What does CCH Trust Accounts do?
This section explains details the features of CCH Trust Accounts and the make up of its user base.
Overview
CCH Trust Accounts is an accounting product for entities holding investments (e.g. trusts, estates, charities, pension funds etc.). It also supports the investment management requirements of high net worth individuals. The principal features are a nominal ledger and an investment ledger, and it also produces final accounts and a Capital Gains Tax (CGT) computation. CGT is supported for both the United Kingdom (UK) and Irish jurisdictions. Its sister product, CCH PerTAX, calculates and produces the UK Tax Returns for individuals, trusts and estates.
The Trust Accounts’ user base is diverse and includes:
- Accountants, including most of the big 5
- Merchant banks
- Offshore accountants and banks
- Solicitors, who use it for both trust work and probate
- Charities
- Pension funds
CCH Trust Accounts versus CCH SecTAX
CCH Trust Accounts is an extension of another suite product, CCHSecTAX.
Note: CCH SecTAX calculates UK CGT but does not produce accounts.
- If you only deal with investment management and CGT, but do not produce accounts for your clients, use CCH SecTAX rather than CCH Trust Accounts.
- If you produce accounts for their clients use Trust Accounts.
- If you deal with tax work for some of your clients and both tax and accounts work for other clients your best option is Trust Accounts. For the tax-only clients you only switch on the Investment Ledger. This enables you to do CGT without entering nominal account codes. For your tax and accounts clients you switch on both the Nominal Ledger and the Investment Ledger.
- Finally, if you deal with Irish CGT, use CCH Trust Accounts as CCH SecTAX currently only supports UK CGT.