Account Structure
If you're new to Canopy, it will be helpful to understand the account structures.
Any individual account consists of 4 primary building blocks:
Partner Account
A Partner is an entity (e.g. a Wealth Manager, Single Family Office, Robo Advisor etc) who is using Canopy to serve their customers.
A Partner Account will have its own segregated database inside the Canopy infrastructure. This database contains all the data of all Parent Accounts that belong to it.
A Partner Account can have infinite Parent Accounts.
Parent Account
This is the account of the asset owner and is typically an individual customer (person or entity) of the wealth professional using Canopy. A Parent Account usually belongs to a Partner Account. However for self directed customers, Canopy creates an independent Parent Account.
Each Parent Account has a unique username which is used to login to Canopy (if enabled). Individual members of a large family that require separate reporting will also each get their own Parent Account. Each Parent Account that is not under a Partner Account gets its own segregated database inside the Canopy infrastructure.
Each Parent Account can have an infinite number of Child Accounts.
Child Account
Child Accounts hold an asset or collection of assets that need to be tracked separately. Examples would be an account with a Private Bank or any directly owned asset. A Child account will always belong to at least one Parent account. However multiple parents can own the same child account (for example in a large family with complex cross holdings).
Each Child Account can have an infinite number of Currency Accounts
Currency Account
Each Currency Account has a specific currency (e.g. USD, EUR or Bitcoin) and belongs to a specific Child Account. There can be multiple Currency Accounts of the same currency in a particular Child Account (e.g. USD-01, USD-02, USD-03, JPY-01, JPY-02 etc.)
Transactions can only be booked in a Currency Account
Canopy Account Structure. A Parent Account will always have Child Accounts and Currency Accounts under it.
Transactions booked in the Currency Account
All transactions in Canopy are booked into the Currency Account. Since the Currency Account can belong to only one Child Account, Canopy Engine automatically populates the Child Account on the basis of the Currency Account being input. Sample Transaction ticket is below
Screenshot from Canopy Engine showing fields that are input for a transaction
Logging into Canopy
Only the following types of users can login to Canopy
Partner Admin Accounts - This is an administrator for the Partner Account. It has access to all customer data and dashboards in that Partner's Account. It can also set permissions for the Relationship Managers of that Partner.
Parent Accounts - This is an individual who only has access to a particular Parent Account
Relationship Manager Accounts - These are individuals who work at the Partner and get access to specific Child Accounts belonging to specific Parent Accounts. This is configurable by the Partner Admin
Alias Accounts - These are accounts that can access a particular Parent Account (this is used in cases where 2-3 people in the same household/investing entity need access to the same account)