FAQs

How does Investment accounting software differ from other standard accounting software?

Investment accounting software differs from regular accounting software due to its ability to handle the complexities of managing financial instruments such as stocks, bonds, and derivatives. In particular, the Canada Revenue Agency requires capital gains to be calculated on the basis of ACB – Adjusted Cost Base.

Compared to FIFO, ACB adds the complexity that you need to automatically adjust the cost base of your holdings with transactions. This gets particularly difficult when you own the same stock across multiple custodians.  Our technology has been doing this successfully for 25 years.

 

Does Wealth Write.Up work with other accounting software?

Yes. Wealth Write.Up integrates nicely into the workflow of Caseware, Taxprep, and other packages to help prepare financial reports. and final tax returns.

Can you use Wealth Write.Up year-round?

Yes. Wealth Write.Up’s advanced transaction entry capabilities allows for accounting staff to keep track of investment activities throughout the year to allow for regular preparation of reports.

How can Wealth Write.Up help me manage and track my investments and expenses?

Wealth Write.Up is designed to simplify the management and tracking of your investments and expenses. With Wealth Write.Up, you can effortlessly monitor the performance of your investment portfolios, keep track of expenses associated with each investment, and generate comprehensive reports for in-depth analysis. This empowers you to make informed decisions, refine your investment strategies, and maximize your returns.

What advantages does Wealth Write.Up provide for financial reporting and compliance needs?

Wealth Write.Up offers numerous benefits for financial reporting and compliance. Its multi-file functionality simplifies reporting across multiple entities, while its robust reporting features generate precise and thorough financial reports, ensuring adherence to regulatory standards.  Additionally, its multi-currency capabilities automate currency conversion and exchange rate calculations, providing transparency and accuracy in managing global investments.

Is Wealth Write.Up scalable for managing large investment portfolios or multiple clients?

Yes. Wealth Write.Up is highly scalable, making it ideal for businesses looking to grow and expand their investment management operations. Whether you are a wealth management firm, a family office, an accounting firm or an investment fund, Wealth Write.Up’s software can handle the complexities of managing and tracking investments at scale. Wealth Write.Up’s investment sub-ledger calculates a weighted average share price for a particular investment based on your buying and selling activity, giving you a standard measurement by which to easily compare your investments.

With Wealth Write.Up, you can see detailed insights into the performance of all your portfolio companies at a glance or take a deeper look at the performance of one individual company or entity.

How does the multi-custodian accounting functionality of Wealth Write.Up work?

Wealth Write.Up’s multi-custodian accounting software is designed to streamline the process of managing financial data across multiple custodians. With Wealth Write.Up, you can easily manage complex transactions, expenses, and investments across different custodians, providing you with a comprehensive view of your financial transactions. Wealth Write.Up ensures accuracy, efficiency, and transparency in your multi-custodian accounting processes.

Does Wealth Write.Up handle multi-currency broker & banking transactions?

Wealth Write.Up uses daily average exchange rates from the Bank of Canada in real-time and can handle multiple currencies.

Does Wealth Write.Up have a fully functional general ledger?

All broker transactions are automatically posted to the general ledger. Banking & adjusting journal entries can also be recorded. An unlimited number of general ledger accounts can be set up in Wealth Write.Up. Wealth Write.Up generates financial statements in both standard & comparative formats.

Does Wealth Write.Up handle all types of broker transactions?

Wealth Write.Up handles over 40 different types of broker transactions as stock splits, spin-offs, security name change & trust unit distributions. All broker transactions can be viewed, edited or deleted.

Does Wealth Write.Up handle cash & share transfers between brokers?

Wealth Write.Up handles cash transferred between brokers, between banks & between brokers & banks. Wealth Write.Up calculates & records the foreign exchange realized on cash transfers between Canadian & US brokers & banks. Wealth Write.Up tracks the number of units & the adjusted cost base of each security transferred between brokers.

Does Wealth Write.Up generate marketable securities reports?

Wealth Write.Up produces two types of marketable securities reports.

  1. Marketable securities held showing current number of units, current adjusted cost base, current market value & unrealized capital gains (losses)
  2. Marketable securities held showing complete detailed transaction history, proceeds on disposition & realized capital gains (losses)

Both reports can be displayed in both Canadian & US currencies.

Does Wealth Write.Up calculate accrued interest earned on bankers acceptances, bonds, notes & term deposits?

By entering the maturity date, interest rate & frequency of interest payment, Wealth Write.Up automatically calculates accrued interest receivable based on the ending date selected by the user.

Does Wealth Write.Up handle both local & foreign dividends?

Wealth Write.Up prompts the user to record dividend income as either Canadian or foreign source and to record the applicable withholding taxes.

Does Wealth Write.Up calculate capital gains based on the weighted average of the security if held by different brokers?

Wealth Write.Up calculates realized capital gains using two methods:

  1. By securities held by one broker
  2. By securities held by multiple brokers. Wealth Write.Up also tracks unrealized capital gains. Wealth Write.Up generates capital gains reports by security, broker, currency & date