The multi-entity, multi-currency, Accounting Module provides a general ledger facility to hold accounting information for a wide range of entity types, for example, companies, trusts, foundations and funds.
The chart of accounts, reporting formats for balance sheets, profit & loss statements, capital accounts and income statements are provided as standard, but can be modified or replaced with user-configurable definitions. Multiple reporting formats can be defined and then assigned at an entity level to enable reporting to be customised according to differing client requirements. This flexibility enables financial statements to be produced.
Transactions can be posted manually, via electronic import processes or are posted automatically by other processes in TrustQuay 5Series such as billing, transfer agency transactions, fees associated with the NAV process or investments. When capturing transactions, selected general ledger accounts can be designated as requiring “sub-accounting” information. This “sub-accounting” enables transactions to be recorded at a detailed level, for example, to identify the specific bank account being posted to when inputting to a general ledger account designated as “Bank accounts”. Other sub-accounting options include related entities (e.g. names of suppliers for the Creditors account), investments information (e.g. product types or asset names), or user-definable multi-level cost centre analysis codes (e.g. departments, geographical analysis).
Automated Final Accounts
Draft and final accounts can be generated automatically in TrustQuay 5Series and multiple template formats can be used as described above. This final accounts production facility includes items such as Directors’ or Trustees’ reports, details of key officers and other statutory information and the generation of notes to the accounts, as well as the core financial information.
The notes production facilities enable standard or bespoke text to be included, and the details can be varied for each entity for whom accounts are being produced. Previous years’ notes can be re-used to eliminate duplication of effort, and a history of prepared accounts including the notes that have been produced for each entity is available.