thewealthworks Customer Support Portal

Overview

Clients can be brought together in Troika in a group for reporting purposes and consolidation. Other types of group exist for mirroring banking transactions for pooled bank accounts and nominee groupings. This document aims to explain how to set up a group client, the different settings available, and how to add new codes to the group.

Setting up a Group Client

Create a new client in the normal way to be used as the group client; there is nothing special required about the setup at this stage. It will be converted to a group client in the next step. From the Global Tab in Wealth Management, select the Group Client – Add option.

For the Group Type, select 'Global Bank' from the drop-down list. For the Parent Client drop-down, select the client to be used as the group client:

Once you have selected a Parent Client, an additional tab will appear; Client/Funds. This will list all the clients/funds in the dataset. Select which clients should be part of the group and using the ‘>’, add the selected clients into the right-hand panel. Select OK. The group client has now been set up, and Troika will prepare the group summary.

The Trial Balance for the group client has a check box to show the 'Group TB':

Similarly with the investment ledger display:

Adding Mirrored Accounts to the Group

Before adding mirrored accounts, you should ensure any new currencies have been set up in Wealth Management, Global tab and the menu option Countries and ISO Currency Codes, and any exchange rates in Wealth Management, Currency tab and the menu option Exchange Rates.

If you wish to add new codes that do not exist on the clients, you should add these in Wealth Management, Nominal tab and Chart of Accounts. They will then need to be added to the group client fund in Wealth Management, Client tab and Fund Nominal Codes (Add).

The accounts are yet to be mirrored, so you can post any opening adjustments to the client that have this bank account, and a total into the global bank account, at a date before the transactions you are going to post from.

To add mirrored accounts to the group, first untick both the Shares and Assets box, then tick the Mirrored Nominals box. Click on the additional button that appears, Mirror A/c.s. Select the appropriate Group Members’ Account and Group Parent’s Account, and click on the Add button. Each posting into the member clients TB will now be mirrored to the parent TB.

The global client should use different codes to that of the members e.g. if you use code 50100 as Barclays Bank in the client, the global bank (mirrored and non-mirrored) must not use 50100.

Mirrored Accounts Settings

There are two mirror type settings. The first setting is the default, where Troika is set so that the mirrored accounts are the control accounts for each account, and the non-mirrored account is the actual bank account. This will allow you to run the Cash Control for each mirror account. The local accounts can all point to a single mirror account where only one control is required.

An alternative setting is where the mirrored accounts are the actual bank accounts. The non-mirrored account is the overall control account, used when there is a need for separate global bank accounts. For example:

Setting 1 (default) will have the following effect:

Setting 2 will have the following effect:

If you wish to change/check which setting has been applied to your system, please contact thewealthworks Support. However, this cannot be changed if you have already posted global transactions.

Last reviewed 03/2024.