For fund administrators, managers and fund accountants
Fund accounting in T-Suite: the NAV from the fund's own books
Fund accounting is keeping a fund’s books (its ledger, fees, investments, expenses and FX) and striking the NAV from them. In T-Suite Funds, a fund can keep its books in the platform itself: what T-Suite records posts to the ledger by itself, the period close works out the fees and the NAV per share class, and that NAV goes to the fund’s approvers like any other.
Last updated:
What is full fund accounting in T-Suite?
Most funds keep two sets of numbers: the platform their investors use, and the administrator’s books in a spreadsheet or an accounting package. Every period someone re-keys subscriptions, redemptions, trades and fees, and the NAV is built from that copy.
With full fund accounting, the books live in T-Suite. The chart of accounts starts from a template, every entry balances in each currency, and every manual entry, trade, fee change and NAV needs a second person. A fund that keeps its books elsewhere can still send a P&L breakdown with each NAV instead: each fund chooses.
What posts to the books by itself?
Everything T-Suite already witnesses: cash received, subscriptions held in advance, units issued, redemptions settled and paid, capital calls, distributions, refunds and platform fees. Each entry carries its share class and investor, so the P&L can be split by class and by investor later. Re-running the posting never doubles an entry: each event posts once.
How are management and performance fees worked out?
Fees are set per share class and approved like any other change. The management fee accrues on the class’s NAV for the days since the last accrual. The performance fee is a percentage of the gain per unit above the hurdle and the high-water mark, fixed at each crystallisation.
With per-investor equalisation, each investor’s units carry their own high-water mark, set by the price they paid. A late subscriber pays only on their own gain, early investors are not diluted, and units redeemed during a period crystallise their share of the fee accrued so far.
Investments, income, expenses and FX
- Trades: buys at cost; a sale takes out average cost or, for a FIFO fund, the oldest lots first, and realises the difference. The cost basis is fixed from the fund’s first trade.
- Income: dividends and interest, received or accrued, so income lands in the period it was earned.
- Revaluation: every holding at its market price; only the change in unrealised gain posts.
- Expenses: accrued when incurred and paid when settled, so the payable is always right.
- FX: balances in other currencies are revalued into the base currency at the rate you set.
How does the period close produce the NAV?
-
01
Check
Close at a date. Nothing dated on or before it may still wait for approval, holdings must be revalued and foreign balances have a rate on that date, and the books must balance.
-
02
Work out the fees
The management fee since the last NAV, and the performance fee on the NAV the books give before it.
-
03
Split by class
Each class keeps its own capital, fees and expenses, and shares the rest by weight, so the classes always add up to the fund to the cent. NAV per share is each class’s net assets divided by its units in issue.
-
04
Approve and publish
The NAV goes to the fund’s approvers as a NAV pack with the same checks as an administrator’s NAV. Once it is published, the close’s fee accrual posts and the period is locked.
A closed period is never rewritten: anything dated inside it is refused, and a late correction goes into the next period. If the NAV is rejected, the close is void and the period opens again.
Profit and loss at four levels
| Level | Who sees it | What it shows |
|---|---|---|
| Firm | The administrator | Every fund, by manager and class, by P&L line |
| Manager | A client manager’s staff | Only the classes a member is assigned |
| Class | Staff with access to the fund | Every line, and the bridge from opening to closing NAV |
| Investor | The investor (portal and statements) | Their share of each line, including their own performance fee |
Financial statements
For any period, in the fund’s base currency: the statement of net assets, the income statement, the statement of changes in net assets and the trial balance, with each close’s NAV per class. They export as CSV, and as XLSX with one sheet per statement, ready for the auditor.
Watch a full period, from the books to the NAV
The walkthrough sets up the books, records trades, income, expenses and FX, closes the period with the NAV from the books, and shows P&L at four levels and the statements.
Fund operations fit check
See what T-Suite Funds would run for your funds
Three quick choices. The capabilities that match appear on the right as you go, and you can ask for a walkthrough with your answers attached.
Fund accounting FAQ
Do we have to keep the fund's books in T-Suite?
No. Each fund chooses: full fund accounting in T-Suite, or the administrator keeps the books elsewhere and sends a P&L breakdown with each NAV.
Can the administrator still approve the NAV?
Yes. The NAV from the books goes to the fund’s approvers as a NAV pack, with the same checks as an administrator’s NAV. Nothing about publishing changes.
Is anything posted without a second person?
Only what the platform itself witnessed (cash, units, payouts) and a close’s fee accrual once its NAV is approved. Manual journals, trades, expenses, FX, fee terms and NAVs need a second person.
Does it work for funds that are not tokenised?
Yes. A share class can keep its register in T-Suite without a token; the books, the close and the reports work the same way.
What do auditors receive?
The ledger, the trial balance and the financial statements as XLSX, together with the approval history and the fund’s tamper-evident audit log.
Close your next period on T-Suite Funds
See a fund's books post themselves, a period close strike the NAV per class, and P&L at four levels, with your funds in mind.