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Convert Holdings Transactions

The Convert Holdings Transaction is used when you need to add assets to a participant’s account that originated from another provider and were transferred in-kind. This could occur during an in-kind conversion from another provider, an in-kind contract exchange, an in-kind transfer, etc. Prior to entering the data into TSM, you must confirm that the in-kind shares have been received for that participant. This is typically done by confirming share amounts the prior provider sent and reconciling the same amount was received in our trading system.

Since this screen is only of use for one participant at a time, if you need to add assets for multiple participants in the same Plan due to a conversion you are encouraged to upload a file through the Interfaces option. In addition, the Generic Transaction screen could also be used for the convert holdings type transactions.

 

How to access the Convert Holdings Transaction Entry screen

Click the Transactions menu, then select Convert Holdings Transaction. The Convert Holdings Transaction Entry screen appears.



How to perform a Convert Holdings Transaction

The following should be used when you want to add assets to a participant’s account through the Convert Holdings Transaction.

1.       Choose the Plan, participant and product the transaction applies to.

2.       Enter the Conversion Date, which is the date the assets should post to the participant’s account.

3.       Click Add.

4.       Choose a fund or model from the Fund/Model drop down.

5.       Choose a source of money from the Cont Type drop down.

6.       Enter the dollar amount for that source of money in the Market column, or leave this blank and the system will calculate the account value based on the number of shares entered for the Conversion Date.

7.       Enter the number of shares for that source of money in the Units column.

8.       Enter any of the following fields, if provided and/or available: Source Cost, Fund Cost, Pre-87 Cost, Pre-87 Market, Pre-89 Cost, Pre-89 Market.

9.   Click Add to add an additional fund/source line item, then enter the appropriate information for that investment.

10.    Click Process once all in-kind money has been added for that one participant. Go to the Post Transactions instructions to follow the procedures to post the in-kind money to the participant’s account.

Explanation of fields

If a field is not mentioned below, it is not currently used.

Field Name

Field Description

Required/

Optional

Plan, Participant, IPX Product

All fields are specific to the participant you are entering the in-kind transfer details.

Required

Conversion Date

The date the transaction will be posted to the participant’s account. This is typically the date you are entering the data into the system, as well as the same date the shares were received from the prior provider. In addition, this transaction should only be done once you’ve confirmed the in-kind shares have been received from the prior provider.

Required

Fund/Model

The investment or model the in-kind transfer should be invested into. Details should be provided from the prior provider.

Required

Cont Type

The source of money the in-kind transfer should be placed into, which should be supplied from the prior provider.

Required

Market

The dollar value of the source and investment, as provided by the prior provider. You are not required to enter this field, as the system will calculate the market value based on the conversion date and units entered.

Optional

Units

The number of shares received (and sent) for that investment and source from the prior provider.

Required

Source Cost

If supplied from the prior provider, the source cost can be entered, which is the original amount placed into that source (for that investment).

Optional

Fund Cost

The original amount placed into that investment (for that source), if provided by the prior provider.

Optional

Pre-87 Cost

The original amount placed into that source/fund that occurred prior to 1987, if provided.

Optional

Pre-87 Market

The original market value in that source/fund as of the end of 1986, if provided.

Optional

Pre-89 Cost

The original amount placed into that source/fund that occurred prior to 1989, if provided.

Optional

Pre-89 Market

The original market value in that source/fund as of the end of 1988, if provided.

Optional

Markets (total)

The total market value of all line items you’ve entered. This does not include the pre-87, pre-89, etc market values, only the value you’ve entered into the Markets column.

Informational

Units (total)

The total value of all units in all line items you’ve entered.

Informational

Cost (total)

The total source cost of all line items you’ve entered. This does not include pre-87, pre-89, etc cost values, only the value you’ve entered into the Source Cost column, if applicable.

Informational