Manage Accounting Entities

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Last updated: Aug 02, 2024 by Nancy Cohn (Deactivated)
2 min read

An entity is another name for a portfolio. It is a collection of investments owned by the same individual, corporation, partnership, or trust. An entity tracks your trade activity and maintains account positions, as well as all income and expenses.

About Basic Entities

Eagle Accounting supports two types of entities: basic entities and mutual fund entities. Basic entities are designed to track transactions and trades for a wide variety of investments including foreign and domestic equities, fixed income securities, and derivatives.

The process for adding a basic entity is fully automated with Accounting Center. You can also add a basic entity manually using the Create/Edit Entity panel.

Create Basic Accounting Entities

In the Create/Edit Entity panel, you can manually add a basic entity. When you add a basic entity, the system creates an entity record, a record for the entity/primary accounting basis, and accounting periods for the entity/primary accounting basis. If you want to add an additional accounting basis for the entity, use the Add a Basis to a Portfolio panel. 

If you need to add several basic entities with similar characteristics, you can save time by creating a profile. A profile is a template you can use to add repetitive information in Accounting Center. Note this functionality is available on many panels.

To manually create a basic accounting entity:

  1. Do one of the following:
    - In Portfolio Data Center, in the left navigation pane, click Portfolio Desk > Accounting Portfolio Setup > Entities > Create/Edit Entity.
    - In Accounting Center, in the left navigation pane, click Setup > Portfolio Setup > Entities > Create/Edit Entity.
    You see the Create/Edit Entity panel.

  2. Complete the options on the Create/Edit Entity panel. 
    Do not complete the Lookup Entity fields at the top of the panel. Those field are used to identify an existing entity that you want to change.

  3. Click Submit.

Edit Basic Accounting Entities

In the Create/Edit Entity panel, you can view and change information about a basic entity.

To edit a basic entity:

  1. Do one of the following: 
    - In Portfolio Data Center, in the left navigation pane, click Portfolio Desk > Accounting Portfolio Setup > Entities > Create/Edit Entity.
    - In Accounting Center, in the left navigation pane, click Setup > Portfolio Setup > Entities > Create/Edit Entity.
    You see the Create/Edit Entity panel.

  2. In the Lookup Entity section, identify the entity you want to change.
    You see information associated with the selected entity.

  3. Modify the options on the Create/Edit Entity panel. 
    Certain fields are locked because you cannot change those fields after you set up an entity. Additional fields are locked if the entity has holdings. Examples include Entity ID, Accounting Basis, Cost Method, Cost Method Cash, Account Base Currency, Accounting Period Frequency, and Month End Date Rule. Also note that you cannot change the dates that affect the entity's accounting periods. The Entity Status field is locked. However, you can use the Change Entity Active Status panel to change the status.

  4. Click Submit.
    The system saves the changes you made to the entity, along with any changes made to the entity/primary accounting basis.

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