task and downloading csv file.
As with positions reconciliation, any discrepancies should be followed up and investigated.
Temporary errors in reconciliation can also happen if transactions are imported before reconciliation is done. In these cases, make sure to import transactions and then click “Rerun reconciliation” after opening the task
If reconciliation is done, the task should be completed by clicking “Complete now”.
Questions about managing faily import and reconciliation
Import X failed, what to do?
The general flow is that for any import done, Tasks are created. This includes failed tasks.
Any failed import can be investigated, but the direct solution is always for the client to amend any erroneous field in the import task.
Client can contact M2 directly for help if there are data issues ( support.ch@mym2.com or other representative)
Security import failed, what to do?
Securities import is optional and if checked, the process will try to import any new security to the system. Any failed securities will, through the general import process, create a Task. The task can be used to check and modify the security data so that it is accepted by FA.
Security information can be different depending on the custody a client might have. FA has implemented a default mapping to the required security fields, and using default FA codes for fields such as Type (e.g. BOND).
Transaction import failed, what to do?
Investigate the import Task and check what field is causing failure. Several common causes of import failures can be:
A missing code in FA
A new security that has to be confirmed or set up (automatic import is available for new securities, but this import can in turn fail for other reasons)
A missing account in FA
A missing transaction type, or incorrect mapping thereof
If specific mappings of for example transaction types have been set up in the system, other than default FA codes, mappings of these can and most likely need to be added using Data mappings. Maps available below and details are found under the Configuration section above on this page :
Movement/transaction types, MVT
Asset/security types, AST
Charges/Costs, COSTS
Charges/Tax, CTAX
Coupon frequency, CFREQ
Accrual calendar, CACCR
Portfolio codes, PORT,
Accounts, ACCT
Position reconciliation failed, what to do?
Investigate the reconciliation task. Also, check the attached M2 xml file for clues if needed.
What portfolio and which securities fail? Is there a complete failure?
A complete failure of the reconciliation points toward some data or file issue, which client should double check with M2. There have been cases where duplicate records on several days come in one file, which is not normal and which the FA reconciliation process does not handle.
On occasion custody extracts are delayed, which causes M2 to send data in several batches. If the M2 data looks to be incomplete, M2 should be contacted by the client directly for a status.
Cash reconciliation failed, what to do?
Same as above.