ReportCheck:  Automated error checking for PortfolioCenter


ReportCheck automates the process of checking for errors in PortfolioCenter.  It eliminates the resource intensive and error prone process of manually reviewing printed reports.

ReportCheck builds quality into your PortfolioCenter data on a day-to-day basis, provides greater certainty about the accuracy of your reports, and adds efficiency to your daily, monthly and quarterly processes. 

“ReportCheck is a great addition to PortfolioCenter. Daily downloads and reconciliations are a critical part of our processes, but ReportCheck provides peace of mind when we are generating reports across time periods.

ReportCheck not only ensures the integrity of the reports, but identified a number of issues I didn’t even know I had! ReportCheck is a very effective and efficient front-end to our reporting process.”
— Chad Christensen - Semper Augustus Investments Group

 

Overview

  • You control the type of data to be checked, the specific errors to be checked, and which portfolios are to be checked.  
  • Multiple error checking jobs may be created to support specific functions in your firms workflow: Daily posting and reconciliation, monthly performance calculations, quarterly report generation, etc.
  • Errors may be reviewed on-line, easily printed, or exported to a spreadsheet for further work.
  • The error reports may be sorted and filtered like a spreadsheet.
  • Specific errors may be marked as excluded so that they do not show up in a subsequent review
  • Notes may be attached to individual errors.
  • Error checking jobs may be scheduled for off hours when system resources are available.  Jobs may also be structured to used multiple application servers for high-volume through-put.
  • ReportCheck is installed on a single server on your network, but may be accessed from any workstation through a browser.

Error Condition Checks

Transactions that cause problems for performance

  • Journal entries after performance inception
  • Missing market values on transfer and receipt transactions
  • Missing market values on credit and debit transactions

Cost basis issues

  • Missing original trade dates on credit and receipt transactions
  • Missing cost basis on buy, cover, receipt and credit transactions

Portfolio Details

  • Inconsistent group and member closed indicators and dates
  • Unreconciled accounts
  • Unfunded accounts

Security Data

  • Missing prices
  • Outlying price changes
  • Missing asset class, sector, or subsector assignments
  • Outlying yields

Performance Data

  • Intervals with invalid returns (..)
  • Missing interval data
  • Intervals exist after a portfolio’s closed date
  • Missing performance inception dates
  • Outlying returns - relative to a benchmark:  Set a tolerance range around the benchmark (e.g. 25% greater than the benchmark, and 25% less than the benchmark)
  • Outlying returns - relative to minimum and maximum limits:  Set absolute high and low return limits for defined time periods (e.g. High limit = 50% and Low Limit = -25%, over 1 year)
  • Outlying returns - relative to the mean return across similar accounts:  Group related accounts by model or within a PortfolioCenter set and compare individual portfolio returns to the mean return within the model or set.  Identify portfolios with returns greater than 1 or 2 standard deviations from the mean return.  Or, set a tolerance range around the mean return (e.g. 25% greater than the benchmark, and 25% less than the benchmark)
  • Out of date interval values for performance reporting periods
  • Missing index returns
  • Missing / unchanged index values
  • Computed inception dates