Reports
Nominal Ledger Reports
The Nominal ledger reports include the following:
Trial Balance
CCH Trust Accounts has a Trial Balance report which lists a client’s nominal account balances. Options on it include adding extra columns to the report for the comparatives, running a periodic Trial Balance and saving the result for processing by the Accounts Formatter to produce periodic accounts. A Global Trial Balance report can add together the trial balances of multiple clients.
Nominal Ledger
There is also a Nominal Ledger Report listing the entries that have taken place on one or more nominal accounts. Extra columns can be optionally included on the report, such as for the Contra Account. A Global Nominal Ledger Report can list a single nominal account on multiple clients.
Investment Ledger Reports
The investment ledger reports include the following:
There are a number of client specific and cross client reports available relating to Investment Ledger information within Trust Accounts.
From the menu bar at the top of the window click on Reports. The following menu appears:
Transaction List
The Transaction List shows all entries that have been made for a specific client during a specific time period. This report allows you to produce a report listing the client’s current transactions. The list shows the SEDOL or ISIN, Date, Movement Code and details of the transaction values.
Income/Acquisitions
This report produces lists of the dividends, interest and acquisitions that have been received in the selected data range. Investment income is analysed into the same categories that are shown on the tax return. So if the link to CCH Personal Tax is being used then this report can be used as a backing schedule.
All accrued income for a tax year is included, even if transactions are dated before the report period. The year which shows the complete accrued income figures is the tax year in which the report period end date falls. The report still shows accrued income for other tax years if a transaction date falls into the report period, but these other tax years may not be complete.
Note:
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Before CCH Trust Accounts 2020.1 accumulation unit dividends and interest were included in Unit Trust Dividends and Interest. They now each have their own sub-schedules underneath "Income from UK Unit Trusts":
- Accumulation Unit Dividends are identified as being paid by UK Unit Trusts and having a CGT Rule code of V8.
- Accumulation Unit Interest is identified as being paid by UK Unit Trusts and having a Movement code of INA. This is not ideal. No other category of income is identified by its specific movement code and if a user created a different movement code for Accumulation Unit Interest, it would not be picked up. Unfortunately, this is necessary because both normal unit trust interest and Accumulation Unit Interest are recorded with a CGT Rule code of V2.
- The old option for "FIDs for UK Companies" has been removed as they have not existed for many years.
- The security code is now shown on the Income/acquisition report.
- The column for UK tax has been removed if not required. It is still shown for Property Income Distributions and on the Income Summary. But otherwise they are suppressed unless a figure is present, e.g. for a very old Income/acquisition report.
Movement Code Report
The Movement Code Report allows you to produce a report listing all transactions using a specified Movement Code and falling within a defined date range for the current client or across all clients. This report can be useful when checking how a particular capital event has been processed on multiple clients. One of the movement codes used in the event can be searched for across all clients on a particular date.
Ownership of Securities Report
Shows all clients holding a particular security and their transactions. This is useful for finding the clients affected by a corporate event.
Capital Gains Tax
The Capital Gains Tax option calculates any Capital Gains or Losses; matches securities disposed with those acquired as well as evaluating relievable indexation allowance and maximum available taper relief.
The reports are brought from within the client and within a specific fund for that client unless you have chosen to consolidate one or more of the funds into another for CGT reporting purposes. If funds have been consolidated, or you want to review the CGT position across a range of funds, you should instead select CGT reports whilst you have the client selected but without highlighting a specific fund. It is only possible to choose a specific security if you have not consolidated any funds and you have selected both client and fund you want to review. In all other cases, the calculations are for all securities in the fund or funds.
Note there are two reports available. At least one box should be ticked. The two reports available are the Capital History and Computation .
- The Capital History report explains in detail how the application produced these results. It includes all the information including a value for net gain or loss.
- The Computation report was designed with the intention of being supplied to your client. It summarises much of the detailed calculations and is intended to complement the Capital History report.
If no fund is logged in then these reports are produced for each fund, or consolidated fund. If logged onto a fund then the reports are just for that fund and it is possible to produce them for just a single security.
