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Bank account relationships allow you to associate multiple custody locations with a single entity. A custody location is the custody bank/custody bank account number grouping. A bank account relationship allows you to either define the relationship between an entity or composite and a custody bank, or to define the relationship between entities and a clearing broker.
Eagle Accounting uses bank account relationships with several types of activity. If you use cash segregation, you must set up bank account relationships whether or not you plan to send transactions that contain a custody location and cash account number. If you use derivative segregation with or without cash segregation, you set up bank account relationships that define an entity to clearing broker relationship. You can also define bank account relationships for use in reconciliation, and for use with Eagle's insurance accounting solution.
In prior releases, a bank account relationship was known as an entity bank relationship.
Create Bank Account Relationships
In the Create Bank Account Relationship panel, you can associate a custodian bank or clearing broker with an entity. You can use bank account relationship data to match and reconcile holdings and/or for cash segregation.
If you are creating the bank account relationship for use with cash segregation, you can additionally use bank account relationships to associate a custodian bank or clearing broker with a group of entities in a composite.
To create a bank account relationship:
Do one of the following:
- In Accounting Center, in the left navigation pane, click Setup > Portfolio Setup > Custody Cash Accounts > Create Bank Account Relationship.
- In Portfolio Data Center, in the left navigation pane, click Portfolio Desk > Accounting Portfolio Setup > Custody Cash Accounts > Create Bank Account Relationship.
You see the Create Bank Account Relationship panel.Complete the options on the Create Bank Account Relationship panel.
If you want to add additional bank account relationships for the entity, use the pane that appears on the bottom of the Create Bank Account Relationship panel, as follows:
– Click the lower pane.
– Right-click and select Add Rows.
– Enter the number of rows you want to add in the Enter Rows Count dialog box and click OK. You need to add a row for each additional custodian bank you want to associate with the entity.
– Complete the fields on each row you added.Click Submit.
Create Bank Account Relationship Panel Options
In the Create Bank Account Relationship panel, when you add a bank account relationship, you can select various options based on the requirements of your business. Note options may vary according to your selections.
Option | Tag | Description |
|---|---|---|
Add Relationship | ||
Relationship Flag | 7001 | Indicates whether the bank account relationship defines a relationship between an entity group and a custodian bank or defines a relationship between a single entity and a custodian bank. Options include:
|
Entity Information | ||
Entity ID | 1163 | Specifies the identifier of the entity or entity group you want to associate with a custodian bank. |
Entity Name | 1164 | Specifies the abbreviated name for the entity you want to associate with a custodian bank. |
Select Relationship Type | 2283 | Indicates whether a bank account relationship that applies to the entities that comprise a composite defines the relationship between the composite and a custody bank or defines the relationship between the composite and a clearing broker. This field appears if you set the Relationship Flag to Shared Across Entities. Options include:
|
Relationship Details | ||
DTC Bank ID | 10671 | Specifies the Depository Trust and Clearing Corporation's (DTCC) unique bank identifier. The maximum length is 30 characters. |
Interested Party ID | 10672 | Specifies the unique identifier of the interested party. The maximum length is 30 characters. |
Interested Party Account | 10673 | Specifies the interested party account. The maximum length is 30 characters. |
Interested Party ID 2 | 11791 | Specifies the unique identifier of a second interested party. You can store a second instance of an interested party for trade matching purposes. The maximum length is 30 characters. |
Interested Party Account 2 | 11792 | Specifies the second interested party account. |
Custody Bank Code / Clearing Broker Code | 1176 | If you set the Relationship Type to Entity & Custody Bank Relationship, specifies the code value, or short name, used to identify the custodian bank holding the assets. You can set up values for the Custody Bank Code field using the Codes workspace for code category Custodian Bank and source Eagle PACE. Otherwise, if you set the Relationship Type to Entity & Clearing Broker Relationship, specifies the code value, or short name, used to identify the clearing broker. You can set up values for the Clearing Broker Code field using the Codes workspace for code category Clearing Broker and source Eagle PACE. |
Custody Bank Name / Clearing Broker Name | 1177 | If you set the Relationship Type to Entity & Custody Bank Relationship, specifies the name of the custodian bank associated with the selected custody bank code. Otherwise, if you set the Relationship Type to Entity & Clearing Broker Relationship, specifies the name of the clearing broker associated with the selected broker code. |
Custody Bank Account Number / Clearing Broker Account Number | 1660 | If you set the Relationship Type to Entity & Custody Bank Relationship, specifies the custodian bank account number for the entity that is held in custody. Otherwise, if you set the Relationship Type to Entity & Clearing Broker Relationship, specifies the clearing broker account number. |
Custody Bank Sub Account Type | 1661 | Specifies the sub account type assigned by the custodian bank. If you are adding a bank account relationship for cash segregation, this field is hidden. Options include:
|
Bank Account Status | 1662 | Identifies the custodian bank account as active or inactive. Options include:
|
Restricted | 12861 | Indicates whether the bank account relationship is restricted. A restricted account can accrue interest but is not used for investment purposes, that is, to settle trades. You identify restricted accounts when you accrue interest on cash balances for segregated positions. The system uses this option for reporting purposes. Options include:
|
Custody Bank Account Name / Clearing Broker Account Name | 1617 | If you set the Relationship Type to Entity & Custody Bank Relationship, specifies the name of the custodian bank account. Otherwise, if you set the Relationship Type to Entity & Clearing Broker Relationship, specifies the name of the clearing broker bank account. |
Primary Contact | 9962 | Specifies the name of the person who should be contacted regarding the bank account relationship. |
Phone | 9963 | Specifies the phone number of the primary contact. |
Fax | 9965 | Specifies the fax number of the primary contact. |
Settlement Method | 680 | Specifies the method of settlement. |
User Date 1 - 2 | 1663 - 1664 | Specifies two user defined dates. |
User Field 1 - 2 | 1665- 1666 | Specifies two user defined fields up to 10 characters. |
User Float 1 - 2 | 1667 - 1668 | Specifies two user defined fields with a float format. |
Delete Bank Account Relationships
In the Delete Bank Account Relationship panel, you can delete a bank account relationship that associates a custodian bank with an entity. You can use bank account relationship data to match and reconcile holdings and/or for cash segregation.
Be aware that when you delete a bank account relationship, the system additionally deletes all cash account relationships that share the same bank alias. The system also deletes all cash accounts that share the same bank alias and cash account alias with the cash account relationship.
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