RDS Solutions provides integrated investment management, portfolio accounting, partnership accounting and reporting solutions to banks, private wealth investment firms, family offices and individuals. RDS Solutions client/server software products, data interfaces and related consulting services automate and integrate our clients' critical trading and operations functions.
New Version 5.0
Version 5.0 of the Relationship Workbench, NOW available. It provides a single place to maintain consolidated financial information for wealthy individuals or families. The system processes data from partnership, trust, savings, checking or brokerage accounts.
Wealth Management System Overview
The purpose of the Wealth Management System is to maintain and consolidate family investment information for reporting and tax purposes. Our System can process either internal transactions or transactions from other sources. The system supports purchase, sale, income, cash receipt, cash disbursement and other types of financial transactions. The system maintains investment information at the lot level, calculates market value, maintains cost, accumulates income earned and computes gain/loss. For limited partnership accounts, the system maintains the individual investors balances, allocates income and expenses and distributes income.
Background
The system has been in continuous use and development since 1994 and is currently used to support more than 50 partnerships and over 400 trust accounts with over 4 billion in assets.
The Wealth Management System maintains an industry standard, Microsoft SQL Server database which is used to produce investment reports and for analysis purposes.
Benefits of the Wealth Management System
The System maintains financial information, holdings and provides tax information for families or individual investors. The system produces reports for family groups and individuals. The database can be used for ad-hoc reporting and information can be easily imported into other applications including Microsoft Excel, or comma seperated text files. Reports are available in Microsoft Word format.
Transaction Entry
Transactions can be imported from other systems and/or entered through the transaction entry screen. Transaction types that the system supports are:
Purchase Sale Deposit Withdrawal Demand Note Interest Coupon Collection Registered Interest Matured Bond Called Security PIF Distribution Cash Dividend Stock Dividend Investment Note Mortgage Payment Cash Transfer Miscellaneous Cash Received Miscellaneous Cash Disbursed
Special codes for processing Partnership Transactions are:
Contribution of Capital Contribution of Property Transfer Cash In Distribution of Capital Distribution of Property Transfer Cash Out Distribution of Income Pro Rata Contribution Pro Rata Distribution Special Allocation
Special codes for processing Alternative Investment Transactions are:
Adjust Capital Commitment Adjust Basis Adjust Income Adjust Principal Adjust Taken Down Return of Capital
Special codes for processing checking/savings transactions are:
Deposit Withdrawal Direct Deposit Interest Fees Automatic Deduction
Trust Transactions can be identified based on their source as either principle or income:
Transactions are automatically coded to General Ledger accounts based on the type of transaction, asset and special processing codes. The General Ledger account can be changed during transaction entry.
Trade transactions (purchases or sales) are processed based on the trade date, all other transactions use the date posted. The process can be overridden to change the processing order of the transaction.
Alternative Investment Module
Alternative types of Investments (for example investments in partnerships) can be tracked using the Alternative Investment module. Investments can be added with the amount committed.
Capital disbursed to the investment is tracked as well as Principle and Income received by the Partnership/Trust.
At year end the K-1 entry program is used to enter the K-1 and update the General Ledger.
Investment Module
The system maintains the tax lots, books income earned, values the holdings and calculates accrued income.
Sales can either be processed based on the tax lot relief method used in the host system or the lot relief method specidifed for the account.
The holdings module produces gain/loss and investment reports.
Pricing comes from the price history file and is used in the valuation routine. Pricing is maintained for all investments and is available for daily valuation or at month end. Pricing can also be manually entered for a specific investment.
General Ledger Module
The General Ledger Module keeps the books of the account and uses double entry bookkeeping which insures the integrity of the information.
Standard accounting reports such as the Balance Sheet, Income Statement, Journal Listings, Summary and Detailed Trial Balance can be produced.
Manual journals entries can be entered into the system to provide for adjustments to the general ledger.
A custom chart of accounts can be set up for a specific account (or groups of accounts). If a custom chart of accounts is not set up the default chart of accounts is used.
Partners Equity Module
The Wealth Management System maintains partners balances including capital contributions, capital distributions and units held for Limited Partnership accounts.
Allocations of income distributed, income earned and expenses are done based on the partners percentage of ownership (units / total units).
The system allows for special allocations that can be made to specific partners. It can also track contributions and distributions of appreciated property by the partner.
The system allows for contributions of property and separately tracks gain/loss based on IRS 704C regulations. It also allows for IRS 754 cost basis adjustments to a specific partner.
Partners reconciliation reports are available providing information necessary to produce the partnership K-1's.
Customer Reporting Module
Report packages are defined to provide the reporting required by the account on a monthly, quarterly and yearly basis.
Consolidated reports can be run which will combine the information from multiple accounts.
Reports can be run based on date ranges which allow the tax manager to analyze financial information for various accounting periods.
A general ledger report writer is used to produce many of the reports and to produce extract files for import to other systems. Reports can be customized using the report writer and custom versions of our standard reports can be set up for a specific account.
Reports can be reviewed or printed individually prior to printing an the entire report package.
Reports are produced in either Microsoft Word and Microsoft Excel format.
Closing Module
Data is downloaded from the source systems nightly into the Wealth Management database. Closings are automatically run through the current month end for all accounts. The closings can be re-run if corrections to transactions have to be made.
Closings create a snapshot of account balances as of the period closed and are stored in the database. This allows reports for the accounts to be run for any period at any time.
Closings can be run by for a specific account and period (or range of periods). Late transactions are processed in the month that they are posted or the closing can be re-run to include the transaction in the period it belongs.
