Introduction
Whether you're a fiduciary, managing estates or trusts for the first time, or an experienced professional looking for streamlined processes, this guide will help you quickly get familiar with our powerful Statement Import feature. Using this tool, you can simplify data entry by importing holding and transaction details extracted from your clients’ investment statements directly into Estateably (‘the System’).
By following the instructions in this guide, you will be able to upload investment statements, parse the details, review and adjust details as required, validate and sync the data into Estateably’s Inventory and Accounting sections, significantly reducing the time and effort required for manual data entry.
What will you Learn?
- Preparing Your Investment Statements for Import
- Uploading Your Statement Files to Estateably
- Initiating the File Review
- Reviewing the Parsed Holdings
- Reviewing the Parsed Transactions
- Validating the Selected Holdings and Transactions
- Syncing the Selected Data into Estateably
Let's dive in!
Preparing your investment statement for import
Before you get started uploading and importing your investment statements, please review these requirements and tips.
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File Format: All files to be uploaded must be in PDF format.
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File Naming: You can name your files as desired.
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- Ensure the file extension associated to your statement is lowercase .pdf and not uppercase ‘.PDF’.
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- Avoid using special characters or spaces in file names to prevent any potential issues during upload.
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Single Account per File: Each file you upload should contain investment information related to a single account only.
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Statement Periods:
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- Each PDF should ideally cover one statement period.
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- If you wish to combine multiple months of investment activities into a single file, follow these steps:
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- Organize Chronologically: Organize the statements in chronological order (oldest to newest).
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- Scan Multiple Statements: Scan the transaction history from each statement into the same file.
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- Create a Single PDF: Combine all the relevant pages into a single PDF file.
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- Scan Asset/Investment Details for last period only: Ensure you only include the "Asset/Investment Details" section (i.e. holding details), as of the last statement period included.
For example, if you are including data up to June, ensure that only the holding details from the June statement are included in the PDF. If you also include holding details from previous periods' (e.g., April or May), it will result in duplicate entries in the account.
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Best Practice: Upload individual statements in chronological order to maintain the accuracy of your records and to facilitate reconciliation
Uploading your Statement files to Estateably
To get started, select the matter you are working with and navigate to the Inventory section.
You must first add the account you plan to populate, to your case’s Inventory. Create the relevant asset type (e.g. deceased investment account, additional estate account, trust investment account, etc.). Ensure the account is in ‘Managed’ status.
NOTE: In Estates, for deceased bank or investment accounts, you need to click the ‘Manage’ button to make the account available when using the statement import feature
1. In the top right side of the page, select Document import (Investment Statement), beside the Reports button.
2. On the Document Upload page, select ‘Click to upload’ to open the file finder/explorer so you can access the saved investment statement file you wish to parse and sync with Estateably.
3. Select the PDF file you wish to upload and double click. The System displays a message that it will upload and extract the data from the selected file. This may take a few minutes so the System will reflect the uploaded file status as ‘Pending…’ until the upload and parse is completed and ready for review.
4. If you wish to leave the page while the System is parsing the statement data, you will receive a notification that the System has completed uploading and extracting the parsed statement data.
Note: Depending on your Communication Preferences (set within your user profile), you will either see an in-app notification via the in the top right of the page, or an email in your inbox, or both.
5. Once the System has uploaded the file and parsed its details the file will appear showing the count of extracted transactions and holdings.
If you mistakenly uploaded the wrong file you can click ‘Remove’ in bottom right side of the file tile, to delete the uploaded file. You can upload multiple files before processing any file. The System will simply reflect all non-processed files as available to validate whenever you are ready to start. You can validate one PDF file at a time.
6. Click Validate Now to begin the review process.
Initiating the file review
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In the Inventory section, after uploading your statement to Estateably, from the statement import’s Document Upload page, Click Validate Now to initiate the statement review process
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When the System opens the Upload Validation modal, you can specify the following details:
For Estate Matters
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1. Click the *Select Account field. This is a required field. This dropdown will list the accounts in the inventory that are in ‘managed’ state that you can choose to populate.
