New Features in WealthWorks+ 4.9.0
- Adding Accounting Transactions - Multi-sided Journals
- Updated Passport records for individuals
- New Passports Due to Expire Dashboard item
- Maintain individual contact titles
- Branch address records for companies
- Editable Sub-Fund details and risk attitude records
- Delete un-used address feature
Posting Accounting Transactions - Multi-sided Journals
Users can now post accounting transactions from within WealthWorks+. The first transaction type to be made available is the Multi-sided Journal type. The Multi-sided Journal transaction is for debiting or crediting one or more analysis lines in the entity currency. This transaction posts to the selected sub-fund nominal ledgers only. There are no limits on the number of analysis lines that can be posted in a single transaction.
Accounting Transaction Permissions
Access to the accounting records and the ability to post transactions is controlled by the following permissions for built-in roles provided by WealthWorks+. If you have created your own roles for users, you will need to grant permissions to the Entity Details > Finances > Accounting Records to give access to the above function.
| Role Name | Permissions Granted to Built-in Role |
|---|---|
| Clerical Support | View and Add only |
| Accountant | View, Add, Edit and Delete |
| Trust Officer | View, Add, and Edit Only |
| Director | View |
| External - Owner | View, Add, Edit and Delete |
| Supervisor | View, Add, Edit and Delete |
Additional transaction types will become available in forthcoming releases, along with the ability to edit and delete transactions.
To access the accounting transactions in WealthWorks+, select an entity and access the Finances tab. Select a sub-fund from the list and the Add Transactions tab will be visible in the row of tabs. Alternatively, select the sub-fund from the Menu Category Sub-Funds and Sub-Fund listing.
NB Currently sub-funds which carry the financial records and accounting periods must still be created within Troika.
Select an open accounting period, and then select Multi-Sided Journal to proceed. Complete the transaction header details in Step 1, and add the journal analysis lines in Step 2. Proceed to Step 3 to post the transaction. The post button will not be available until the Transaction Header and Details are valid, and a check is displayed to highlight any missing data.
Transaction External References
Accounting Transactions prior to this release had fixed external references labelled: -
- Cheque Number
- Voucher Reference
- Bank Reference
These labels can now be customised to your meet your own requirements. All three external references are available on all accounting transactions and the revised labels will be displayed throughout WealthWorks+. Access to amend these labels requires the following permissions for built-in roles provided by WealthWorks+. If you have created your own roles for users, you will need to grant permissions to the Options > Data Configuration > Field labels, to give access to the above function.
| Role Name | Permissions Granted to Built-in Role |
|---|---|
| Clerical Support | None |
| Accountant | View, Add and Edit |
| Trust Officer | View, Add and Edit |
| Director | View |
| External - Owner | None |
| Supervisor | View, Add, Edit and Delete |
Updated Passport Details for Individuals
Individual contact records now have the option to maintain more than one passport record. Each passport record now consists of the passport number, issuing country, issue and expiry dates. Any existing passport numbers will automatically display as a new passport within a new passports portlet where it can be edited or deleted. New passports should be added to the records of the contact rather edit the existing record so that historical records can be maintained, and any changes are then fully populated on statutory forms generated in WealthWorks+.
New Passports Due to Expire Dashboard
A new dashboard is available within the Compliance & Risk menu, to give you an overview of all passports due to expire within a given number of months. Use the slider to change the timeframe from 1 to 12 months. The data can be copied, exported to Excel or printed.
Passports Due to Expire Permissions
Access to the new dashboard is controlled by the following permissions for built-in roles provided by WealthWorks+. If you have created your own roles for users, you will need to grant permissions to the Dashboards > Compliance & Risk > Passports Due to Expire, to give access to the above function. Entity Filters can be applied to restrict the passports expiring list to just contacts associated with selected entities.
| Role Name | Permissions Granted to Built-in Role |
|---|---|
| Clerical Support | View |
| Accountant | View |
| Trust Officer | View |
| Director | View |
| External - Owner | None |
| Supervisor | View |
Maintain Contact Individual Titles
When creating new individual contacts or editing existing contact records, the contact title field is now a selectable list instead of free text entry field. This allows entries to be standardised and will speed up entering new data. If the title you would like to use isn't on the list to select, a system administrator with access to the Maintain Lists, Options feature can add or edit the list of titles available to all users.
