thewealthworks Customer Support Portal

The accounts are designed to pick up the administrative information that goes into the Synopsis from the Administration section of Troika.

Please note, these notes will only assist those UK users who are using our default chart of accounts.

Discretionary Trust

The following nominal codes will need adding within the menu option Charts of Accounts:

Life Interest Trust

From the Synopsis page, the individual life tenants should be entered into Administrator in the Life Tenants section as shown below:

The Remaindermen should be entered under the Beneficiaries section:

The names of the Life Tenants will be pulled through into a separate page for each Life Tenant as shown below:

To ensure the name at the top of each page matches the figures for that individual life tenant, you will need to run the accounts to see the order that the life tenants are picked up in and then match the figures in the corresponding nominals to those names. Unfortunately, we do not have any control over how the system picks up the names from the Administration module.

Each life tenant should be allocated a separate nominal code for their income balances, net income, income distributed etc., starting with the codes ending in 01, e.g. 91101, 91201, and 96101 respectively. This applied even if there is only one life tenant.

For each life tenant journals have to be created to transfer their share of the net income, any tax, and the balance of the income that has been distributed to the life tenant.

The example below shows the income balances for a life interest trust with one life tenant:

For a life interest trust with multiple life tenants, the income accounts would look as follows:

Accumulation & Maintenance Trust

The principles behind the A&M accounts are based on the STEP Accounting Guildelines. For A&M trusts where no beneficiary has attained a right to income, the discretionary trust accounts format should be used.

Where a beneficiary attains a right to the income and there is only one beneficiary of the trust, the life interest accounts format should be used.

For A&M trusts with more than one beneficiary, once a beneficiary has attained a right to their share of the income, the A&M formats should be used as these are programmed for a multi-fund format.

The first fund should be the original discretionary fund, with subsequent funds being for those beneficiaries that have attained a life interest.

The codes that will need to be added within the menu option Charts of Accounts are:

In the examples below, the A&M trust has been set up with an initial discretionary fund and two additional life interest funds. The examples below show how the accounts operate:

Discretionary Fund 1:

Life Interest Fund 2:

Life Interest Fund 3:

Personal Injury Trust

The accounts still have an income and capital split as with other trusts, but the total income for the year and, if required, a transfer from capital are moved to a Distribution Account so that all the payments to a beneficiary can be seen.

In the menu option Charts of Accounts, the following nominal codes need to be set up:

For the amounts distributed to the beneficiary, nominal codes 96100-96256 should be used. The accounts are programmed to pick up the name of the nominal where these codes are used.

An example of some postings is shown below:

Deputyship

In the menu option Charts of Accounts, the following nominal codes need to be set up:

For the Deputyship accounts to work and the balances to roll forward correctly some of the Close Off accounts need amending.

The following nominal codes need their close offs amending:

81300    Revaluations

82100    Profit on Disposals

82110    Profit on Investments

82111    Profit on Property

The Close Off account should be set to:

91100    Net Income balance

In turn 91100 should be closed off to 98200 (Deputyship Capital Fund)

and

98300 (Deputyship Surplus/(Deficit)) should be closed off to 91100.

In the event of any further query, please contact support for further assistance.