thewealthworks Customer Support Portal

New Features in WealthWorks+ 4.15

Summary

Core Accounting features are now available in WealthWorks+ allowing users to setup accounting nominal ledgers and post transactions through to the production of a Trial Balance.  Entities already setup for accounting through Troika can have accounting transactions posted through WealthWorks+, and entities without any previous accounting records can also be used to post transactions.  

Entities ideally suited to posting accounting records in WealthWorks+ will not have investment or asset ledgers (these ledgers will be made available very soon).  In the meantime accounting within WealthWorks+ can use the following transaction types to update the nominal or banking ledgers:-

• Trial Balance Journals
• FEX foreign exchange Journals
• Bank Payment transactions
• Bank Receipt transactions
• Bank Interest transactions

Please Note, if you have the Global banking feature enabled, with 'mirrored' banking transactions to global entities, accounting in WealthWorks+ will not create these linked transactions. Contact support for further information about accounting in WealthWorks+. 

New Features

1. Add and delete accounting sub-funds
2. Manage sub fund nominal codes
3. Manage accounting periods
4. Trial Balance recalculation
5. Transaction List and exports
6. Draft and Final period close
7. Undo period close
8. New Bank Interest accounting transaction type 
9. New FEX foreign exchange journal transaction type

Document templates and statutory forms
Other Changes

Other Fixes

Permissions required for accounting

If you have created your own roles for users, grant the following permissions to allow user to access the accounting features:-

• Entity Details > Finances > Accounting Records.  Grant View, Add and Delete as required.
• Entity Details > Finances > Sub Fund Details.  Grant View, Edit, Add and Delete as required.
• Entity Details > Finances > Trial Balance.  Grant View.

Access to the accounting records can be granted to users via the following built-in roles provided by WealthWorks+.  

Adding and deleting accounting sub-funds

All accounting transactions in WealthWorks+ are recorded against an accounting sub-fund.  An entity must have at least one accounting sub-fund, to post accounting transactions, but can also have more than one sub-fund.  Each sub-fund maintains its own fund nominal accounts and separate Trial Balances.  

To create a new sub-fund, access the Finances tab for an entity, and click the plus button displayed next to the option to select a sub fund.  Enter the name of the sub fund, select a fund type and enter any other details.  Optionally, you can also choose to select another entity that already has sub fund nominal accounts to 'clone' from.  The nominal codes being cloned, if they have overridden nominal descriptions, will use these instead of using the master nominal codes.  Click save and the page will refresh with the new sub fund selected.

If a sub fund has no transactions posted to it, it can also be deleted (where the deletion permission has been granted) by clicking the 'Sub Fund Settings' button and choosing Delete Sub Fund.

Manage sub fund nominal codes

Once a sub fund is selected, nominal codes can be added, amended or removed via the Sub Fund Settings button, and selecting 'Manage Sub Fund Nominal Codes'. When setting up a sub fund for the first time, its also necessary to select a 'chart of accounts' to use for the entities accounting.  Nominating a chart of accounts for the entity will fix a defined set of nominal codes for the entity and the sub funds.  If nominal codes already exist on the sub fund, then the chart of accounts cannot be amended. 

You can add nominal codes to your sub fund for accounting in two ways: -

1. Add master nominals to the sub fund, using the add button.
2. Copy sub fund nominals from an existing fund, using the copy button.
   
   

Clicking the 'Add' button, select master nominal codes from the list by checking the add column rows. Add additional columns to the display and use the search to filter for specific nominal codes. Clicking 'Add Selected' will copy from the master chart of accounts in to your selected sub fund.  

Alternatively, clicking 'Copy' to select a sub fund to copy nominal codes from.  If the codes have overridden nominal descriptions, the copy function will use these instead of using the master nominal codes.  All the codes on the sub fund will be copied.

Before clicking save, click on the rows to edit the nominal description, change the close-off account or status of the nominal. From the Default Nominal Codes tab, select an optional default bank and broker account, and realised and unrealised exchange nominal account code.  Click Save to complete the process of adding nominal codes.

Returning to the manage sub fund nominals page, the list of nominals can be filtered in the first column to those which have been used, unused or all (by default).  Unused nominals can easily be deleted by checking 'Delete on Save', and then saving the page.  

Manage Accounting Periods

Each entity requires at least one account period to be created.  Select 'Manage Accounting Periods' from the Sub Fund Settings button.  Click the add button to create a new accounting period.  Edit the start and end date by clicking on the date. Add as many period as you require, and ensure one period is marked as the current period.  Periods have a status of Open, Close and Final.   All sub funds on an entity share the same period dates, however the status of the period can differ on each sub fund.  

• Open status means any transactions can be posted to the period.
• Closed status means that any attempt to post a transaction to this period will give a warning message to the user, and will ask for confirmation to proceed.  This status is used when running a draft period close, allowing corrections to be posted.
• Final status means no further transactions can be posted in the period.

