This video tutorial shows you how to manage trust units in WealthWorks+, including:

  • Adding/Editing Unit Classes 
  • Adding/Editing Unit Holders
  • Managing Trust Unit Transactions



Tutorial Transcript


To manage unit trust holders find the relevant trust and click on the Units tab.


(00:17) To create a Unit Class, click on Unit Classes and then the Add icon. Give the Unit Class a name, set the currency and unit precision and the start date. You also have an option to mark the Unit Classes as current or not. This can be used to make a Unit Class inactive and prevent any transactions being posted against it. Once you have completed the details, click Save Unit Class.


(00:46) If you need to edit the Unit Class, click on the Actions button and then Edit. Make the required changes and click Save Unit Class. There is also an option to delete via the Actions button. Select Delete and Delete again. However, you cannot delete a class if there are transactions posted to it without first deleting the transactions.


(01:08) Now you can add Unit Holders to the new class. There are two ways to add Unit Holders. The first option is from the Holder Ledgers in the Units tab. Click on the Add button in the Holders portlet, start typing the name in the Unit Holder field and select the relevant contact from the automatically generated list of results. Select the relevant unit class and effective date, then click Save. The second option is to add Unit Holders via the Registers. Select the Registers tab and then Unit Holders. Click the Add button and enter the relevant details. 


(01:49) If you need to edit a Unit Holder this needs to be done from the Registers tab. Find the relevant Unit Holder, click on the Actions button and then Edit. Then you can make the necessary changes. If a Unit Holder has ceased in their role, this can be recorded here. Once you have updated the details, click Save.


(02:12) If you wish to delete a Unit Holder, click on the Actions button. Select Delete and then Delete again. However, if there are transactions against them you will not be able to delete them.


(02:24) Once you have unit classes and unit holders set up you can manage the unit holdings. Go to the Units tab and then the Holder Ledgers. In the Holders portlet on the left, find the relevant Unit Holders. If there are a lot of Unit Holders, type their name into the search box to filter the list. You may need to click on the plus icon to display the Unit Classes that they hold. Then highlight the Unit Class and click on the Add button in the Holder Ledger portlet on the right. Select the type of Transaction from the drop-down list and add the Transaction Date. Then, enter the number of Units Issued and the Price Per Unit. Once the details are completed appropriately click Save.


(03:07) To transfer units from one holder to another you need to make sure that the transferee has been added as a Unit Holder for the relevant Unit Class first, otherwise they will not be available to select from the drop-down list.


(03:21) If you need to edit a transaction, find the transaction in the list, click on the Actions button and then Edit. Amend the details and click Save. You can also delete a transaction from the Actions button. Select Delete and then Delete again.


(03:39) To see a list of all transactions for all Unit Holders, select Unit Transactions. This list can be filtered by Unit Holder or Class and can be printed as a pdf or exported as an xlsx file. You can also use the Actions button to Edit and Delete transactions from here.


This tutorial is confirmed to be applicable from WealthWorks+ release 4.7.