In the Writeoff Security panel, you can permanently write off a debt or equity security and remove units from the account. The writeoff reduces the position quantity and cost of the security to zero and generates a loss for the full amount of amortized cost. The term of the loss, long term or short term, is based on the writeoff's transaction date. No cash is generated and any period to date interest that is in a receivable status at the time of the writeoff is rolled back. Writeoffs are typically used to remove a distressed holding from an account.
To write off a security:
- From any Eagle window, click the Eagle Navigator button to access the Eagle Navigator.
- Enter Book Trade in the Start Search text box.
- Click the Book Trade (Accounting Center) link to access the Book Trade toolIn the Accounting Center, in the left navigation, click Transactions > Trades.
You see the Book Trade workspace. - Complete the options in the Search Details pane and click Search.
You see the search results based on the criteria you selected. - Select the row with the security you want to write off.
- On the Book Trade tab, in the Actions group, click the Action Rules arrow, point to Other, and then click Writeoff.
You see the Writeoff Security panel. - Complete the options on the Writeoff Security panel.
Ensure that you assign the Event Type field a value of WRITEOFF. - Click Submit.
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