This video tutorial will show you how to manage sub fund nominal codes.


Once a sub fund has been set up (see How to Add a Sub Fund Within WealthWorks+) you will be able to add, copy or delete nominal codes for that sub fund.


This video shows you how to:

  • Add new nominal codes
  • Copy nominal codes from an existing sub fund
  • Edit the nominal codes (Description, Status and Close off Account)
  • How to set the default nominal codes 
  • Deleting nominal codes which have not been used


 

Tutorial Transcript


Within your Entity record, select the 'Finances' tab. Once a Sub Fund is selected, Nominal Codes can be added, amended or removed via the 'Sub Fund Settings' button, and selecting 'Manage Sub Fund Nominal Codes'. When setting up a Sub Fund for the first time, it is necessary to select a 'Chart of Accounts' to use for the Entity's accounting records. NOTE - If Nominal Codes already exist on the Sub Fund, then the Chart of Accounts cannot be changed. Nominating a Chart of Accounts for the entity will fix a defined set of Nominal Codes for the Entity and its Sub Funds.


(00:37) You can add Nominal Codes to your Sub Fund for accounting in two ways:- Add Master Nominals to the Sub Fund. Copy Sub Fund Nominals from an existing Sub Fund, using the copy button. Using the add button, will open 'Add Master Nominals to Sub Fund'. Add additional columns to the display, to view more details about the Nominal Codes. Use the search to filter for specific Nominal Codes. You can search alphanumerically, so you could search part or all of the Nominal Code, or part of the Nominal Description. Select individual Master Nominal Codes from the list by checking the 'Add' tick box at the end of each row. Or, to add all the Nominal Codes on the page, you can use the 'Add' checkbox at the top of the column. Clicking 'Add Selected' will copy from the Master Chart of Accounts in to your selected Sub Fund. Clicking 'Copy' to select a Sub Fund to copy Nominal Codes from, select the Fund you wish to copy from and click 'Copy Codes'. Before clicking 'Save', click on the rows to edit the 'Nominal Description', change the 'Close Off Account' of the Nominal Code. On the 'Default Nominal Codes' tab, select Nominal Codes from the available drop-down menu items for; 'Default Bank Account', 'Default Broker Account', 'Unrealised and Realised Exchange Difference'. Click 'Save' to complete the process of adding the Sub Fund Nominal Codes.


(02:37) If you do need to make changes to the 'Default Nominal Codes', you can do this by going into the settings, and making the required changes. Note, if you do amend a Default Nominal Code which is already in use, it will update the Trial Balance screen on saving (as highlighted).


(03:15) Returning to the 'Manage Sub Fund Nominal Codes' on the 'Sub Fund Nominal Code' tab, the list of Nominals can be filtered to show which 'is in use', or 'is not in use', or all (by default). Unused Nominals can easily be deleted by checking 'Delete on Save', and then 'Save' the page. NOTE - If a Nominal Code has transactions against it, it cannot be deleted.


This tutorial is confirmed to be applicable from WealthWorks+ release 4.15.