Introduction
In order to get the best out of our accounting templates, clients may need to add additional nominal codes to their Chart of Accounts. This guide explains the codes that need to be added, together with details of how to post to various income nominals in order for the templates to work.
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 to the Chart of Accounts:
| Code | Close Off | Description |
| 82310 | 81100 | Tax on accrued income |
| 92100 | Accumulated Income Balance | |
| 92101 | Accumulated Income b/f – Fund 1 | |
| 92102 | Accumulated Income b/f – Fund 2 | |
| 92103 | Accumulated Income b/f – Fund 3 | |
| 92104 | Accumulated Income b/f – Fund 4 | |
| 92105 | Accumulated Income b/f – Fund 5 | |
| 92106 | Accumulated Income b/f – Fund 6 | |
| 97210 | 92100 | Transfer to undistributed income |
The new template has the ability to run separate Undistributed and Accumulated Income Accounts. To enable transfers to be made between the two accounts the following codes should be used:
| Code | Description |
| 96240 | Use this code to transfer income from the Undistributed Income Account to the Accumulated Income Account (debit) |
| 93110 | Use this code to show income received in the Accumulated Income Account (credit) |
| 97210 | Use this code to transfer income from the Accumulated Income Account to the Undistributed Income Account (debit) |
Life Interest Trust
| Code | Close Off | Description |
| 82310 | 81100 | Tax on accrued income |
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 applies even if there is only one 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 Guidelines. 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 to the Chart of Accounts are:
| Code | Close Off | Description |
| 82310 | 81100 | Tax on accrued income |
| 92101 | Accumulated Income b/f – Fund 1 | |
| 92102 | Accumulated Income b/f – Fund 2 | |
| 92103 | Accumulated Income b/f – Fund 3 | |
| 92104 | Accumulated Income b/f – Fund 4 | |
| 92105 | Accumulated Income b/f – Fund 5 | |
| 92106 | Accumulated Income b/f – Fund 6 |
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 income 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 Chart of Accounts, the following nominal codes need to be set up:
| Code | Close Off | Description |
| 11101 | 91100 | Transfer from Capital Account (appears on the Distribution Account page) |
| 88110 | 81100 | Transfer to Distribution Account (appears on the Capital Account page) |
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 Chart of Accounts, the following nominal codes need to be set up:
| Code | Close Off | Description |
| 01010 | 91100 | Benefits – Disability Living Allowance |
| 01011 | 91100 | Benefits – Attendance Allowance |
| 01012 | 91100 | Benefits – Employment Support Allowance |
| 01013 | 91100 | Benefits – Incapacity Benefit |
| 01014 | 91100 | Benefits – Severe Disablement Allowance |
| 01015 | 91100 | Benefits – Income Support/Pension Credit |
| 01016 | 91100 | Benefits – Housing Benefit |
| 01017 | 91100 | Benefits – State Pension |
| 01018 | 91100 | Benefits – Winter Fuel Payment |
| 01019 | 91100 | Benefits – Christmas Bonus |
| 01020 | 91100 | Occupational Pension |
| 31000 | 98300 | Deputyship Expenses (Heading) |
| 31010 | 98300 | Accommodation costs – rent |
| 31020 | 98300 | Accommodation costs – mortgage |
| 31030 | 98300 | Care fees – carers’ salaries, related costs |
| 31040 | 98300 | Equipment |
| 31050 | 98300 | Physiotherapy |
| 31060 | 98300 | Household bills |
| 31070 | 98300 | Taxation |
| 31080 | 98300 | Provision for income tax |
| 31090 | 98300 | Insurance |
| 31100 | 98300 | Office of the Public Guardian fees |
| 31110 | 98300 | Deputy guarantee bond premium |
| 31200 | 98300 | Property maintenance/improvement |
| 31201 | 98300 | Property maintenance/improvement – 1 |
| 31202 | 98300 | Property maintenance/improvement – 2 |
| 31203 | 98300 | Property maintenance/improvement – 3 |
| 31204 | 98300 | Property maintenance/improvement – 4 |
| 31205 | 98300 | Property maintenance/improvement – 5 |
| 31250 | 98300 | Losses on investment disposals |
| 31260 | 98300 | Holidays/excursions |
| 31270 | 98300 | Professional fees |
| 31280 | 98300 | Costs draftsman fees |
| 31290 | 98300 | Professional fees |
| 31300 | 98300 | Litigation fees |
| 31310 | 98300 | Solicitors’ fees |
| 31320 | 98300 | Deputy administration fees |
| 31330 | 98300 | Tax/accountancy fees |
| 31340 | 98300 | Benefits review fees |
| 31350 | 98300 | Case management costs |
| 31360 | 98300 | Deputy’s expenses |
| 31370 | 98300 | Support payment |
| 31390 | 98300 | Spending money provided for client |
| 31400 | 98300 | Day to day living costs |
| 31410 | 98300 | Gifts |
| 31420 | 98300 | Court fees |
| 31430 | 98300 | Court application fee |
| 31440 | 98300 | Senior Courts Cost Office fees |
| 31500 | 98300 | Miscellaneous – Deputyship Expenses |
| 31501 | 98300 | Miscellaneous – Deputyship Expenses – 1 |
| 31502 | 98300 | Miscellaneous – Deputyship Expenses – 2 |
| 31503 | 98300 | Miscellaneous – Deputyship Expenses – 3 |
| 31504 | 98300 | Miscellaneous – Deputyship Expenses – 4 |
| 31505 | 98300 | Miscellaneous – Deputyship Expenses – 5 |
| 31506 | 98300 | Miscellaneous – Deputyship Expenses – 6 |
| 31507 | 98300 | Miscellaneous – Deputyship Expenses – 7 |
| 31508 | 98300 | Miscellaneous – Deputyship Expenses – 8 |
| 31509 | 98300 | Miscellaneous – Deputyship Expenses – 9 |
| 31510 | 98300 | Miscellaneous – Deputyship Expenses – 10 |
| 98200 | Deputyship Capital Fund | |
| 98300 | 91100 | Deputyship Surplus/(Deficit) |
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.