Exception Reports

The Exception Report is available immediately after the download is completed and it can be printed until the next download is started.

The Exception Report tells you if there were any problems or issues with any of the data.

Transaction Exceptions

One of the most important areas of the exception report is the Transactions Section.  Transactions may have problems for the following reasons:

1.The transaction code may be new and Advisors Assistant does not know how to process it.  Often a clearing firm will add new codes without informing the software vendors.  When this is the case, our technical support should be notified.

2.The transaction may have incomplete data.  This can happen in DST FanMail downloads because the files are sources from over a hundred fund companies and the input is done by thousands of people.  Mistakes can be made.

3.The transaction's data may be illogical.  For example, the Settle Date could be months before the Trade Date.  That does not happen in the real world.

Messages And What They Mean

These messages are somewhat rare and do not always mean that something is out of balance.  However, when you get one of these messages, you do need to follow up on them.

Unknown Transaction Type

This transaction was processed and it is in your database.

When a transaction is sent with a code that is not on the list of expected codes, Advisors Assistant does not know how to use it in calculations.  It will not affect any calculations, but it will be put into the database as an "Unknown" transaction.

You should contact our Tech Support with the type code.  We will check with the download source (such as DST or Pershing, etc.) and add the code to our system.

If you recognize the transaction, you manually correct it in your system using the Modify Investment Activity Screen.

Download Policy's Base Coverage uses a different plan than existing Policy's base coverage

The policy number and the producer match in the download and the database, but the plans don't match.

1.If there is no conflicting data in the effective date and issue date fields, the policies are deemed to match and the cash values, etc. are updated.  Needs Attention is written in the report.

2.If there is conflicting data in the effective date or issue date fields, the existing policy is not updated and an exception is written to the processing report.

Unable To Locate Transaction To Cancel

This transaction was processed.

Advisors Assistant was unable to link it to the transaction that it cancelled.  This is usually because there was not enough information to locate the transaction being cancelled.

You should review the transaction using the information provided in the report.  Make sure that the basis established in the original transaction is taken out by the cancelling transaction.

Basis cannot be established.  Please modify the Transaction and set the Share Price.

This transaction was processed.

A transaction has been sent with an indicator that it should add or subtract shares, but there is no share price and it is not a stock dividend or similar transaction which would not contain a share price.

You should review the transaction using the information provided in the report.  Enter the price for the transaction to make sure that the basis established.

Note: Sometimes, especially with DST, a fund company will adjust dividends or try to do a partial cancellation with a transaction that does not include a price.  This is an error from the fund company, but you can fix it by just adding a price.

Transaction uses previous security information

This transaction was processed.

The account and investment was located in Advisors Assistant using a previous CUSIP or Alternate ID.  This isn't necessarily bad, because when a CUSIP changes, Advisors Assistant stores the old (previous) CUSIP so that users who do not download every day will be able to process files from before the change and files after the change.

HOWEVER, if you keep seeing the same message for the same security in each download, you should investigate whether you have the right CUSIP in your Security file by using the Modify Security Information Screen.  Be sure that the CUSIP and Symbol is accurate.  When previous security information is used, it means that the primary CUSIP or Symbol was not found.  It could be that the primary information is incorrect or changed by someone inadvertently.

Position Uses previous security information

This position was processed.

The account and investment was located in Advisors Assistant using a CUSIP or Alternate ID.  This isn't necessarily bad, because when a CUSIP changes, Advisors Assistant stores the old CUSIP so that user who do not download every day will be able to process files from before the change and files after the change.

You should check the position using the View Investment With Positions Screen  Be sure the position matches the actual shares for that client.  If there is a reconcile transaction, be sure to check the number of shares for your client's account.

If the position is incorrect, you will need to verify the CUSIP you have stored in the Modify Security Information Screen.

Two MM Exist In Account

This can show up in First Clearing Downloads because transactions sent to the money market accounts for First Clearing do not include a CUSIP or symbol identifying the money market.  If two money markets exist in the account and they both have positive share balances and no termination date, the transaction will be posted to one of them, but it could be the wrong asset.

You should check the account.  Verify that the correct asset was posted and close any money market that should not be open.

Transaction Codes Used

The transaction sections of the reports will show you what kind of transaction was entered into Advisors Assistant.  Because of space limitations, a short code is used.  Below is the meaning of these codes.

See Also

Transfers To / From Accounts

Download Overview