|
|
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