Property

To enter a new property, first enter a global stock using ‘Investments\Stocks’, click the Property option and then the ‘New’ button.

This will take you to the Property screen where details can be entered.

To amend the details of an existing property (except the address), use ‘Investments, SSAS Investments, Property’ and then the ‘Amend’ button. To amend the property address, use the above Stocks screen.

Fields

‘Date Purchase Verified’ – before April2006 there was a requirement to report property purchases in SSASs to HMRC within 90 days of purchase. The date that the report was sent was stored to track which properties had been reported. The 90 day deadline was a useful discipline because it ensured that all items were dealt with and nothing was allowed to drift (e.g. a formal lease). This discipline can be retained by the administrator or team leader entering the date in ‘Date Purchase Verified’ once all details have been completed. A report can then be run at any time to show those properties that have been bought but still have outstanding issues.

‘Date Sale Verified’ works in a similar way to ‘Date Purchase Verified’.

Residential Property. On the annual Registered Pension Scheme Return, you need to state whether there is any residential element in each property.

‘Did not proceed date’ is used to identify properties that were not bought so that it is possible to identify purchases still in progress.

Property Values

Property Values are stored in the same way as for other investment prices. For the annual Registered Pension Scheme Return, the value needs to be stored at the end of each tax year (or accounting year, if the returns are made on an accounting year basis).

Responsibility

On the Responsibility tab details of who is responsible for the various functions can be stored.

Property Documents

It is useful to keep an index to all documents relating to each property held by a scheme. A document index has been included under Investments, SSAS Investments, Property + Amend button + Documents tab.

As well as the date and type of document, there is scope to store a brief explanation of the document including the parties to the document, the effect and the part of the property that the document relates to.

The 'Type' has a drop down list of standard types (these can be changed by the system user - in ‘System, Deed and Property Doc List’). Other types can be entered but it is recommended that the standard types set by the system user are used. This will make sorting and reporting easier.

The 'Property Part' is intended to included information such as '1st Floor', Unit 1', 'Whole'.

The 'Effect' is intended to include useful information that does not duplicate the other information e.g. there is no point saying 'Lease of 1st floor' when that information is included in other fields.

EPC and Notes

Details can be stored of whether an EPC is held, the expiry date and the rating. If a property is exempt, the reason for the exemption can be stored.

Expenditure

When entering a Bank Transaction, there are various Payment Types for Property Expenditure – Property Deposit, Property Purchase, Property Fees, Property Maintenance and Property Improvement.

On the main Bank Transactions screen, the Add Details button enables you to enter the amount of any reclaimable and select the property that the expenses relate to.

On the Property Amend screen, the Expenditure tab shows 2 grids. The first includes all expenditure that has been allocated to the selected property. The second shows all expenditure that has not been allocated to a property. To allocate any expenses, click on the ‘Allocate Expenses’ button to activate the grids, then click on the expense record in the bottom grid and press the ‘F6’ key. Use the F6 key if you want to reverse the allocation.

In the Accounts Data and Draft Accounts, Property Improvement is treated as a capital item and Property Maintenance is included in the Income and Expenditure account. When a property is valued, Omni will add to the property value the amount of all Property Improvements that have been paid for since the date of the latest property valuation.

Income

In a similar way to Expenditure, any Property Income transactions (excluding rent) can be allocated between different properties.