Match incoming wires and record funds received

By the end of this guide you'll know how to match an incoming wire to the investor who sent it, record money that reached the fund outside Covercy, and read each investor's funds status, so you know when their funds have been received and you can approve them.

Which investors you can record funds for

The Investor package picker in the Banking dialogs offers an investor once every reviewer except your firm has approved them, and keeps offering them after you approve and after their position is booked. Each investor is listed by contact name and investing entity. If no investor is ready yet, the dialog says so and explains that an investor appears once every reviewer except the fund administrator has approved. If every eligible investor already has their funds recorded, the dialog tells you that instead.

Match an incoming wire to an investor

1. On the Banking tab, find the wire in the list of incoming wires. Each one shows its date, sender, amount and reference.
2. Choose to match the wire. The Match wire to investor dialog opens.
3. In the Investor package picker, choose the investor who sent the money.
4. Confirm the match. The investor's funds status updates straight away.

Record funds received elsewhere

When an investor sends money that doesn't appear in the fund's incoming wires — for example a transfer to an account outside Covercy — record it so it counts toward their funds.

1. On the Banking tab, open Record funds received elsewhere.
2. In the Investor package picker, choose the investor.
3. Enter the amount and the currency.
4. Enter a details line describing the payment, such as where it arrived and its reference. This line is required.
5. Optionally, enter the date the money was received.
6. Save the receipt. It's listed beside the investor's matched wires with a Received elsewhere label and the details you entered, and it counts toward the investor's funds exactly like a matched wire.

Read the funds status

• Awaiting — what's been matched and recorded so far doesn't yet cover the investor's commitment.
• Received — the matched wires and recorded receipts together cover the commitment. You can now approve the investor.
• Discrepancy — the money doesn't line up with the commitment: more arrived than the investor committed, or a wire or receipt is in a different currency from the fund's.

Resolve a discrepancy

1. Check the investor's matched wires and recorded receipts to understand the difference, and contact the fund manager or the investor if you need to.
2. Select Resolve discrepancy (or Resolve on the row) and enter the reason.
3. Confirm. The investor counts as Received for approval and closings. The original amounts stay as they were, and your reason is kept with the resolution.

Undo a match or void a receipt

• Unmatch a wire you matched to the wrong investor. It no longer counts toward that investor's funds, and their funds status updates.
• Void a receipt you recorded in error, and enter the reason. The receipt stops counting toward the investor's funds and the status updates.

When a match or receipt is refused

If an investor's review has moved back since the page loaded, a match or receipt for them is refused. The message tells you what the investor is waiting on: each firm whose approval is still pending, by name and role (such as GP, MBD or Broker), or the stage the investor is at when no approval is pending. Your own firm is never listed, and a managing broker-dealer is mentioned only when one reviews that investor. The dialog stays open, keeps the message on screen and refreshes its picker, so that investor is no longer offered.

When the fund manager requests a payment before the position exists

A fund manager can ask a signed investor for all or part of their commitment through Covercy One before the investor's position exists. That request doesn't change the investor's funds status or what you need before approving. The money counts only once you match the incoming wire or record it as received elsewhere, and the investor reads Received only when the full commitment is accounted for — in any mix of money that came through Covercy One and money that arrived outside it. A request for part of the commitment, even paid in full, doesn't make the investor ready for approval on its own.

See what each investor has contributed

On the fund's Opportunities table, the Contributed column shows how much has been matched and recorded for each investor, and Remaining shows how much of the commitment is still to arrive. The two always agree, and Remaining reads zero once the full commitment is in. In the Fund Admin portal, Contributed shows by default. Investors whose funds aren't tracked through Banking show a dash.

Check that it worked

After matching or recording, the investor's funds status on the Banking tab reads Received once the commitment is covered, and their Contributed and Remaining figures on the Opportunities table update. You can then approve the investor from the opportunity drawer. If the status still reads Awaiting or Discrepancy, check the amounts and currencies of everything matched and recorded for that investor. If something doesn't look right, contact the Covercy One support team.