Omni – Accounting Basis

1. Omni is designed to be used by SSAS and SIPP administrators

2. It therefore does not use accounting jargon, such as trial balance

3. It uses words in a way that will be intuitive to the users e.g. debits are amounts taken out of a bank account.

4. The information is driven by the payments into or out of the bank account

5. All bank account entries are posted to different screens and imported to add additional information e.g. when a contribution is imported to the contribution screen it is stated whether it came from the company or member. Omni does not refer to these as ledgers.

6. Investment transactions are somewhat different. The amounts spent or received is enter into the bank account screen. The details are entered on the Investment Transactions screen (unit price, number of units and charges). The accounting information screen shows the 2 sets of data so any discrepancies can be seen.

7. The accounts are produced by default on a receipts and payments basis to fit in with scheme administration and reporting to HMRC – the important issue is what was paid in a period not what might have been paid. The information on debtors and creditors is given (at both the beginning and end of the period) so that the user or the accountant can adjust the data to an accruals basis, if required.