Omni – Draft Accounts

Before running the Draft Accounts you should run the Accounting Data for the required period and check that all of the information is correct and that the accounts balance. You can then run the Draft Accounts option to produce the Income and Expenditure Account and Balance Sheet to send to the client.

Income and Expenditure Account

The Income and Expenditure Account has 3 main sections:

· External transactions i.e. contributions and benefits. For the main categories, such as contributions and pension payments, the headings are always shown even if they are zero. For other headings such as annuities and transfers out, the headings are only shown if there is a value for the current year or the previous year.

· Investment income. There are many different potential headings but each one is only shown if there is a value for this year or the previous year.

· Changes in the market value of investments. This information is taken from the Revaluation Movements schedule. It will include investments that are treated as segregated portfolios. For instance, if a portfolio is held with a stockbroker and Omni is only used to monitor the total values and not the individual transactions, then this section will show the gain in total value of that portfolio even though some of that gain will be due to interest and dividends. In this way, the segregated portfolios are treated in a similar way to managed funds.

The Scheme Account shows the net increase in the fund, which is the total of the previous sections and then adds this to the opening net assets of the scheme to show the closing net assets of the scheme. If this calculation does not agree then the discrepancy is shown. In this situation you should revert to the Accounting Data to resolve the problem and then run the draft accounts again.

Balance Sheet

The Balance Sheet analyses the investments under the general headings of property, loans, investments and deposits and also shows liabilities. It does not show every individual investment but these details can be obtained by running the Investment Valuation at the accounting date.

Adjustments to Draft

It is not intended that these draft accounts will be foolproof and so, adjustments will be needed in some situations, especially if you are allowing for accruals and pre-payments.

Receipts and Payments Basis

The accounts are produced on a receipts and payments basis e.g. rent received during the year is included in the Revenue account rather than accruing rent due for the year. This is the basis on which the returns are submitted to HMRC and so the accounts are consistent with this.

Saving Accounts Document

The Draft accounts can be saved as a Word document and then any amendments can be made with the final accounts being stored as a Word document.

Saving Results

The results can be stored to use in the following year’s accounts – Saving Accounts Results

Previous Year Data

When the Draft Accounts for the following year are run, Omni will retrieve the data stored for the previous year and show a separate column in the accounts for comparison purposes.