thewealthworks Customer Support Portal

Summary

Further Accounting features are available in this release of WealthWorks+ allowing users to maintain the investment library, add new investment ledgers to entities, and post investment transaction types to investment ledgers.

Please note, if you have the Global Banking feature enabled, with 'mirrored' banking transactions to global entities, accounting in WealthWorks+ will not create these linked transactions. Please contact support for further information about accounting in WealthWorks+.

New reports added in this and future releases will not be dependent on a specific permission by default. If you wish users to have restricted access to reports, we recommend reviewing the report 'dependent on' permissions via the System Administration > Reports page.

New Features

1. Add Investments to the Investment Library
2. Maintain the Investment Details of investments in the Library
3. Add new Investment ledgers to sub-funds
4. Maintain Investment ledgers
5. Maintain Portfolio Groups
6. Maintain Investment Types
7. Maintain Investment Categories
8. Posting investment transaction types:
   • Investment Purchase
   • Investment Sale
   • Investment Income
   • Investment Journal - Adjustment In
   • Investment Journal - Adjustment Out
9. Investment Valuations

Investment Library

If you have created your own roles for users, grant the following permissions to allow user to access the chart of accounts:

• Investments > Investment Records > Investment Library. Grant the attribute View, Add, Edit and Delete as required.

Access to the Investment Library can be granted to users via the following built-in roles provided by WealthWorks+:

Before investment transactions can be posted to the accounting records of an entity, the investment details need to exist in the Investment Library. The Investment Library is shared between all entities that hold the same investment and allow reporting across all holdings of the same investment. Once an investment record exist in the library, one or more investment ledgers need to be created within each entity and sub-fund to create holdings of each investment, and investment transactions can be posted to these ledgers.

To add new investments to the investment library, access the library via the Investment main menu category, and select 'Investment Library'. Click on the +, add button at the top of the table of existing investments in the library. Alternatively, select the Add Investment option from the Actions button displayed at the top of every page. Enter the short name (displayed within the system) and the Full Name of the Investment (displayed on reports and outputs). Select the Investment Type, Income Type and enter any identifier codes (SEDOL, ISIN, TIDM and/or Feedcode). The exact identifier codes displayed in the system can be configured in System Administration > Investments > Investment Identifier Codes Displayed. Click Save to add the record to the library.

To edit the details of the investment record, search for the new record in the table or use the sorts and column filters to display the investment you wish to edit. Double-click on the row or select Investment Details from the actions button displayed on the row. From the Details tab, the following portlets can be edited and fields amended as required:

• Investment Details.  The units displayed in this portlet are calculated from holdings posted into the system. The Unit precision field should be edited to the number of decimal places to show the units to.
• Investment Categories.
• Identifier Codes. Only those fields configured in the System Administration will be displayed here.
• Additional Details. Ensure the listing currency is selected. Investment ledgers can hold investments in any currency but will default to the listing currency.
• Bond Details.

The name of the investment can either be edited (for corrections) or a formal name change, by editing the name and checking the box to record the change with an effective change date.  The former investment names can be accessed from the button displayed in the Investment Details portlet.

The Holdings tab will reflect each individual investment ledger holding the investment transactions for each entity and sub-fund. The Income tab is currently updated with dividend and income records supplied by a third party investment datafeed. The investment search in the page footer can be used to search for investments and change the selected investments to make changes to the investment library records quickly. The global search at the top of the page also allows search by investment names and identifier codes.

Adding new Investment Ledgers to sub-funds

If you have created your own roles for users, grant the following permissions to allow users the ability to view, add, edit and delete investment ledgers:

• Entity Details > Finances > Accounting Records.  Grant the attribute View, Add, Edit and Delete as required.

Select the entity to add the investment ledger to, and select the Finances tab. Select the sub-fund and navigate to the investments tab. Click on the +, add button at the top of the table of existing investment ledgers. Alternatively, select the Add Investment ledger option from the Actions button displayed at the top of the page. Search for the investment name in the investment library, select a portfolio group, ledger currency and the status of the ledger.

