Bank Transactions


A scheme can be bank driven or not. Bank driven means that all entries from the bank account(s) are input as bank transactions and then posted to the different windows for contributions, rent etc; data cannot be entered directly into those windows – i.e. the administration of the scheme is driven by the bank account.

If a scheme is not ‘bank driven’ records cannot be posted from the bank transactions window and data has to be entered directly to the different windows for contributions, rent etc. This will generally only be used if the firm does not administer the SSAS or sub accounts are set up for a scheme.

The bank driven indicator is on the Scheme, Amend Scheme, Details tab. Once a scheme is set as bank driven it should not be amended.

Before some items can be imported the background data needs to be entered e.g. before rent payments can be imported the details of the tenant paying the rent have to be entered.

Important Note No bank transactions should be imported until the full details have been checked, the account has been balanced and the administrator is absolutely sure that the details are correct.


Bank Transaction Comments


It is not intended that comments should generally be added to a bank transaction after it has been posted. However, double clicking on a posted record in the Bank Transaction screen will allow a comment to be entered or added.


Viewing Bank Records


As well as using data feeds from banks to reconcile the data already in Omni, you can import the bank’s data exactly as it provided in the feed, so that you can check the bank’s records. This currently only applies for Cater Allen feeds – for those accounts a View Bank button will be shown on the screen. There is a setting which also controls whether this button is visible.


Selecting The Member


When entering a bank transaction for a scheme where there is only 1 member and a member related Payment Type is selected (e.g. Contribution, Transfer Payment), Omni will automatically select the member. There is a global setting which determines whether the member box appears for fees.


Contribution Warnings


When entering a contribution, Omni will test whether the selected member has Flexible Drawdown, Enhanced Protection or Fixed Protection. There is a global setting which determines whether the contribution is blocked or just a warning is shown.


Death Benefits


There is a separate page for information on death benefits.


Creating Mirror Transactions


If you enter a transaction for an Isolated Account, Omni will ask you 'Do you wish to store a mirror transaction in the feeder account?'. If you click ‘Yes’ Omni will create a transaction with the Income/Expenditure reversed in the Feeder Account (called a ‘mirror transaction’).


If an Internal Bank Transfer is entered (not in an Isolated Account), Omni will display a list of all other Open bank accounts (that are not Isolated). If you select an account, Omni will create the mirror transaction as above.


The name of the account you are using will be entered in the Comments field of the mirror transaction and, if you do not enter a comment in the transaction that you create, the name of the mirror account will be added to the Comments field in the transaction you create.


There is no permanent link between the mirrored transactions. If you later amend either of the transactions you also need to amend the mirrored transaction.


If an expected transaction is created then the mirror transaction will be an expected transaction. A new transaction will be mirrored with a new transaction. When a transaction is converted from ‘Expected’ to ‘New’ or from New to Posted the mirror transaction needs to be converted separately.


Investment Transactions


There is a setting which allows you to ‘Input Investment transactions from bank account’. When accepting a new or expected bank transaction with a Payment Type of ‘Investment Buy’ or ‘Investment Sale’, a list of holdings will be displayed. When the holding is selected, the investment transactions screen is shown with the details entered for the bank transaction. The unit price and number of units can then be entered. When that screen is closed you will be returned to the bank transactions screen,


If you wish to amend the details then you have to amend the bank transaction and investment transaction independently.


Deleting Imported Transactions


Deletion of bank transaction records can only be carried out by a user who has been given the appropriate rights by the System Administrator. The records are deleted from the individual windows for each category e.g. contributions, pension payments.


When deleting an imported record, the program checks whether the record has a related bank transaction (it usually will) and, if so, it deletes the bank transaction as well. This could mean that the bank account no longer balances and so the user needs to enter the correct records to ensure that the bank balances.


The program keeps a list of all deletions. These can be seen for each scheme via 'Investments, Bank Transactions, Deleted Bank Transactions'. This list also shows the date that the record was deleted and the computer/user that deleted the record.


When deleting a record, an extra comment can be added. This will be stored, in addition to the original bank transaction comment.


This is intended to replace the process for correcting imported errors.


See also                Effective Dates for Bank Transactions

                                Regular Expected General Transactions

Rent Invoices