New Data Configuration Options feature
Access to maintain lists such as contact titles requires the following permissions for built-in roles provided by WealthWorks+. If you have created your own roles for users, you will need to grant permissions to the Options > Data Configuration > Maintain Lists, to give access to the above function.
| Role Name | Permissions Granted to Built-in Role |
|---|---|
| Clerical Support | None |
| Accountant | View, Add and Edit |
| Trust Officer | View, Add and Edit |
| Director | View |
| External - Owner | None |
| Supervisor | View, Add, Edit and Delete |
To edit the list of titles, access Options > Data Configuration > Maintain Lists, and select Contact Titles from the list. Editing and deleting the list of individual contact titles in this feature won't update existing contact names. The next time a contact name is edited, the revised list of titles will be available to select from.
Branch address records for companies
Company contacts and entity records can now maintain details of branches and their branch addresses. From the Contact Info tab, select the new Branches portlet and click on the add button. Enter the name of a branch, select the branch address and an effective data. Add as many branches as you need for this company. When adding and editing Register of Advisors records and a company with branches is selected, you can select an optional branch. The branch address will be displayed. When adding and editing Register of Banker records and a company with branches is selected, you can select an optional branch. The branch address will be displayed as the default Account Address. The branch address will be displayed as an optional field.
Editable Sub-Fund details and risk attitude records
Details maintained within the Sub Funds - General portlet, can now be amended. Select a sub fund via the Finances tab, and select the Details tab. Click on the edit icon to edit the following fields: -
- Sub Fund Name
- Sub Fund Reference
- Objective
- Fund Type
- Risk Attitude (overriding the entity Risk Attitude for the selected sub fund)
- Investment Discretion
- Execution Only
- Underwriting
The entity 'Risk Attitude' can be edited via the Entity Details > Compliance Tab. Select the Risk & Compliance Level portlet, and click on the edit icon to change the Risk Attitude for the selected entity.
Delete un-used address feature
Addresses that have not been assigned to a contact or other record can now be deleted via the Contact Directory, and the delete option within the Actions button. Users will require delete permissions to be assigned using the role permission, System > Administration Data >Maintain Addresses.
Other Changes
[TN-1431] – A new Health Check page has been added to the System Administration area of WealthWorks+. Visiting this page will automatically run a series of checks to ensure your WealthWorks+ system is setup correctly. Any known issues with your data will also be displayed here. If you contact our support team, a user or supervisor may be asked to visit this page to feedback any issues the Health Check identifies.
Fixes
[TN-3398] - A correction to the managed entity flag in the contact directory has been made to display contacts outside of your security group correctly.
[TN-3340] – A correction has been made to the Document Store meeting type hyperlink to ensure it links to the correct register
[TN-3341] - Editing the properties of a document linked to Meeting no longer closes the details
[TN-3378] – A correction for ensuring security groups cannot be created with the same name
[TN-3379] – Correction for the System Admin price file Closing file type selection
[TN-3383] - A correction for ensuring security groups cannot be created with blank names
[TN-3397] - Transaction Report correction made to the Fund and Period where Entity has multiple funds and periods
[TN-3404] – An error message displayed on the Asset Details has been resolved
[TN-3470] – Correction for the Excel Export, copy and print from Contact Directory only outputting rows displayed instead of all rows
[TN-3480] - Document store records can't be edited or deleted if the file name contains an apostrophe
[TN-3515] - Group reports selection parameter displaying entity selection field outside of viewable window
[TN-3552] – A correction has been made to ensure meeting attendees can be deleted