New Features in WealthWorks+ 4.6.0
- Improved access to entity Finances and sub funds.
- Accounting Trial Balance
- Timesheet posting and approval
- Timesheet rate maintenance
- Non- roman fields for HK forms
- Hong Kong Statutory forms NAR and NR1
- Qualified Persons register for Trusts
- Changes to the global search option
Improved access to entity Finances and sub funds
In this release, access to financial information, investment holdings, assets and banking have been simplified. The Sub Funds tab for each entity has been changed to become the Finances tab, and the investments, assets, banking and Trial Balance are displayed instantly by fund without the needs to drill down to the sub-fund details. The existing Sub Fund Listing menu option will now load the Finances for each sub-fund directly when selecting a sub-fund from the list. For entities that don’t require multiple sub funds, the entities finances will now be displayed on a single sub-fund without the need to navigate away from the entity details. The finances for each sub fund have been split between easy access tabs for the following information: -
- Trial Balance
- Investments (with ledgers and analysis view)
- Assets (with ledgers and analysis view)
- Liabilities
- Cash and Banking (with ledgers and analysis view)
- Sub-fund Details
- Sub-fund Classification
- Sub-fund Tasks
A summary view of the finances for the whole entity is also provided. The permissions for the finances have also been simplified. Each role has a permission which relates to each finance tab found within Entity Details > Finances > … Enable the view on each of the permissions in this group to grant access to users for the finance information.
Accounting Trial Balance
The Trial Balance for the each entity and sub-fund can now be accessed from the Finances tab. The Trial Balance allows you to select from the available accounting periods for each entity. The period status (open, closed or final) is also displayed when you select a period. The periods and period-end are still maintained in the Troika system until these are made available in WealthWorks+.
The nominal code, description, debit and credit balances and nominal type are displayed by default. Each nominal code in the Trial Balance has the actions button to access the properties of each nominal code or the nominal details which listed the transactions in both transaction currency and entity currency for the account in the selected period.
Trial Balance Permissions
Access to the Trial Balance 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 > Trial Balance to give access to the above function.
| Role Name | Permissions Granted to Built-in Role |
|---|---|
| Clerical Support | View |
| Accountant | View |
| Trust Officer | View |
| Director | View |
| External - Owner | None |
| Supervisor | View |
Timesheet Posting, Approval and Rate Maintenance
Please see the following article about how to get started with WealthWorks+ timesheets.
Timesheet Posting Permissions
Access to the new Timesheet Posting 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 Time, Fees & Billing > Timesheets > Timesheet entry to give access to the above function.
| Role Name | Permissions Granted to Built-in Role |
|---|---|
| Clerical Support | View, Add, Edit and Delete |
| Accountant | View, Add, Edit and Delete |
| Trust Officer | View, Add, Edit and Delete |
| Director | View, Add, Edit and Delete |
| External - Owner | None |
| Supervisor | View, Add, Edit and Delete |
Non-roman fields for Hong Kong Statutory forms
To use the Statutory Forms for the Hong Kong, additional fields can be enabled to store Simplified Chinese and Traditional Chinese Characters which the annual returns require. From the System Administration pages, access the entity administration tab. A new option is available; "Enable Non-Roman character alternative name fields". Enabling this option will allow non-roman characters to be entered into alternative Contact Name and Also Known as fields. Non-Roman character sets include Arabic, Chinese, Cyrillic, Greek, Hebrew, Japanese, Korean, Tamil and Thai script.
On the contact details pages additional fields will then be displayed for Non-Roman contact name, alias (also known as), previous names where Chinese characters can be used.
Qualified Persons register for Trusts
The Qualified Persons register that was previously only available for Foundation entity types has now been enabled for Trusts, to allow records to be maintained in Jurisdictions such Malta.
Changes to the global search option
The search option in the top pane of WealthWorks+ no longer requires a wildcard asterisk to be used to to each for records with different endings. For example, searching for 'MIT' will return all records with these characters anywhere in the record name including SMITH and MITCHELL. Previously you would have used MIT* or *MIT* to return these records.