New Features in WealthWorks+ 4.10.0
- New Source of Funds and Source of Wealth records
- Accounting Transaction types for Bank Payments and Receipts
- Beneficial Ownership register now named Owners & Controllers
- Jurisdictional list for Entity Sub Type
- Additional meeting agenda proposed event types
Source of Funds and Source of Wealth records
New entries can now be maintained for entities, to record one or more sources of wealth and the source of funds. These can be accessed from new tabs within the Compliance area for an entity. Select an entity and navigate to the compliance tab. Select the Source of Wealth tab and click on the plus button to add a new record. Source of wealth describes how an entity has acquired their total wealth, for example activities that have generated or contributed to the accumulation of their financial and other assets. By selecting a source from the list, additional details regarding specific evidence that will be required to validate the source, are displayed. Select a contact, if the source can be attributed to one, enter the value, currency and description. Finally enter the date the source was verified.
Examples of sources of wealth have been pre-populated and these can easily be amended to suit your requirements: -
- Company Sale
- Inheritance
- Gift
- Sale or Property....
Select the Source of Funds tab and click on the plus button to add a new record. Source of Funds refers to the origin of the particular funds or any other monetary instrument which are the subject of the transaction between a Financial Institution and the entity. By selecting a source from the list, additional details regarding specific evidence that will be required to validate the source, are displayed. Enter the value, currency and description. Finally enter the date the source was verified.
Examples of source of funds have been pre-populated and these can easily be amended to suit your requirements: -
- Funds from Personal Account
- Retirement Income
- Gaming Receipts...
To add or amend the sources, select Options > Data Configuration > Maintain Lists. Select either Sources of Wealth or Funds. Select the plus button to add new records, or edit the existing rows directly in the table
Source of Wealth and Funds Permissions
Access to these new tabs are controlled by the following permissions for built-in roles provided by WealthWorks+. If you have created your own roles for users, you will need to grant permissions to the Entity Details > Compliance > Sources of Wealth and Funds. to give access to the above function.
| Role Name | Permissions Granted to Built-in Role |
|---|---|
| Clerical Support | View and Add only |
| Accountant | View, Add and Edit Only |
| Trust Officer | View, Add, and Edit Only |
| Director | View, Add, and Edit Only |
| External - Owner | View only |
| Supervisor | View, Add, Edit and Delete |
Posting Accounting Transactions - Bank Payment and Bank Receipt
Users can now post accounting transactions from within WealthWorks+. Bank Payment and Bank Receipt transaction types are now available along side the Multi-sided Journal. The payment transaction type is to credit the selected bank account, and analysis lines to allocate the payment against in the nominal ledgers. The bank account may be single or mixed currency. This transaction posts to the selected sub-fund nominal ledgers only. There are no limits on the number of analysis lines that can be posted in a single transaction. The receipt transaction type is to debit the selected bank account, and analysis lines to allocate the payment against in the nominal ledgers
Accounting Transaction Permissions
Access to the accounting records and the ability to post transactions is controlled by the following permissions for built-in roles provided by WealthWorks+. If you have created your own roles for users, you will need to grant permissions to the Entity Details > Finances > Accounting Records to give access to the above function.
| Role Name | Permissions Granted to Built-in Role |
|---|---|
| Clerical Support | View and Add only |
| Accountant | View, Add, Edit and Delete |
| Trust Officer | View, Add, and Edit Only |
| Director | View |
| External - Owner | View, Add, Edit and Delete |
| Supervisor | View, Add, Edit and Delete |
To access the accounting transactions in WealthWorks+, select an entity and access the Finances tab. Select a sub-fund from the list and the Add Transactions tab will be visible in the row of tabs. Alternatively, select the sub-fund from the Menu Category Sub-Funds and Sub-Fund listing.
NB Currently sub-funds which carry the financial records and accounting periods must still be created within Troika.
Select an open accounting period, and then select Multi-Sided Journal, Bank Payment or Bank Receipt to proceed. Complete the transaction header details in Step 1, and add the journal analysis lines in Step 2. The post button will not be available until the Transaction Header and Details are valid, and a check is displayed to highlight any missing data.
Beneficial Ownership register renamed Owners & Controllers
The Beneficial Ownership register is available on all entity types, and records different definitions and types of ownership to be recorded. A default list of types include Beneficial Owner, Ultimate Owner along with Controllers. A beneficial owner is commonly defined as an individual who ultimately owns or control an entity such as a company, a trust, or a foundation. Controlling Persons corresponds to the term ‘beneficial owner’ too. For an Entity that is a legal person, the term Controlling Persons means the natural person(s) who exercises control over the Entity.
The register as been renamed throughout WealthWorks+ as 'Owners & Controllers' to include all aspects and concepts of ownership and control.
Jurisdictional lists for entity sub-types
Each entity type maintains its own list of entity sub types to further classify the entity (company limited by guarantee, public limited company etc). As each jurisdiction will define its own entity types, the lists of available sub-types can now be defined by the jurisdiction or country of incorporation of the entity.
From the Options >Data Configuration>Maintain Lists menu option select Entity Sub Type (<entity type>). All existing sub types will be assigned 'All Countries', so users not wishing to maintain differing lists for each jurisdiction can continue without making any changes.
Should you wish to restrict a specific entity sub-type to a relevant country, simply edit the country in the list. Alternatively add new entries to the list using the plus button at the top of the table. Entries 'usage' indicates the number of entities already assigned each entity sub type. Use the row Actions buttons to remove unused entries.
If an existing entity has been assigned an entity sub-type which is now restricted to a specific country, the next time the entity administration details are edited, the user will need to make a new valid selection to set the sub-type accordingly. The entity onboarding will also display only entries assigned 'all countries' and those relevant to the jurisdiction of the entity.
Dashboards, the Entity Listing and Reports that analyse and display entity sub-types have been updated to use the jurisdictional lists for sub-types going forward.
Additional meeting agenda items
The following additional meeting agenda proposed event types have been enabled in the schema editor and also when adding events to generate an agenda: -
Allotting new company shares
Transferring company shares
Change of trading name
Opening a new bank account
Closing a bank account
Appointing a new advisor or officer
Ceasing existing advisor or officer
Change of address
Other Changes
3966 Passports Due to Expire dashboard now excludes expired passports where a newer passport exists for same issuing country
3533 VAT number added as an optional field to the entity listing screen
3908 Multi-sided Journal Accounting posting - Each analysis row added defaults to balancing amount
3909 Multi-sided Journal Accounting posting - The description can be overridden for each row
3910 Multi-sided Journal Accounting posting - The descriptions and references can be hidden/displayed by the user
3926 Onboarding final confirmation popover now displays approval or rejection of entity
3944 Expired passports are shaded with a different colour background style to differentiate from current passports
3957 New 'Filing Dates' have been added to both FATCA and CRS Review portlet
4237 The register Beneficial Owners is now displayed as Owners & Controllers
5314 A users password can now be reset via the System Administrator, edit user action.
Fixes
4160 Fix to ensure Entity Access control levels are applied as a further restriction to the WW+ Security Groups
3970 Add Contact from the Contact Directory wasn't displaying the contact title list
4834 Fix to the Reports table to ensure reports are listed correctly when business area or report type filter applied
4839 Fix for Non-roman contact name stating it is mandatory but the field is optional
Known Issues
The 'Delete User' action should not be available within System Administration > Users. The function isn't available and users should be disabled, instead of deleted to preserve audit records.