# NavRecs

> NavRecs: automated NAV (net asset value) reconciliation software for fund administrators.
> NavRecs re-performs the daily NAV review in seconds, inside your own Microsoft tenant. Breaks ranked by impact, every figure traced to its cell, the reviewer still signs.

## What NAV reconciliation is

NAV reconciliation is the set of checks a fund administrator runs on the day's
net asset value before it is released: cash, positions, prices, FX, fees,
capital activity and the movement in the NAV itself.

## Who it is for

Fund administrators striking NAVs for roughly five to fifty funds. The
enterprise platforms were built and priced for administrators with hundreds of
funds, so firms this size have largely been left with spreadsheets.

## How it is deployed

Inside the client's own Microsoft Azure tenant. The files, the audit trail and
the configuration stay in the client's environment. The software makes no
outbound internet calls. Sign-in is the client's own Microsoft Entra accounts
and their own two-factor. One instance per client; never a shared database.

## What is deliberately true of it

- No generative AI touches the numbers. Every check is deterministic: the same
  files produce the same answer every time.
- Every figure traces back to the cell in the file it came from.
- Every file read, check, break, sign-off and configuration change is written
  to an append-only, hash-chained audit trail.
- It is read-only on the client's systems: it never writes to their accounting
  system.
- A file that cannot be read in full is refused with the reason named on
  screen, never half-read and never guessed.

## The 18 checks

### Cash and interest
- 01. Cash reconciliation, per account per currency. The cash balances on the custodian statement against the cash in the accounting pack, fund by fund, currency by currency, compared in the balance's own currency so FX noise never moves the answer. Three outcomes: ties, explained (a difference that exactly matches a same-day trade), or check.
- 02. Interest accrual completeness, per broker, per currency. The interest on the broker's statement, including the one that arrives as a PDF, tied to the interest booked, per currency per fund. A whole currency's interest can no longer go unbooked because someone missed a line while re-typing.

### Prices and FX
- 03. Security price check: stale prices, day-on-day movement, your primary feed against an independent one. Three comparisons per security: today against yesterday on the independent feed (stale or moved beyond your band), the accounting price against your primary feed, and the accounting price against the independent feed as the tiebreak, so two feeds agreeing wrongly cannot pass.
- 04. FX rate movement, per currency. Every rate against its own prior day. A stale rate from a pricing job that fell over, or a large genuine move, goes to a human before release. A pack with no rates sheet surfaces as "not verified", never skipped.
- 05. Cross-currency price check. Securities listed in one currency but held and priced in another. The listing price times the day's rate gives the implied price, compared against the broker's. Catches the stale or mistyped manual rate that would otherwise corrupt every price it touches.

### Positions and trades
- 06. Position reconciliation against each custodian, by quantity and market value. Every holding matched by ISIN. Quantity must tie exactly. Market value compared stated-to-stated in the security's own currency.
- 07. Trade reconciliation: custodian trades against the accounting records. Two-sided matching of the custodian's trades against the accounting pack: side, quantity, price, currency. Anything unmatched on either side surfaces as a break.
- 08. Corporate actions against what the accounting records have processed. Dividend events from the market data against what the accounting pack has processed. Other action types are surfaced for human review rather than guessed.

### Income, accruals and fees
- 09. Dividends receivable, per security. Gross equals quantity at ex-date times the declared rate; net equals gross less withholding. Exact, line by line, and the lines must sum to the trial balance.
- 10. Accruals, recomputed from each schedule. Each accrual recomputed from its own schedule and the days elapsed, against the booked balance. Exact.
- 11. Prepayments, recomputed from each schedule. The expected remaining balance recomputed from each schedule, against the booked line.
- 12. Management fee, recomputed from the fund's own terms. The fee recomputed from the fund's own terms (flat, tiered or with a minimum) against the fee payable in the trial balance. Exact, the way your own fee check works.
- 13. Performance fee, per share class: hurdle, high-water mark, fee. Benchmark, high-water mark and fee recomputed forward from the day's stated openings, index growth and cashflows, against the stated figures and the booked payable. A full recalculation, never a sense-check.

### Capital activity
- 14. Subscriptions and redemptions tied to the dealing cash, per fund. Subscriptions receivable and redemptions payable in the trial balance tied to the dealing cash, per fund, per side, per currency. Fund-level totals only. No investor-level data is read, shown or stored.

### The NAV itself
- 15. NAV-to-NAV reconciliation, per prime broker, line by line. The final gate. Per prime broker, the trial balance tied to that broker's own report totals, line by line across cash, amounts due to and from the broker, fees, dividends, interest and positions, in the line's own currency and in base. Residuals split into explained, with a named reason, and unexplained. Ends in a 0.00% bottom line.
- 16. NAV movement per share class, against your own band. Closing against opening NAV per class, net of the day's capital movements, against your own band for that fund. A breach is an investigate trigger: it queues for sign-off with the day's P&L attribution alongside.
- 17. Reasonableness of the NAV move: how much of it the day's P&L explains. The day's realised and unrealised P&L summed per security and ranked, against the NAV movement. The evidence a reviewer needs to explain a flagged move, on screen, without opening a workbook.
- 18. Balance-sheet completeness: every account has a home, or the release is blocked. Every account on the trial balance placed against a balance-sheet line and against the check that examines it. A new, unmapped account is exactly what a NAV review exists to catch, so it blocks the release until someone has looked.

## Pages

- https://navrecs.com/ - what it is and how the morning runs
- https://navrecs.com/checks - all 18 checks in full
- https://navrecs.com/security - data residency, sign-in, audit trail, testing
- https://navrecs.com/about - who built it and why
- https://navrecs.com/demo - book a 20-minute demo
- https://navrecs.com/resources - plain answers for fund administrators
- https://navrecs.com/media-kit - official name, descriptions, facts and logos

## Contact

hello@navrecs.com