Omni – Accounting Data

An analysis of all the accounting data can be accessed from the menu item ‘Reports, Accounting Data’. The information is sent to Word.

This has the following sections:

1. Revaluation Schedule – showing how the profits and losses on investments for the period have been calculated

2. Category Analysis – a list of all transactions that took place in the period in each category (contributions, rent etc). Debtors and creditors are also listed.

3. Accounting checks. The following checks are shown:

a) Internal bank transfers – the total of bank transfers out must match the total of inward internal transfers.

b) Investment transactions – the total of ‘Investment Buy’ bank transactions are matched with the data stored in the ‘Investments, Investment Transactions’ screen. A similar check is provided for ‘Investment Sales’. For this to work, it is important that all investment transactions are stored, even those for segregated portfolios. Similar checks for loans and property transactions are also shown. In due course, associated company shares will be added.

a) Borrowing payments – the borrowing payments made from the current account are compared with either mortgage payments into a mortgage account or the interest paid and capital paid from the borrowing values screen.

b) Transactions not imported – there should be no bank transactions for the period that have not been imported

1. Accounts Reconciliation – the reconciliation compares the fund at the beginning of the year (adjusted for changes in the year) with the value at the end of the year. The stages are:

a) The fund value at the previous year end is the starting point

b) Debtors and creditors at the previous year end are reversed.

c) Any rent prepayments at the previous year end are reversed.

d) The income received through the scheme’s bank accounts in the year is added

e) The expenditure made through the scheme’s bank accounts in the year is deducted

f) Debtors and creditors at the year end are added

g) Any rent prepayments at the year end are deducted

h) The revaluation on investments (realised and unrealised) during the year is added

i) The result of the above is the expected fund value at the year end

j) The actual value of the net assets is shown, together with any discrepancy

The data can then be checked and amended (using the accounting checks) to remove any discrepancy.

If the full detail of the calculation of the investment valuation at the year end or the previous year end is needed then the investment valuation can be run at either or both dates.

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