The Reconciliation service is a brilliant part of FAIRSOnline.

A request to a product provider for a client will return all details of unit quantity, price and value for all funds held by that client at the date of the request.

When the response is received FAIRSOnline will check your database to see whether this agrees with your records. If it does not, FAIRSOnline will create a file of reconciliation adjustments which you can review. Once you have agreed the adjustments then the information is automatically posted into your system so that your database reflects the information held by the product provider.

If the reconciliation finds a client fund details that have not been set up in FAIRS then a new fund record will be set up using the standard description and product code.

Any withdrawals will show up as minus adjustments.

Any accumulation units or reinvested income added to your client holdings by a product provider will be detected by the reconciliation service and an entry will be made to your fund transactions in the FAIRS database.

One of the difficulties in reconciling renewal commission is not knowing the number of units that the value of commission is based upon. By keeping units up-to-date, commission reconciliation should be simplified.

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