If your user account has access to read-only periods, clicking on the read-only cell will make the period read-only. Users can view the transactions in the ledgers but cannot edit or delete them, regardless of the accounting period status.

Periods dates can be amended if the status is open and not read-only.  If an intermediate period is deleted, and needs to be reinstated, edit the period end dates in sequence in the order they exist on the screen.  You can't add a new period to the top of the list, and it edit the dates so its appears earlier on.  Edit the existing periods in sequence to remove any gaps in periods. 

A period can be deleted if the status is open and not read-only.

Trial Balance Recalculation

All accounting processing in WealthWorks+ will recalculate the accounting Trial Balance automatically.  If you find a TB hasn't recalculated fully where its been interrupted, the TB can be recalculated manually by clicking on the Recalculate TB button now displayed in the top right hand corner of the Trial Balance page.  You'll be prompted once the recalculation has taken place.  Ensure you have set a default nominal account for unrealised exchange differences which maybe needed to balance the TB.  

Transaction List and exports

In addition to the Trial Balance exports to Excel and print output, you can also now access a list of accounting transactions. The transaction list is available for the selected entity and sub-fund and also a global list of transactions across entities (displayed within the Sub-Funds main menu category).  This is a useful way to quickly search for a single or group of transactions for a selected entity and sub-fund.

Filters can be applied to the date columns including by accounting period, and the columns searched easily using the search field.  All the values and information on a transaction can be added to the list by using the columns button.  Use the Excel and print buttons to output the list of transactions.  

The global transaction listing has the same features, but additionally displays transactions across all accessible entities. 

Draft and Final Period Close

Select 'Manage Accounting Periods' from the Sub Fund Settings button to access the period close options.  An open period, can be closed by selecting Draft close from the period row actions button.  Users who have opted in to receive alerts about this entity will receive a notification that the period has been closed.  A period close will create the following transactions: -

• Carry forward transactions in the period being closed
• Brought forward transactions in the next period 
• Ruling transactions, where a 'close-off' account has been defined for a nominal account
• Closing exchange difference transactions where a nominal account FX rule is set to closing (to revalue to the prevailing TB exchange rates).

If users post into a closed period, they will be warned the status is closed, but can continue making the draft period close ideal for corrections and period end journals.  Posting into a closed period will also automatically re-run the period close to ensure brought forward and carry forward balances are always correct.

Please note that periods cannot be closed and finalised out of sequence.  All periods prior to a finalised period status, will also be final. Periods prior to a closed period status will also be closed (or final).  To re-open an earlier period, it will be necessary to undo the period closes sequentially, working backwards until all preceding periods are undone and open.  To close or finalise a future period, all earlier periods must also have been closed.

A final period close can also then be run, marking the period status as final.  No further transactions can be posted to a Finalised period. If the logged on user has 'access to read-only periods', the read-only state can be removed from a final period, and the period close can be undone.  

New Accounting Transaction types

New transaction types are now available for Foreign exchange Journals (FEX) and Bank interest transactions.  The FEX Journal transaction debits or credits one or more analysis lines in any currency to mixed currency nominal accounts. This transaction posts to the selected sub-fund nominal ledgers only. The Bank Interest transaction debits a bank account and crediting an interest received account. Interest can be posted net of tax or gross. This transaction posts to the selected sub-fund nominal ledgers only.  

Document templates and statutory forms

15581  User initials and address available to document templates

16371  Transfer date available to share transaction data in document templates  

16402  Allotments and certificates, output contact, passport and entity data in document templates

16396  Entity details can now output passport data for an individual in document templates

16544  Custom groups to adopt custom step order 

16641  New attendees carriage return list for specific meeting capacity  

16545  Additional numeric share capital data for total shares available, alloted, issued and not issued

Other Changes

5801    Bankers register add/edit has been split into tabs to make it easier to update

12689  Output of tables when export to Excel, True/False values changes to Yes/No

10789  Ethnic group and current occupation available as optional columns on the Register of Directors

15580  Print option added the contact and family relationships tab

16853  Advanced company meetings feature with minutes status (contact support to enable this feature)

Fixes

14058    Print nominal details via the Trial Balance has the nominal description added

14060    Print nominal details via the Trial Balance values is now rounded correctly

15528    The invesment price file and reporting currency badge are now hidden if the permissions are not granted

15763    Correction to prevent an error when saving Directors addresses

15763    System error has occurred saving Directors address (MYS director address records)

17101    A correction to prevent saving custom data when the name contains brackets

16707    Correction for a problem running the Company Profile Report

17876    Correction to the Time, Fees & Billing > Tariff - currency for standing charges

17951    Members register outputs Joint member regardless of column selection

17170    Correction for the Cash and Bank datatable duplicating some rows

18077    The register of licenses Jurisdiction drop down list was missing a search option

17985    Correction to the Compliance Risk level displayed in entity listing when risk level had been overridden