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2. Click the *What type of upload is this? This is a required field but only applies to Estates. The options are: ‘Initial Position’ and ‘File Update’. Selecting ‘Initial Position’ will indicate that this is the first statement for the account, so the System can create original assets automatically, if applicable.
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3. Click the *Statement Start Date: This is a required field. Type, or select the period start date from the calendar picker.
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4. Click the *Statement End Date: This is a required field. Type or select the period end date from the calendar picker.
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*Date of Death: Read-only field. Reflects the Date of Death as entered in the matter’s Intake section. If you need to correct the date of death you must update it directly from the Intake section.
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5. Once you’ve completed the required details, click Next to view the parsed Holdings and Transaction data or click Cancel to return to the Upload File page
For Trust Matters
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1. Click the *Select Account field. This is a required field. This dropdown will list the accounts in the inventory that are in ‘managed’ state that you can choose to populate.
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2. Click the *Statement Start Date: This is a required field. Type, or select the period start date from the calendar picker.
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3. Click the *Statement End Date: This is a required field. Type or select the period end date from the calendar picker.
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Trust Start Date: Read-only field. Reflects the Trust Start Date as entered in the matter’s Intake section. If you need to correct the trust’s start date you must update it directly from the Intake section.
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4. Once you’ve completed the required details, click Next to view the parsed Holdings and Transaction data or click Cancel to return to the Upload File page.
For Powers of Attorney Matters
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1. Click the *Select Account field. This is a required field. This dropdown will list the accounts in the inventory that are in ‘managed’ state that you can choose to populate.
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2. Click the *What type of upload is this? This is a required field but only applies to Estates. The options are: ‘Initial Position’ and ‘File Update’. Selecting ‘Initial Position’ will indicate that this is the first statement for the account, so the System can create original assets automatically, if applicable.
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3. Click the *Statement Start Date: This is a required field. Type, or select the period start date from the calendar picker.
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4. Click the *Statement End Date: This is a required field. Type or select the period end date from the calendar picker.
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PoA Start Date: Read-only field. Reflects the PoA Start Date as entered in the matter’s Intake section. If you need to correct the trust’s start date you must update it directly from the Intake section.
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5. Once you’ve completed the required details, click Next to view the parsed Holdings and Transaction data or click Cancel to return to the Upload File page.
Reviewing the Parsed Holdings
After Initiating the File Review, the System loads the parsed data. You will land on the Holdings tab where you can review the holding information parsed from the statement’s ‘Asset Detail’ or ‘Investment Details’ section of the statement.
1. Review each holding. The System sorts the list of holdings according to the order in which they appear in the source statement.
2. Click Edit to modify the holding’s Symbol, Description, Quantity, Unit Cost, Market Price or Market Value fields. You can edit 1 row at a time. Save your changes before you select the next row you wish to edit.
3. Click Save to save any changes made to a holding or click Cancel to revert the data back to what it was, without your changes.
4. If there are any holdings you do not wish to import to the System, uncheck its corresponding row selector checkbox. The System will exclude those de-selected rows when it syncs the parsed data into Estateably when you proceed to the Validate and Sync steps.
Reviewing the parsed transactions
After Initiating the File Review, the System loads the parsed data. You land on the Holdings tab which displays all the extracted asset details. There is a separate Transactions tab where you can review the investment activity extracted from the statement.
1. Click Transactions tab (to the right of the Holdings tab) to see the parsed transactions for the statement period.
2. Review each transaction. The System sorts the list of transactions according to the order in which they appear in the source statement.
3. The System will reflect the parsed transactions but could require some manual review/intervention to refine the data extracted. Any rows highlighted in red require your attention.
4. Click Edit to modify a transaction’s Date. Description, Category, Holding, Account, Quantity or Amount fields. You can edit 1 row at a time. Save your changes before you select the next row you wish to edit.
5. Click Save to save any changes made to a transaction or click Cancel to revert the data back to what it was, without saving your changes.
6. If there are any transactions you do not wish to import to the System, uncheck its corresponding row selector checkbox. The System will exclude those de-selected rows when it syncs the parsed data into Estateably when you proceed to Validate and Sync.
