thewealthworks Customer Support Portal

New Features in WealthWorks+ 4.16

Summary

Further Accounting features are available in this release of WealthWorks+ allowing users to maintain their chart of accounts and the nominal account codes.  Accounting transactions can also now be viewed and edited within WealthWorks+.  Entities ideally suited to posting accounting records in WealthWorks+ will not have investment or asset ledgers (these ledgers will be made available very soon).  

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 reports added in this and future release will not be dependent on a specific permission by default.  If you wish users to have restricted access to reports, we recommend reviewing the report 'dependent on' permissions via the System Administration > Reports page.

New Features

1. Chart of Accounts and Master Nominal code maintenance
2. Viewing a transaction
3. Editing Transactions
4. Importing Transactions
5. Contact Security Group improvements

Chart of Accounts

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

• Options > Data Configuration > Chart of Accounts

Access to the Chart of Accounts can be granted to users via the following built-in roles provided by WealthWorks+.  

To update existing or amend existing Chart of Accounts, and master nominal codes, access the Chart of Accounts menu option via Options > Data Configuration.  To make changes to an existing chart of accounts, select the chart name from the drop down list at the top of the page.  

Edit existing nominal account codes by clicking on the fields in the rows directly.  The master description of each code can be updated, the code type amended and the FX rule can also be changed.  The close-off account, where balances are posted to following a period close, can also be changed. Change to sub fund nominals are not inherited from the master nominal code directly.  After saving changes, use the Actions button and select either 'update descriptions' or 'update close-off' nominals to propagate changes to each sub fund using the amended nominal code.  Use the Actions button, About option to identity which entities and sub-funds are using a specific nominal code.

To create a new chart of accounts, Select the Add button next the Chart of Accounts selection.  Enter a description, the length of the nominal code (between 3 and 9 digits) and any notes about the new chart of accounts.  If the chart is set as 'enabled', it can be used on existing entities where no accounting records already exist.  Click Save to continue, and then use the + Add button to add new nominal codes to this chart of accounts.  

Disabling a chart of accounts, will prevent it being used in the future. Any chart of accounts which is unused, can be deleted by selecting the chart name, and clicking the delete button that appears alongside the add and edit buttons.

Viewing and Editing Transactions

Grant the following new permission to allow user to access to accounting transactions from this release onwards:-

• Entity Details > Finances > Accounting Transactions.  Grant View, Add, Edit and Delete as required

Other permissions required for the accounting features are:-

• Entity Details > Finances > Accounting Records.  Grant View, Add, Edit 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.

Either double-click on a transaction row displayed in the Nominal Details or Trial Balance or click the Action 'View Transaction' to open the whole transaction as a single page.   You can also double click on the rows in the Transaction List to view the details of a transaction.

If you have been granted the Edit attribute of the accounting transaction permission, you can either click the 'Edit' button displayed on the transaction or select Edit Transaction from the actions button. The transaction will open in the original posting page (with the title Edit Transaction displayed in Orange). Make any changes to the transaction, and click save to return to where you were last viewing the transaction. The change to the transaction will be recorded in an audit trail record with the date/time of the change, change details and the user making the change to the transaction. The Trial Balance will be recalculated and closed periods will be re-closed as required by the amendment to the transaction. If you leave the edit transaction page before saving the change, the attempt to change the transaction will be recorded in the audit records but no change will be made.

Importing Transactions

If you have been granted the Add attribute of the 'Entity Details > Finances > Accounting Transactions' permission, a new menu option will appear in the Finances menu category, Transaction Import.

A generic import type 'WealthWorks+Accounting' defines a file type which can import all the current transaction types available including Bank Payments, Bank Receipts, Bank Interest, Mult-sided Journals and Foreign Exchange Journals. Download the CSV template file and populate the rows via MS Excel or another CSV file editing application.  NB Take care saving CSV files in MS Excel as additional rows and columns can easily be added in error.  Using a free application such as Notepad++ is more reliable for working with CSV files.

Importing transactions is done in 2 steps: -

1. Import the CSV file to create pending transactions

2. Posting pending transactions to the nominal ledgers.

Drag the file into the import option to start the upload.  The log tab will update with any information about the success or failure of the import process, along with details of how many rows are processed.  You can leave the page and you'll receive an alert when its completed along with other system administrators.

