Thomson Reuters has released its latest version of PORTIA, an enterprise-wide investment accounting system. The system now includes enhanced fund accounting capabilities, providing a single solution for managing investments, accounting in multiple bases, generating operational reports and meeting regulatory requirements.

The functionality allows clients to support the management of securities and funds without the need for multiple applications.

For companies managing funds, the latest version of the system automates all aspects of the fund accounting process. This includes the calculation of a true net asset value (NAV), the ability to use portfolios, improved closed accounting controls, enhanced income and expense accrual processes and capital stock transaction management with the ability to track subscriptions and redemptions.

The core functional improvements allow fund managers, investment mangers and fund administrators to provide their investors with financial statements, capital statements and performance reports all from one single system.

In addition to Blominvest Saudi Arabia, several global clients worked with Thomson Reuters PORTIA through the design and testing process.

The system supports the complex needs of investment managers. Enhancements include net asset value (NAV) manager which strikes NAVs at the total fund, share class or sector levels based on the user defined periodicity set up for each fund (for example, daily, weekly, monthly). 

NAV calculations are based on a client’s primary accounting basis and are inclusive of all accruals and allocations of expense, distribution and income activity.

Another function is fund accounting ledger, an integrated, real-time accounting ledger module that allows portfolios and funds to be tracked in one or more accounting basis including GAAP, tax and statutory accounting principles. Double entry ledger transactions are also created and stored for each activity enabling quick and accurate reporting.

Standard chart of accounts allows clients to map the PORTIA chart of accounts to those of their internal system.

Finally reporting PORTIA’s library of reports has been enhanced to meet the needs of fund managers. Reporting on fund ledger activity is available through pre-configured balance sheets, profit & loss statements and cash flow statements.