CCH Trust Accounts is used for recording investments and producing trust and estate accounts. Its sister product, CCH Personal Tax, produces SA100 and SA900 tax returns. Capital gains and investment income are transferred efficiently from Trust Accounts into Personal Tax. CCH estimate that this saves around 80% of the work involved in preparing an SA900.
Compared to CCH Accounts Production
Trust Accounts is similar in some ways to CCH Accounts Production (AP). Like AP, Trust Accounts has a nominal ledger. Unlike AP, Trust Accounts also has an investment ledger and multicurrency. Trust Accounts does not have its own accounts production tool. Instead it links to AP for the production of the final accounts. The link is smooth and AP has been extended for Trust Accounts to produce the investment schedule as part of the accounts.
Compared to Excel
Some firms use Excel to produce trust and estate accounts. Trust Accounts has the following benefits over using Excel:
- Trust Accounts records all data in a single database, avoiding problems with spreadsheets being mislaid.
- Trust Accounts allows control over certain master data to keep it consistent across the practice, e.g. the names of securities, or the nominal codes in use.
- Trust Accounts is a full double-entry system.
- Trust Accounts supports a data feed to allow the generation and checking of dividends against brokers' packs.
- Trust Accounts automatically produces an investment schedule avoiding tedious retyping and checking of securities transactions.
- Trust Accounts uses an accounts formatter to automate the production of accounts enabling the same style to be used from year to year for a client or across the whole practice.
- Once the data is in Trust Accounts, Personal Tax is automatically updated, saving the user from updating Personal Tax from the broker's pack.