2021.1 update: By default the CGT reports now show the client code and name. Previously only the name was shown. If a user does not like this default, it can be changed back using Activities > System Management > Layout and Formatting and editing the headers of the CGT reports.
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Investment Schedule
This option allows you to produce a report detailing the transactions and income for the current client. The report can cover all or some of the selected funds for the client. The report can be included in the collection of pages to be printed in the CCH Accounts Production formatter, and specific default column selections and layouts can be defined by using Investmet Schedule Profiles. These profiles can also be selected using a formula in the CCH Accounts Production format.
The report shows the income that will actually be received by the client (this is usually net of tax). Where, however, income is paid without any tax deduction or credit, the gross amount payable to the client is included in the report.
Note there are two differing layouts available. The options available on the Investment Schedule depend on the ‘layout’ used.
Note: This schedule is also available within the Client's Investment Ledger menu.
Layout 1
Layout 1 shows a ledger style of report with the date and movement code description of each entry. The opening balance is at the top, the entries in the middle and the closing balance at the bottom. (There is an exception to this if you use the consolidated option, in which case only totals are shown for each security).
Layout 2
Layout 2 shows the opening balance on the left, the additions and disposals in the middle and the closing balance on the right. It is more compact than layout 1 and the movement code description is not usually shown. Historically, layout 2 corresponds to the CCH Trust Tax investment schedule.
Some users prefer layout 1 because showing the entries at the bottom of the page allows it to be printed in a larger font. Most users prefer layout 2 as their investment schedules are traditionally laid out this way and it gives them complete control over the columns displayed.
Features of the Investment Schedule
Some of the features are dependent on the layout used. They include:
- Options to produce a rounded investment schedule.
- An option to select exactly which columns are to be shown (layout 2 only), e.g. to produce better looking valuations.
- The ability to produce an investment schedule revalued to market value, instead of at historic cost, which is useful for charity and pension fund accounts.
- Options for analysing and summarising the investments.
- Ability to keep the report in portrait by compressing the font size.
Assumed Dividends
The assumed dividend list reports the dividends, interest bonuses, etc. that the client was eligible to receive, based upon the holdings for the client, the fund and the information within the Security History File.
The list details all the dividend payments, stock options, bonus issues, etc. that could have arisen during the year. The report can be used to check this against the dividend vouchers received, ensure that you have vouchers for each transaction date. This allows you to check that you have all the information required.
After verification of the payments received, identification of stock dividends taken up in place of cash and checking any missing dividends, the next option is to run Autopost.
Note:
- From CCH Trust Accounts 2020.1 the Assumed Dividends report shows Posted and Assumed UK tax, both usually zero. This release includes foreign tax in the Posted Tax figure. The Assumed Tax (from the Security History) is still UK only.
Anticipated Capital and Income
Many users post the dividends manually rather than use the Autopost. These clients then check for errors by running the Assumed Dividends or Anticipated Capital/Income Report. The reports calculate what dividends, bonuses, etc. should have been received and compare them with the dividends that were actually received. Essentially they display the same information, but in different formats. However, the Anticipated Capital/Income Report has some useful exception-reporting capabilities. For instance, it can show only discrepancies that exceed a specified amount.
CGT What If?
This option allows you to calculate the notional Capital Gains/Loss that would be incurred if a security were to be disposed of on a specified date.
Notional Disposals Report
The Notional Disposals report displays for each security how the notional disposal has been matched. For each matched acquisition a figure is calculated for the tapered indexed gain or the untapered loss. The What If report does not attempt to offset the gains against the losses. There are two reasons for this:
- The picture given is only a partial picture in that, if disposals have already taken place in the year, then these actual disposals do not appear. It is quite possible that the user would want to offset a notional loss against an actual disposal.
- There is also a technical problem in that every time the notional disposals are adjusted, it would require reworking the whole CGT calculation.
So, the report keeps the gains separate from the losses. The Cumulative Gains column shows the tapered indexed gain on each matched acquisition. The column is ‘Cumulative’ in that, if there are several matched acquisitions for the same security then the figures shown are cumulative for that security. The Cumulative Loss column shows the losses in the same way, except that these are untapered.