The default nominal codes tab will automatically pre-populate with the default code types needed for the selected investment. If you change the investment, the codes will update to predetermined codes for this investment type. The default nominal account codes should be reviewed and amended as required. Click Save to add the ledger.  

Unused Investment Ledger (where no transactions have been posted) can be deleted by clicking the Action button on the row, and selecting delete.

To edit the details of the investment ledger, double-click on the row or click the Action button and select View Ledger Details. Navigate to the Ledger Details tab to edit the following portlets:

• Ledger Classification
• Ledger Settings. The ledger cost currency can be changed if no transactions have been posted to this ledger. The investment ledger will be maintained in both the entity currency and the ledger cost currency.

The default ledger nominal codes used for posting investment transaction types can be edited on the Default Nominal Codes tab.

Portfolio Groups

Each investment ledger is assigned to a portfolio group within the sub-fund. Portfolio Groups are used to group investments together for reporting and administration are typically used to represent the broker or other wrappers that the holding belongs to. Portfolio Groups can be created so they only appear on the selected sub-fund or universally so they are available throughout the system.

To add and edit the available portfolio groups for the selected sub-fund, select the Investments tab and click the Options button.  Select 'Portfolio Groups - Sub Fund only'. Click the first row to add a new group; enter a short code (reference) and the name of the Portfolio Group.  Existing groups can be edited, and only unused portfolio groups can be deleted.

To add and edit the portfolio groups available system wide, navigate to the Options main menu category, and select Data Configuration > Maintain Lists. At top of the page, select Portfolio Groups (All entities). Click the first row to add a new group; enter a short code (reference) and the name of the Portfolio Group. Existing groups can be edited, and only unused portfolio groups can be deleted.

The portfolio group to which an investment ledger belongs can be changed at any time, via the Ledger Classification tab. The table of investment ledgers can also be filtered by Portfolio Group by using the filters displayed in the column heading.

Investment Types

Each investment in the Investment Library is assigned an Investment Type. This configurable list of Investment Types also allows the default nominal codes for each investment ledger to be pre-defined, which ensures consistency of nominal code usage when posting investment accounting transactions. To add and edit the investment types which are available system wide, navigate to the Options main menu category, and select Data Configuration > Investment Types.

Select the +, add button to add new investment type to the list. Enter the name and details and click Save. For each chart of account selection, enter the Investment Type default codes for each account including the default balance sheet code, profit and loss account, and income codes. The Investment Types can be edited, along with the default nominal codes and unused types can be deleted.

Changing the default codes for each nominal code type will not amend each investment ledger already created in the system, only new investment ledgers added after the changes have been saved

Investment Categories

Each Investment in the Investment library can be assigned up to 6 investment categories for reporting and the analysis view of the investment ledgers. For example displaying % valuations by geographical, risk and sector analysis. The labels for the Investment Category 1 to 4 can be amended via the System Administration page, Investments tab. Category 5 is fixed as 'Portfolio Risk Category' and Category 6 is fixed as Valuation Category.

Also in the System Administration page, Investments tab, the categories to be displayed throughout the system can be enabled/disabled, if these categories are not required.

To maintain the list of categories for each of the 6 investment categories, navigate to the Options main menu category, and select Data Configuration > Maintain Lists. At top of the page, select Investment Category 1 to 6. Click the first row to add a new entry for a specific category. The number of investments using each category is also displayed. Existing category names can be edited, and only unused categories can be deleted. To assign categories for each investment, search for the investment record in the library. Double-click on the row or select Investment Details from the actions button displayed on the row. From the Details tab select the categories portlet and assign or amend the categories as you require.

Posting Investment Transaction Types

• Investment Purchase

Select the Investment Purchase transaction type to record an purchase of an investment. It debits the book cost and     credits a bank or broker nominal account. This transaction type posts to an investment ledger and the nominal ledgers.

• Investment Sale

Select Investment Sale transaction type to record a sale of an existing investment.  It credits a bank or broker nominal account. Enter the sale proceeds in the bank line. The cost and profit/loss is calculated on an average cost basis. This transaction type posts to an investment ledger and the nominal ledgers.

