Account holdings are sometimes discovered from custodian data with missing cost basis information. This article will detail how to identify account holdings with missing cost basis and directly add the tax lot details for transactions.
Navigate to Data Management and select reporting date.
The reporting date selected will determine the date for which holdings with missing or partial cost basis info is returned. For example if you want to run a client reports as of 3/31/22 and want to ensure that cost basis data is included on all client Appraisals report, select reporting date 2022-03-31. This can be selected from the calendar widget or typed directly in YYYY-MM-DD format.
Once the reporting date is selected the account holdings with missing cost basis will automatically populate.
Use the search bar to filter based on account or security records with missing cost basis information to find the holding(s) you for which you wish to update tax lot information.
Use the wrench icon to expand the transaction details and view the source of the missing cost basis data.
These are divided into 2 categories, Initial Transactions and Transactions. Initial transactions describe initial holdings that were discovered by Atlas of accounts that had previous history (ex. newly onboarded accounts) and are not necessarily transactions reported by custodians. Transactions describe transactions which were reported directly by custodians (ex. Transfers, Splits, Buy/Sells)
Missing cost basis for a transaction is indicated by the red X icon. Use the wrench icon to add missing tax lot details.
A dialogue box will open which allows the user to input the missing tax lot data for the transaction. Key fields are Original Lot Purchase Date (format YYYY-MM-DD), Quantity and Cost Basis. Enter the missing tax lot data in the dialogue box and use the "Add" button if the transfer is composed of multiple tax lots.
Once the information is entered, hit "Review" to review the changes before pressing save.
Once saved, the tax lot information has been stored in Atlas' portfolio accounting system. Use the "Finalize Changes" button to launch the portfolio account engine reprocessing which will ensure that the tax lot data you entered will propagate all account reports. This account processing will take a few minutes. Once completed, the record you just updated will no longer appear in the Missing Cost Basis widget as the cost basis is no longer missing.
