Trust Accounts is an accounting product for entities holding investments: e.g. trusts, probates, charities, pension funds etc. It also supports the investment management requirements of high net-worth individuals. Its sister application, the PerTAX Family of Tax Products, calculates and produces the UK Tax Returns for individuals, trusts and estates.
Many practitioners still produce trust and estate accounts using manual methods and spreadsheets. However, purpose-built software offers huge time savings and better management control.
Features & benefits
- One-stop shop for accounts and tax
- Intuitive interface works in the same way for both accounts and tax
- Fully configurable security system
- Tools to manage the workflow associated with handling clients’ affairs
- Complete integration between the nominal and investment ledgers
- Third-party Data Feed provides pricing, dividend and capital gains information
- User-defined reporting via the powerful Transaction Reporter
Integrated nominal and investment ledger
Trust Accounts features a nominal ledger (or “general ledger”) and an investment ledger. These two ledgers are fully integrated so that every entry in the investment ledger is also present in the nominal ledger.
The two ledgers work in a very similar way making it easy for new users to find their way around the system. Final accounts are produced from the nominal ledger and a CGT computation is produced from the investment ledger.
The sister product of Trust Accounts, the PerTAX Family, calculates and produces the UK Tax Returns for individuals, trusts and estates.
Nominal Ledger
- Four years’ nominal ledger information held on file
- Optional Multicurrency module
- Bank Reconciliation
- Interest Calculation
- Periodic and final accounts from the popular Viztopia Accounts Formatter
Investment Ledger
- Handles securities and client-specific assets such as properties
- CGT Computations and What If computations for UK and Irish jurisdictions
- Flexible investment reporting for investment schedules etc.
- Reporting on missing dividends
- Automatic processing of takeovers, demergers etc via CCT Wizard preserving the CGT history and eliminating horrendous manual calculations
- Chargeable disposals and investment income passed directly to UK Trust and Estate Tax Return, or to the Personal Return for individuals
Purpose-built software brings everything together
Integration of tax and accounts
The integration between the tax and accounts systems is undoubtedly one of the most popular features of Trust Accounts.
Many details recorded in the accounts are needed again in the preparation of the tax return. So why enter them twice? Trust Accounts is linked to our PerTAX Family of Tax products so that gains subject to CGT and income from investments can be transferred automatically from the accounts into the tax return. All this data can be transferred with just a couple of mouse clicks. The link can be made to the SA900 for trusts and estates or to the SA100 for individuals.
Using both PerTAX and Trust Accounts together offers huge advantages:
- Reduces data entry into the tax system
- Reduces errors through greater automation
- Reduces administration and learning times - both systems share a similar, intuitive interface that works in the same way.
Reduced data entry
Trust Accounts is designed to reduce manual data entry to a minimum, leading to fewer errors and greater productivity.
Key benefits
- Securities information is updated automatically from a third-party data feed
- The Autopost option uses this information to generate entries for dividends, rights and bonuses automatically
- Complex Capital Events are processed using the CCT Wizard which preserves the CGT history and eliminates long and error-prone calculations.
- Transaction Import can be used to import all transactions from third-party data sources
Where manual data entry is required, the program is designed to allow the quick entry of information to a single client or across a range of clients. There is simplified Data Entry available for individuals who might pay CGT but do not require full accounts.
Reduced data entry means
fewer errors and greater productivity
Reporting and reporting tools
Viztopia Formatter
Accounts are produced using the Viztopia Accounts Formatter. The Viztopia Formatter is a market leader, and, running on Viztopia Accounts, it’s in use at over 1,000 sites across the UK.
Key benefits
- Each financial statement is produced from underlying spreadsheets called Formats.
- MYOB supply master Formats
for different entities. These include: trusts, estates, charities, pension schemes and limited companies.
- The user can use our Formats or tailor them to the firm’s house-style.
- The Formats can also be tailored for specific clients.
- When accounts are reviewed the reviewer can drill-down to the underlying Formats, account balances or other database information.
Built-in reports
Trust Accounts features a wide variety of built-in reports. These can be viewed, printed or exported into Microsoft Word or Adobe Acrobat.
Reports included:
- Entry Listings, Nominal Ledger and Trial Balance
- Ownership of Securities
- Detailed CGT Report for Revenue queries
- Simpler CGT Report for beneficiaries
- Missing Dividends
- Analysis of Income (as per Tax Return)
- Audit Trail
- Investment Schedule
The investment schedule report is particularly flexible and can be used for conventional investment schedules, schedules for charities and pension funds, dividend schedules, valuation reports and portfolio summaries.
Trust Accounts provides a wide variety of built-in reports
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Reporting Tools
For many users these reports provide all the reporting capability they need. However, two optional modules allow users to design their own reports if they need to:
- Transaction Reporter is ideal for cross-client reporting including monitoring client cash balances or portfolio performance.
- Excel Reports is ideal for reports that include complex calculations and charts such as portfolio review documents.
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