Omni – Expected Transactions

Rent, Loans and Contributions

1. Expected transactions can be generated for rent and regular contributions.

2. The intention is that, for most rent payments, you will just need to amend the date of payment and accept all of the other details. There will be no need to enter the amount, the VAT, the property that the rent relates to and the tenant paying the rent.

Enabling Expected Transactions

3. On the main Amend Scheme screen, there is a tickbox for ‘Expected Transactions’. If this is ticked, then Omni will generate transactions for rent and contributions automatically. They will continually be generated at the start of each month (for the following 3 months).

4. When a new scheme is established, the ‘Expected Transactions’ tickbox will be ticked by default. Any individual scheme can opt out of expected transactions by unticking that box at any time.

Which Bank Account?

5. The transactions are generated in the first ‘Main Account’ – this can be set on the ‘Bank, Bank Account, Amend’ screen.

6. If there are no ‘Main accounts’ the first open bank account is used (i.e. ignoring closed and archived accounts). If this generates transactions in the wrong account, set the ‘Main Account’ status.

Viewing and Converting Expected Transactions

7. There is another tab on the Bank Transactions screens, so that there is now ‘Posted Records’, ‘New Records’ and ‘Expected’.

8. The Comment field shows the property and tenant for that rent payment.

9. When clicking the ‘New/Amend’ button to enter new bank transactions, the Expected Transactions tab is also shown.

10. Double click on one record and the expected transaction is shown in the edit boxes at the top of the screen. Not all rent is received on the due date and so the date can be amended, if necessary. Click ‘Accept’ and the expected transaction will be converted to an actual bank transaction (in New Records).

11. On the main Bank Transactions screen, you can click ‘Add Details’ to verify that the correct property and correct tenant is being used for that rent payment.

12. From that stage, the process of posting and importing is the same as before.

13. Expected transactions can be deleted in the same way as normal bank transactions.

Calculating Rent Due

14. The expected transactions are only generated for ‘Current’ tenants – all ‘Previous’ tenants are ignored. The amount will be based on the terms of lease stored in the database 3 months prior to the due date. If the rent changes in that period (perhaps due to a rent review or the rent not being entered originally) then you will need to amend the amount when you convert the expected transaction.

15. Currently, expected transactions cannot be amended without converting them to new bank transactions.

Regular Contributions

16. The data to generate the contributions that are due is taken from the Contributions tab on the Member screen.

17. That screen stores the day of the month that the contributions are usually paid on and the monthly amount. There can be separate amounts for employee and employer contributions and, for SIPPs, self employed contributions.

18. The expected contribution bank transactions are generated for the next month each time that the scheme is selected in Omni.

Loan Payments

19. The Loan Analysis function (Direct Investments, Loan Analysis) can be used to generate the future repayments on a loan allowing for compound interest. Once the payments have been generated there is a facility to generate the Expected Bank Transactions for each loan for the next year.

20. These expected transactions are converted to actual bank transactions in the way outlined above. When the transactions are imported the loan is selected automatically and the capital amount included in each payment is already stored. Further details in Loan Analysis Help.

Investment Valuations

21. When an investment valuation is produced an effective date is selected. Any expected bank transactions for rent and loan payments that were due before the effective date and have not been converted into actual transactions are added to the investment valuation as Debtors.

22. Any ad-hoc Debtors entered for that date in ‘Investments, Debtors and Creditors’ are shown in addition and so overdue rent and loan payments should not be entered here (unless they were not covered by an expected transaction).

23. Expected transactions for contributions are not included as debtors as they are not usually a debt – a member does not have to pay contributions.

24. If a partial payment of rent is received and a shortfall is entered (whether the rent is imported or not), then the shortfall will be added to any investment valuation that has an effective date later than the due date of the rent. If the shortfall is paid then it should be entered as a negative shortfall (to cancel the previous shortfall so that the ‘Rental Payments’ screen shows the ‘Total Shortfall’ as zero). When producing the investment valuation, any subsequent payments that reduce the shortfall will reduce the amount shown as a debtor (if they were received before the effective date).

25. If rent is due before the valuation date but the expected transaction has been converted to a normal receipt after the valuation date, then the rent is included as a debtor. For example, if rent as due on 25^th March 2007 but was not received until 30^th May 2007, then it will be included as a debtor when a valuation at 30^th April 2007 is run in June 2007.

26. The valuation does not make any special allowance for rent received before the due date.