This video will take you through how to add investments types to WealthWorks +.
This video tutorial will assist you in;
- How to add a new Investment type.
- How to edit existing investment types
- How to add/ edit the default nominal codes for your investment types
- How to remove unused investment types
Tutorial Transcript
Each investment in the Investment Library is assigned an Investment Type. Investment Types also ensure nominal code consistency, as it allows you to define the default nominal codes for each type.
[00:16] To add and edit the investment types which are available system wide, navigate to the Options main menu category. Select Data Configuration > Investment Types. Select the + button to add new investment type to the list. Enter the name and details and click 'Save'.
[00:55] Before entering the Investment Default Types, ensure the correct Chart of Accounts has been selected. If you need to add default codes to all chart of accounts, you can by selecting each chart from the drop down then selecting the default codes. Enter the Investment Type default codes for each account including the balance sheet code, profit and loss account, and income codes. When all default codes have been added, click 'Save'.
[01:39] To edit details of your Investment Type, for example the Tax Rate, click on the 'Edit' button. Make any amendments and click 'Save'. If you need to edit the default nominal codes, you can do this by selecting a new code and clicking 'Save'. Note - Changing the default codes for each nominal code type will not amend each investment ledger already created. Only new investment ledgers added after the changes have been saved.
[02:11] If an Investment Type has not been used and is no longer needed. You can remove it from the list, by clicking the 'Delete' button and confirming your deletion.
This tutorial is confirmed to be applicable from WealthWorks+ release 4.17