Summary
Further Accounting features are available in this release of WealthWorks+ allowing users to add and maintain asset and liability ledgers and post asset and liability transaction types. Asset and liability valuations can also be updated in this release.
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+.
Any 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
- Add new asset ledgers to sub-funds
- Maintain existing asset ledgers
- Add new liability ledgers to sub-funds
- Maintain existing liability ledgers
- Posting asset transaction types:
- Asset Purchase
- Asset Sale (including partial sale)
- Asset valuations
- Liability valuations
Adding new asset 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 asset ledgers:
- Entity Details > Finances > Accounting Records. Grant the attribute View, Add, Edit and Delete as required.
Select the entity to add the asset ledger to, and select the Finances tab. Select the sub-fund and navigate to the assets tab. Click on the +, add button at the top of the table of existing asset ledgers. Alternatively, select the Add Asset ledger option from the Actions button displayed at the top of the page. Select an Asset Category and enter the full name and a short name of the asset ledger, the 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 asset category. If you change the asset type, the codes will update to predetermined codes. The default nominal account codes should be reviewed and amended as required. Click Save to add the ledger.
An unused asset 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 asset 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 asset ledger will be maintained in both the entity currency and the ledger cost currency.
The default ledger nominal codes used for posting asset transaction types can be edited on the Default Nominal Codes tab.
Asset Types
Each Asset ledger is assigned to an Asset Type. These are configurable list that also allows the default nominal codes for each asset ledger to be pre-defined, which ensures consistency of nominal code usage when posting asset accounting transactions. To add and edit the asset types which are available system wide, navigate to the Options main menu category, and select Data Configuration > Asset Types.
Select the +, add button to add a new asset type to the list. Enter the name and details and click Save. For each chart of account selection, enter the Asset Type default codes for each account including the default balance sheet code, profit and loss account, and income codes. The Asset 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 asset ledger already created in the system, only new asset ledgers added after the changes have been saved
Adding new liability 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 liability ledgers:
- Entity Details > Finances > Accounting Records. Grant the attribute View, Add, Edit and Delete as required.
Select the entity to add the liability ledger to, and select the Finances tab. Select the sub-fund and navigate to the liabilities tab. Click on the +, add button at the top of the table of existing liability ledgers. Alternatively, select the Add Liability ledger option from the Actions button displayed at the top of the page. Select a Liability Category and enter the full name and a short name of the liability ledger, the 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 liability category. If you change the liability type, the codes will update to predetermined codes. The default nominal account codes should be reviewed and amended as required. Click Save to add the ledger.
An unused liability 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 liability 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 asset ledger will be maintained in both the entity currency and the ledger cost currency.
The default ledger nominal codes used for posting asset transaction types can be edited on the Default Nominal Codes tab.
Liability Types
Each Liability ledger is assigned to a Liability Type. These are configurable list that also allows the default nominal codes for each liability ledger to be pre-defined, which ensures consistency of nominal code usage when posting liability accounting transactions. To add and edit the liability types which are available system wide, navigate to the Options main menu category, and select Data Configuration > Liability Types.
Select the +, add button to add a new liability type to the list. Enter the name and details and click Save. For each chart of account selection, enter the Liability Type default codes for each account including the default balance sheet code. The Liability 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 liability ledger already created in the system, only new liability ledgers added after the changes have been saved
Posting Asset Transaction Types
- Asset Purchase
Select the Asset Purchase transaction type to record an purchase of an asset. It debits the book cost and credits a bank or broker nominal account. This transaction type posts to an asset ledger and the nominal ledgers.
- Asset Sale and Partial Sale
Select Asset Sale transaction type to record a sale of an existing asset. It credits a bank or broker nominal account. Enter the sale proceeds in the bank line. Enter the proportion of the asset to be sold; the sale will default to 100% of the cost at the date of the transaction. The cost and profit/loss is calculated on an average cost basis. This transaction type posts to an asset ledger and the nominal ledgers.
Unlike investment ledgers, posting to an asset ledger will not automatically recalculate the ledger profit/loss of other sale transactions. If earlier transactions are posted prior to an existing sale, you may need to delete and re-enter those transactions.
Asset and Liability Valuations
The basis of the asset and liability valuation is now set for each sub-fund, and can be changed from the Sub Fund Settings button > Valuation Settings option. The choices are:
- Latest Saved Valuation. The asset or liability 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 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 asset 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 asset 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 asset 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 asset ledger action button.
Other Changes
3546 The Organiser, Entity and Sub-Fund table of Tasks data can now be exported to Excel.
12505 In the Register of Directors, where the type is Nominee Director, the Nominator can now be recorded.
13013 The export to Excel feature on tables of data will now only export selected columns.
20408 Individual's contact records can now record the PEP Type, PEP Country of Influence and PEP Notes
29770 The Trial Balance and Investment Ledger recalculation status is now displayed by hovering over the spinning icon displayed at the top left hand corner of the portlet. If the icon is spinning, then a recalculation process is still underway.
29918 If the sub-fund, fund closed date is set in the sub fund details, accounting transactions can no longer be posted after this date.
30214 The export to Excel feature on tables of data will filter for current or all records, as selected by the user.
31526 The PEP Type of each individual contact is now available as an optional column in the Contact Directory.
31527 In Options > Maintain Lists, the Director sub type list can now be amended. New Directors sub types can be added and unused types removed.
34714 New Register of Directors report for British Virgin Islands has been added.
32201 New Register of Charges report has been added.
Fixes
30001 A correction has been made to the Investment holdings datatable to export the control levels 1 to 4 (office, unit, partner and manager) to Excel where these were missing.
31479 A correction has been made to the risk analysis dashboard to ensure overridden risk levels are reported correctly.
32264 An error message has been resolved when sorting the Entity List by investment valuation ascending or descending.
32416 A change of permissions required to post Transactions has been made to prevent an error message being displayed.
32513 A correction to the Register of Allotments has been made to display total share holdings correctly where the entity has had a formal change of name.
30899 A correction has been made to the Register of Members report to ensure the member type is reported correctly.