Validating the selected holdings and transactions
1. When you have reviewed the holdings and transactions and are ready to sync the data into Estateably, click Validate so the System can validate the selected holding and transaction records. The System will not validate any rows that are unchecked.
2. For all the selected rows, the System validates all required fields have been specified and any erroneous rows have been corrected.
3. The System checks to compare the total quantity of each holding in Estateably (adding together the data to be imported from the statement plus the data already in the account in Estateably), to the total quantity for each holding reported in the statement, at the end of the period. If there is a discrepancy, the System returns a warning to check if the statements are being uploaded out of chronological order or if there is redundant/duplicate data.
NOTE: In case of this warning, you can proceed to the next step without correcting anything. However, if you see the above warning and do not edit any holding/transaction data in Estateably directly and you do not choose to import a different statement (e.g. if statements are mistakenly being imported out of chronological order), then the data in Estateably will not entirely match the current statement.
4. If the System does not find any errors, it will return a message confirming the selected data has been validated, and the data is ready to be synced into Estateably.
5. Click Next to proceed to the next step in the process, syncing the selected data into Estateably. If you wish to go back to the parsed data to review some details or make further changes to the data before syncing the data into Estateably, click Cancel.
Syncing the selected Data into Estateably
1.Once the System has validated the selected holdings and transactions, you can click Sync to import all the holdings and transaction into Estateably.
2.The System processes the validated statement data and returns a message to indicate the sync is finished and you can review the imported data in Estateably’s Inventory account and the Accounting section’s Transactions page.
3. Click OK to return to the Statement Import’s Document Upload page. You can validate the next statement or click Back to file inventory to return to Estateably’s Inventory Assets page, to review the data imported into the account and refer to the transaction data imported to the Accounting section.
Processing Dividend Reinvestments
1. If the System is validating a statement that includes a transaction categorized as Dividend reinvestment, the System prompts you to indicate if the statement’s transaction Description is reporting the reinvestment amount based on:
- The Price per Unit of each additional unit acquired, Or
- The Total Price paid to acquire the additional units
This will allow the System to import the transactions correctly into Estateably since Estateably will always reflect a dividend reinvestment transaction as 2 separate transactions in the Accounting Transactions page, categorized as:
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- Dividend Income
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- Investment Purchase
If you select Price Per Unit, Estateably will calculate the resulting Dividend Income and Investment Purchase amounts by multiplying the Quantity of units acquired (per the statement reinvestment transaction) by the price included in the statement’s transaction Description.
If you select Total Price, when Estateably syncs the statement data into the System, it will calculate the corresponding Dividend Income and Investment Purchase amounts by dividing the price referenced in the statement’s transaction Description, by the Quantity of units acquired with the reinvestment transaction.
2. Select the relevant option of Price per Unit or Total Price and click Next.
If you wish to go back to the parsed data to review some details or make further changes to the data before syncing the data into Estateably, click Cancel.
Trusts: Defining 'Funding Assets' before the Data Sync
1. If you are using the Statement Import feature to manage a Trust matter in Estateably, when syncing the data into Estateably, the System will prompt you to indicate if any of the holdings to be imported should be reflected as Funding Assets in Estateably’s Inventory section.
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2. Click the checkbox ‘There are holdings in this statement that need to be classified as “Funding Assets”’ if the statement includes holdings that you need to classify as Funding Asset in Estateably. Then, click Next.
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3. The System returns a list of all the available holdings in the statement with its available Quantity of units that you can mark as a funding asset..
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4. Select which holdings should be classified as Funding Asset in Estateably (after the data sync), by checking the checkbox to the left of each listed holding.
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5. When you select a holding to mark as a funding asset you must also specify/select the holding’s Funding Date by typing in the date or clicking the calendar icon to select the date.
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6. Click Next to continue with the data sync into Estateably.
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If the statement does not include any holdings to mark as Funding Asset, leave the checkbox ‘unchecked’. Click Next to continue with the data sync.
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If you wish to go back to the parsed data to review some details or make further changes to the data before syncing the data into Estateably, click Cancel.
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