If you have an established Chart of Accounts, there may be occasions when you need to modify or edit the Master Nominal codes which sit within that Chart. This now can be done within WealthWorks+.
When you modify the master codes, the details you can amend for example are:
- Description
- Code Type
- FX Rule
Once changed you can pass these changes down to your Entities Sub Fund nominal codes.
Tutorial Transcript
To make changes to an existing Chart of Accounts, select the chart name from the drop-down list. Most of the information within the Chart of Accounts is editable. The only column which cannot be changed is Nominal Code. Click into the field, where you want to make your change, make your amendments then click 'Save'. 'Confirm' the changes to your Master Nominals Codes.
(00:57) Changes made to the Master Nominals, will not be transferred automatically to your Entities Sub Fund Codes. If you need to also update your Sub Fund, click on 'Actions' followed by 'Update Sub Fund Description'. This window will show you where the nominal descriptions are different on the Sub Funds, and it will allow you to 'Update' them if required.
(01:26) If you need to change the Close Off Account of a Master Nominal, you can do this by selecting a different Nominal from the drop down menu. Save and confirm the change. Using the 'Actions' button to 'Update Sub Fund Close Offs'. This will identify which Nominals will be overwritten and confirm which code they will be changing to.
(02:23) Within 'Actions' you can also select 'About Master Nominal Code'. The 'About' window will show you the Properties of the Master Nominal code, as well as which Entities have the Nominal Code in use.
This tutorial is confirmed to be applicable from WealthWorks+ release 4.16.1.