thewealthworks Customer Support Portal

Overview

This guide will outline how to record when a beneficiary pays a liability on an estate, and how to reimburse that beneficiary.  In the event you require any further assistance, please contact thewealthworks support.

Indicating the liability has been settled by the beneficiary

From the Wealth Management module, select the Client tab and the menu option Load Data.

Select Administer.  Administer will be unavailable in the Date of Death period.  To switch to the Administration Period, and have Administer available to use, click the right arrow available next to the Period, to go forward one period.

To select the correct liability, select Liabilities using the radio buttons.  Then select the Transaction Type Settle liability from the drop down list.

Select the liability that the beneficiary is paying.  Once selected, a Beneficiary tick box will be made available.  Tick this, and select the correct beneficiary from the drop down list provided.

Ensure the value is correct and click Add to add the transaction.

In the example above, this will have the effect of reducing the funeral expenses account by £4,200, and increasing the beneficiary’s liability account by £4,200.  It will have no effect on the bank account.

Reimbursing the beneficiary

From the Wealth Management module, select the Client tab and the menu option Load Data.

Select Administer.  Administer will be unavailable in the Date of Death period.  To switch to the Administration Period, and have Administer available to use, click the right arrow available next to the Period, to go forward one period.

Select Bank Accounts using the radio buttons.  Then select the Transaction Type ‘Other bank accounts – payments’ from the drop down list.

Select the bank account from which you wish to pay the beneficiary.  In the Analysis, select the beneficiary’s liability account from the drop down list available.

They will appear with a CR prefix to their name.  In this example there are several beneficiaries showing:

Enter an appropriate description, and the amount you wish to pay.

Click Add to add the transaction.

This will clear the beneficiary's liability account, and reduce the bank account.

These notes are confirmed to be application from Troika release 2.08.020.