Overview
Troika creates accounting ledgers and transactions as well as entries used on the IHT form whenever you add any transactions in Load Data. You can unroll any mistake either by editing it, or deleting it, as required. There are a couple of stages in deleting the transactions which means you can unroll any mistake, one step at a time.
Deleting an asset entered in error
In the example below an asset called ‘The Clocktower’ has been added entirely in error, and it needs to be deleted.
Both the transaction and the ledger need to be deleted, so this is a two part process. The transaction needs to be deleted first.
Within Wealth Management, select the Client tab, and the Assets/Liability Ledgers menu option. Select the asset to be deleted and click on the Edit button:
This opens the Asset Detail screen. Double click the relevant transaction that needs to be removed:
This will open the Edit Transactions window which shows the details of all the accounting elements of the transaction. Click the Delete button. Click OK to continue with the deletion.
A warning message will display, confirming that the deletion will not be reflected in the IHT forms until the forms are regenerated via the Estate Details – Edit option. Click OK, and the screen will close and take you back to the Asset Detail screen as above.
Click Close to revert to the Assets/Liabilities screen. The ledger continues to display. Now that there is no transaction attached to the ledger the ledger can be deleted. Click on the Edit button:
Click on the Delete button:
A confirmation message will appear. Click OK to continue with the deletion.
Click Close.
The ledger and its connected transactions have now been deleted.
Deleting a liability entered in error
Where a liability has been entered incorrectly and also needs removing, the steps are the same.
The only thing which differs is, on opening the Assets/Liability Ledgers, you must first select the Liabilities radio button at the foot of the Assets/Liabilities windows to see the client’s liability ledgers and not its asset ledgers.
You can then proceed to select the liability to be deleted and click on the Edit button to continue the deletion process outlined above.
Deleting an asset/liability within Load Data
There is an alternative to deleting assets and liabilities incorrectly entered, without leaving Load Data at all. This can be particularly handy when the error is noticed immediately.
Within Load Data locate the incorrect entry. Double click on the amount in the Value column for that entry to open the Edit Transaction window. Click the Delete button, and confirm you do wish to delete the transaction.
Once complete, Troika will confirm the transaction has been deleted.
Double click on the amount in the Value column again (this may now show 0.00 as the transaction part has been deleted) to open the ledger. Click the Delete button, and confirm you do wish to delete the asset/liability ledger.
Once complete, Load Data will no longer display the entry and the ledger and its connected transactions have now been deleted.
Deleting a bank account entered in error
Bank accounts entered as at the date of death are not assigned an asset ledger, so their deletion is dealt with slightly differently.
Within Load Data locate the incorrect entry. Double click on the amount in the Value column for that entry to open the Edit Transaction window. Click the Delete button, and confirm you do wish to delete the transaction.
Once complete, Troika will confirm the transaction has been deleted.
Return to the main menu and select the Bank Account Details – Edit menu option. Locate the incorrect entry, and click the Edit button. Then, on opening, the Delete Bank button will be available for selection, to delete the entire bank account record.
Click Yes to confirm you wish to delete this record. Troika will then confirm the bank account has been deleted.
Load Data, and the IHT form, will no longer display the entry.
Deleting an investment entry entered in error
IHT411 and IHT412 investment entries are allocated an investment ledger when entered as at the date of death. Their deletion is also as a two part process, but again, is slightly different to that of deleting an asset/liability.
Within Load Data locate the incorrect entry. Double click on the amount in the Value column for that entry to open the Edit Transaction window. Click the Delete button, and confirm you do wish to delete the transaction.
Once complete, Troika will confirm the transaction has been deleted.
Return to the main menu and select the Investment Ledgers menu option. Click Show Zero Ledgers, then locate the incorrect ledger. Select to the left of the ledger, and click Delete.
Click Yes to confirm you wish to delete this record. Troika will then confirm the ledger has been deleted.
Load Data, and the IHT form, will no longer display the entry.
Editing a liability entered in error
Where a liability has been entered incorrectly and requires amendment, the steps are the same.
The only thing which differs is, on opening the Edit Transaction window and entering the new Amended Value, you must remember to enter the value with a – (minus) before it, or amend only the numbers within the existing brackets. This is displayed in red with brackets reflecting the fact that it is an accounting transaction.
For example, if a liability transaction was initially entered for £5,000, it would show within the Amended Value field as (5,000.00). To amend this to £5,100.50, you would either need to enter -5100.50 or (5,100.50) to record the amendment correctly.
In the event you have already edited a liability incorrectly, missing out either the minus or brackets, the transaction can be located within Asset/Liability Ledgers and amended.
Within Asset/Liability Ledgers locate the incorrect ledger. Select, and click the Edit button. Double click on the Date of the transaction shown to open the Edit Transactions window. Amend both values shown within Main Amount and Report Amount to have brackets around them.
Click Close to save changes to the transaction.
Click OK to close the Asset ledger.
The entry will now be correct, and once again displaying in the Liability tab within Load Data.
Deleting/Editing an asset/liability entered in error - after the IHT form has been submitted
After the IHT form has been submitted, and the date of submission is entered within the ‘IHT Form submitted’ field in Estate Details – Edit, it is no longer possible to delete an entry entered in error.
You are able to edit an asset or liability requiring amendment - the steps are the same.
Any amendment completed in the Date of Death period, once the IHT form has been submitted, will appear in the Schedule of Correctives report. This can be printed within Estate Details – Edit, under the Inheritance Tax Account tab and ‘Schedule of Correctives’.
In the event of being advised that the original liability entry was in fact an asset (or vice versa), you cannot simply amend the value of the transaction to adjust for this.
First adjust the original liability entry within Load Data to a nil value. Then, once complete, use the ‘Additions’ button within Load Data (in the Date of Death period) to then enter the correct asset entry, into the correct subsection.
The Schedule of Correctives report will show both this amendment of your liability to zero, and the addition of this asset, on the estate as at the date of death.
These notes are confirmed to be applicable from Troika release 2.08.027.