You are now able to view the Trial Balance and entity finances in WealthWorks+. This video tutorial will guide users on the functionality contained within this new Finances tab in WealthWorks+, which has replaced the previous Sub Funds tab.
It also provides details on how to:
- Generate a Trial Balance report and Transaction report
- View the Trial Balance exchange rates used
- View a breakdown of the fund's investments
Tutorial Transcript
From version 4.6, the Sub-Fund tab in Entity Details has been replaced with Finances. Within this tab is the Trial Balance for the entity. For entities with more than one fund, you can view the separate trail balance for each by selecting it from the Sub Fund drop-down list. If you get a warning notice for the sub fund nominal account it means that a profit/loss nominal code needs to be defined within the Fund Details (currently still in Troika Accounting). ("! This entity does not have a sub fund nominal account set for Currency Unrealised Exchange Differences. This may cause the Trial Balance to be out of balance.") The Trial Balance may be out of balance, but it won't prevent you from viewing the data.
(00:39) You can change the period by selecting it from the Period drop-down list. Along with the usual options, the table has the additional option of a Report button which will open a new tab at the final step of the Reports process so you can quickly generate the trial balance report. There is also the addition of an Options button which you can use to View Trial Balance Exchange Rates.
(01:05) Use the Actions button in the table to drill down to see the transaction details. Click on the Actions button and then View Nominal Details. This table also has a Report button that provides a short cut to the last step in the Transaction Report.
(01:21) To see more information about the nominal codes for the balances click on the Actions button and then About Nominal Account. This is useful to confirm which codes a brought forward balance is using or to find out when the master nominal codes have been overridden at fund level. If a code has been overridden at the entity level then there will be a warning notification to inform you and you can click on the Sub Fund Nominal Properties for more information ("! Override Close-off has been set to Nominal 91101 - Balance brought forward - Fund 1, for this sub fund.").
(01:49) From the Finances tab you can also see a break down of the fund's investments and use the switch button to view the investments either in the Ledgers or by Analysis. You can also view the Asset Analysis, Liability Ledgers, Cash and Bank Analysis, as well as the fund's Details, Classification information and outstanding Tasks.
This tutorial is confirmed to be applicable from WealthWorks+ release 4.6.