Handle Period Estimates on Portfolio Program
To get an overview of the estimations done on the Assumed Business you can use the Underwriters Estimates window / Period Estimates tab on the Portfolio Program. You can also make adjustments to these estimations.
On the Period Estimates tab of the Portfolio Program you can see the sum of estimations of all Assumed Business connected to the Portfolio Program section. You also see the various estimation currencies used on the business.
The Estimation Items depend on the configuration of the Period estimation rules in the system parameter. An Estimation Item can be defined on the Period estimation rule to be valid only for Period estimates on Portfolio Programs.
Enter Estimations Manually #
On portfolio level it is possible to enter estimations manually. This can have two purposes.
- They can be adjustments to the estimations at business level. To do adjustments you can see the accumulated estimates of the attached businesses at portfolio level. The adjustments can be booked on the portfolio ledger.
- In addition to adjustments you can do estimations only on the portfolio. These estimations can also be booked on the portfolio ledger.
To enter estimations manually do the following:
- Click the ES-condition button on the Portfolio Program.
- Select the Period Estimates tab.
- Select Edit button and highlight the currency that shall have the manual entries.
- Click the Adj. Field that shall have the manual figure and click the Calculate button. Then click OK to save the change.
Enter Estimation Complete Reason and Description
Manually register why an Estimated Item is completed.
- Open Underwriter’s Estimates / Period Estimates in edit mode
- Highlight wanted Estimated Item, right mouse click and select option Edit Complete Reason
- Select a Complete Reason from the drop down
- Enter a Description
- Press Save
- Press Save
View Estimation Complete Reason and Description
- Open Underwriter’s Estimates / Period Estimates in view mode
- Highlight wanted Estimated Item, right mouse click and select option View Complete Reason
Remove Estimation Complete Reason and Description
If entered in error, an Estimation Complete Reason and Description may be removed.
- Open Underwriter’s Estimates / Period Estimates in edit mode
- Highlight wanted Estimated Item, right mouse click and select option R_emove Complete Reason_
- Confirm removal
- Press Save
Note: Manually entered Complete Reason is for informational purposes only and has no functional impact
Field Descriptions
Currency: Currency of the displayed estimation item amounts in the field.
Calculation: Selectable from SICS table with currency codes
Validations: Currency codes from ISO table
Values: three positions
Functional Impact: Currency in which the Estimated Item values are displayed on Period Estimates.
Estimated Item: The item defined in the System Parameter Maintenance for which estimation values shall be calculated and displayed.
Calculation: System generated from System Parameter Maintenance, Multi GAAP
Validations: Period Estimation Rule
Values: Alphanumeric
Functional Impact: Estimated item value is shown in the matrix between Estimated item and Period/Year.
Compl.: Indicates that the Estimated Item is completed. This means that no further estimates will be booked and existing accruals can be reversed by the Multi GAAP Accounting Order. This flag will also stop recalculation of the Estimated Item, if set up to do so by your system administrator.
Calculation: Default value; No. Manual change to Yes.
Validations: Only options; No/Yes
Values: Alphanumeric
Functional Impact: Multi GAAP Accounting Order, Multi GAAP Recalculation Order, calculation of Period Estimates
P/YYYY: Period and Year for which an estimated amount is calculated. The period refers to a quarter or a month, depending of Estimation Frequency defined in your system parameters
Calculation: System generated from System Parameter Maintenance, Multi GAAP
Validations: Period Estimation Rule
Values: Numeric, 5 positions
Functional Impact: Estimated item value is shown in the matrix between Estimated item and Period/Year.
Adj.: Option to make manual adjustment directly on the portfolio program.
Calculation: Manually entered
Validations: Period Estimation Rule
Values: Numeric
Functional Impact: Estimated item value is shown in the matrix between Estimated item and Adj.
Conversion currency
Convert: check box for option to display estimation amounts in any currency in the system. Select currency, Exchange Rate Type, Exchange Rate Category and Exchange Rate As of Type.
Calculation: Check box
Validations: None
Values: None
Functional Impact: If checked, all other fields in ‘Conversion currency’ are editable.
Properties
Estimation View: Option to view the estimation values in Accounting Year or Booking Year mode.
Calculation: Fixed values selected from drop-down list
Validations: Hard coded values
Values: Alphanumeric
Functional Impact: Estimated item values are shown in two ways: Booking Year or Accounting Year.
Accumulated: Option to view the estimation values as accumulated.
Calculation: Check box. Manually entered
Validations: If checked, the figures are accumulated.
Values: None
Functional Impact: Figures are shown accumulated or for each period separately.
Adj as Replacement: Option to add the calculated estimates with manual adjustment.
Calculation: Check box. Manually entered
Validations: If checked, the figures are accumulated.
Values: None
Functional Impact: Adjusted figures are added with calculated figures for each period separately.
Calculate (button): By clicking the button all estimates will be recalculated.
View the Estimations from Linked Assumed Business #
In the Estimated Items field you can see the accumulated estimations of the Assumed Business. You can make adjustments to these estimations by entering amounts in the adjustment columns. The adjustments can be booked on the business ledger of the Portfolio Program by the Multi GAAP Accounting order if the user wishes to do so.
Convert Estimations to One Specific Currency #
In order to get a better overview you can convert the estimations to one currency using different rates, for example, year rates or quarter rates.
To convert all Estimation Item amounts to one defined currency do as follows:
- Click in the currency field.
- Select Add converted Currency from the pop-up menu. It is now possible to select from all possible currencies in the system.
- Select one of the currencies.
- Click Save.
This converted estimation amount is now stored and can be used as a variable in Calculation Rules under the System Parameters.
In addition to the accumulated estimates you can enter estimations only on the Portfolio Program. To do that you have to set up a Period estimation rule with an Estimation Item to be estimated on Portfolio Program level only. In this case the results column on the Assumed Business would be empty. As with adjustments, these amounts are only booked on the business ledger of the Portfolio Program.
The values of the Period Estimates tab are not updated automatically. If one of the connected businesses has changed you have to update the figures on the Portfolio Program by clicking the Calculate button. Then click Save.
If you want to stop the Multi GAAP Accounting order from booking any figures from the Period Estimates tab on the Portfolio Program you set the Complete column of this item to Yes. The next time the order is run no bookings are produced.
Display Estimates by Accounting Year #
On the Period Estimate tab of the Portfolio Program the estimations from the attached business are added up. When the estimation basis is set to Accounting Year the estimations are selected from the Period Estimate tab of the Assumed Business and added to the same period on the portfolio as if both tabs were in estimation view mode Accounting Year. That means that each first, second etc. period of a business is lumped together as if the 1st period of every business' started at the same date as the 1st period of the Portfolio Program. This might not be the case in reality since the first period of a business starts at inception date which could be any date of the calendar year.
With estimation basis Accounting Year you do not get an overview of what will be booked to the ledgers of the attached business. Instead you get a more actuarial view of the estimated figures.
Display Estimates by Booking Year #
When the estimation basis is set to Booking Year the add up is done as if the Period Estimates tabs on both Assumed Business and Portfolio Program were in estimation view mode Booking Year. Again, periods of an Assumed Business referring to the same periods of a Portfolio Program are added up. In this way the lump sums on the portfolio reflect a calendar view. Estimations on the Assumed Business are added up to the calendar period that are real.
The figures shown will be booked in the displayed periods. Naturally you will want to view the figures in estimation view mode Booking Year on the Portfolio Program when the Estimation Basis is set to Booking Year.
The periods affected by the bookings are determined by the settings in the Booking Years to Estimate in the General tab of the Multi GAAP System Parameters.