The ledger is the fund.
It should not live in a workbook.
Capital calls, distributions, capital accounts and the audit trail are one continuous record, or they are four documents that disagree at quarter end.
One ledger, and it reconciles itself.
The capital call is drafted once
Allocated across LPs by commitment, notices generated, posted to the capital accounts and published to the portal in one sequence. The allocation and the notice cannot drift because they are the same record.
Distributions and the waterfall
Called, returned, carry and the current TVPI/DPI read off the same postings the notices were built from. Change one, and everything downstream reflects it.
Every LP sees their own account
The portal reads the ledger live, so "can you re-send my statement" stops being a task. Their number is right whether they open it today or in three weeks.
The marks are carried on a stated basis
Valuation history sits on an ASC 820 mark basis, with the input and the date behind each mark on the record. When an LP or an auditor asks why a position moved, the basis is written down rather than remembered.
The auditor asks how a number was reached
Every posting carries who entered it, when, from which document. The answer is a link, not an archaeology project.
What we do not do, stated plainly
No 409A valuations, no ASC 718 or IFRS 2 expense reporting, no Schedule K-1 generation, no multi-jurisdiction statutory registers. Those stay with your existing providers, and we will say so in the sales call rather than after it.
A controller does not want a prettier workbook. They want one place the number came from.
Fund accounting is the half of this category that gets sold on screenshots and bought on trust. The honest version of the pitch is the fifth row above.