Requirements to Import the CSV file.

1. For this import file format you can choose to leave the header row in the file, however you must leave the exact column headings in row 1 exactly as they are. Alternatively, delete row one from the template.  
2. The Entity Reference in the CSV must match an existing entity in the database. The users must have the entity in their Contact Security Group to be able to import a transaction to it.
3.  Use the date format DD/MM/YYYY for the transaction and value dates.
4. Transaction Types must be MSJ, PAY, REC, INT or FEX.
5. Currency codes used must exist in the database.
6. The rows belonging to a transaction are identified by having the same value in the TransRef1 field.  All the entity references and fund references for that transaction must be the same.  
7. The entity defined on each row must have an entity reporting currency set, the valid sub fund and accounting period.
8. The transaction doesn't need to balance at this stage, but should balance to post to the nominal ledgers.

Once pending transactions have been created, the status of each will be displayed as Invalid or Ready to Post.  You can re-check the status of pending transactions by clicking the button on the pending transaction tab.  The status of each transaction will be dependent on the user importing the file.  The user posting will need to have the user attribute 'Has access to read-only periods' to post to a read-only period.

The log tab will update with any information about the success or failure of the posting process, along with details of how transactions are being generated.  You can leave the page and you'll receive an alert when its completed along with other system administrators.

Requirements to post the pending transactions.

1. The First row for PAY transactions must be the CR to the bank with a negative value.
2. The First row for REC transactions must be the DR to the bank with a positive value.  
3. FEX transactions must balance in the entity reporting currency.

Document templates and statutory forms

The following changes have been made to the document templates and are available for existing and new templates.

• Carriage returns are now supported in text boxes
• The “Optional” instruction has been added to the group selections for Transfers and Nominees, to allow both optional and mandatory selection. All group selections now support the optional instruction.
• Certificate fields have been added to both the Transferee and Transferor data
• Repeating groups allow data to be repeated for item selected, and the data belonging to the group.  This can be used to repeat data in a table, paragraph or sentence. New Group (selections) for repeating groups for: -

  
      Directors

      Advisors

      Members

      Signatories

      Certificates

Contact Security Groups improvements

The administration of Contact Security Groups has been moved from the 'System Admin > User Administration' page to a new dedicated sub page. It can now be found at:-

• Options > System Administration > Contact Security Groups.

To amend an existing Contact Security Group, select the name of the group at the top of the page.  Use the filters on the left hand side of the list of available contacts.  The list can now be filtered by All contact, or just those already in the group selected. Only those contacts that are checked, are included in the group.  Make any changes to the list of contacts to include in the group and click Save.  The group will be saved but it make take a few minutes to apply the changes to each user that has this group assigned to them. Once saved you don't need to wait on the page for the changes to be applied to each user.

You can amend the Contact Security Groups which are applied to each use via the User Administration page.  Edit the user account and go to the Contact Security tab to make the changes to the groups selected.

Other Changes

3841    The user list can now be output to Excel from the System Administration, User Administration page.

18325    A new report has been added to display a list of onboarded entities that have been rejected.

19013    The Sub Funds main menu category has been relabelled Finances, but still includes access to the sub-fund listing.

20007    A new 'mute' option is available in My Profile settings for Period Close alerts.

20303    The meeting register has a new attendee record to state how the attendee is joining the meeting.

20395    The meeting register has new fields for Meeting Serial Number and Financial Year.

20564    A Register of Members report has been reinstated from the 4.11 release, as report Style 2.

Fixes

3461    A fix has been made to the Columns button to prevent it staying selected when clicking a second time.

18696    A correction has been made to saving entity memos with < or > characters.

18809    The document store will now report an error if the path the Document Store isn't available or the folder no longer exists.

18818    The Risk Assessment history displays the overridden risk level correctly.

19194    A problem with the US Residence Portlet showing incorrect information has been corrected.

19325    The Register of Members report outputs the company number and country of incorporation for members correctly.

19525    The Profile Report, Bank name wasn't populated when banker contact had in incomplete name.