• Investment Income

Select Investment Income transaction type to record a dividend or interest received for an investment, It debits the Investment Income bank or broker nominal account. Enter the net dividend or interest received and any charges. The gross is calculated and credited to the income nominal account.  This transaction type posts to an investment ledger and the nominal ledgers.

• Investment Journal Adjustment In

Select Investment Journal Adjustment In transaction type to increase the units and/or book cost of the investment ledger. This transaction type posts to an investment ledger and the nominal ledgers.

• Investment Journal Adjustment Out

Select Investment Journal Adjustment Out transaction type to decrease the units and/or book cost of the investment ledger. This transaction type posts to an investment ledger and the nominal ledgers.

Posting an investment ledger will automatically recalculate the ledger profit/loss on sale and profit/loss on exchange on an average cost basis.  The ledger can also be manually recalculated by clicking the recalculate ledger button displayed at the top of the ledger transactions.

Investment Valuations

The basis of the investment valuation is now set for each sub-fund, and can be changed from the Sub Fund Settings button > Valuation Settings option. The choices are:

• Current Price File. The Investment ledgers on this sub fund will be set to value using the current price file.  Contact your system administrator if the price file is out of date.   
• Latest Saved Valuation. The Investment ledgers on this sub fund will be set to value using the latest saved valuation entered against these ledgers. Enter a valuation using Add valuation option via the ledger actions button. 
• Book Cost only. The Investment ledgers on this sub fund will be set to value using the book cost only.

If using the basis 'Latest Saved Valuation', use the Actions button on each investment ledger, and select Add Valuation to add a new valuation. Enter the valuation date and the either the unit price in the entity reporting currency, or the total valuation. The units held will be calculated based on the ledger transactions as at the date of the valuation.  

The investment ledger will display the latest saved valuation in the valuation column, and values older than 90 days or where a transaction has been posted since the last valuation will be alerted to the user as a warning. The investment values displayed on the entity listing, sub-fund listing and assets under management dashboard will also use the valuation basis setting on each sub-fund.

Existing valuations can be edited and deleted from the Edit valuation option accessed via each investment ledger action button.

Other Changes

20842    Share Capital section on the Company Profile report total shares issued to use correct share precision

20574    Company Profile report now includes owners and controllers

20848    New Standing Charges report and excel output added 

20573    Trust Profile report now includes owners and controllers

20575    Partnership Profile report now includes owners and controllers

20681    Contact creation date available as an optional column to the Contact Directory

18930    Chart of Accounts exports and prints now only output filtered results

20399    Document creation now groups documents by folder name, in the Page Actions list

20577    Foundation Profile report now includes owners and controllers

20677    All reports that display passport numbers now include all current passports where more than one

21764    When adding or editing director register entries, the sub-type is now sorted 

20534    Date of Birth and Date of Death are now available as optional columns on the contact directory and entity list

22838    Register of Members reports now include an optional nominor name

23236    Register of Members report includes an option to display movements section 

21738    When adding and editing the  Chart of Accounts, duplicate nominal account descriptions are now allowed

27621    New Share Summary report available

29126    The BRN (Business Registration Number) has been added for Mauritius and Hong Kong companies and trusts

Fixes

20841    An error message using the "Administrator Run As" feature has been corrected

21428    The speed when saving the Chart of Accounts has been improved

21686    A change has been made to prevent duplicate transactions being posted in error 

21782    An error deleting meeting location has been fixed

21951    The owners and controllers for foundations are now displayed correctly on the organisational chart

21765    Adding an accounting transaction can now tab fully through the fields as well as using the mouse

23557    A correction has been made to an error message, generating documents when the user didn't have access to the template

23876    Searching with search term 'ALL' now includes results with 'All'

23241    A correction has been made to the Risk breakdown chart and risk analysis dashboard to group by risk level correctly

22836    The Register of Members now shows the nominor and nominee correctly for nominee shareholdings

22963    Printing the Trial Balance debit and credit columns now right aligns the values

23779    The Register of members report (style 2)  now shows total number of shares to share unit precision