How to enable and create mini-omnibus accounts

Released in version: 5.39

After setting the appropriate system property, Primacy will automatically create a "mini-omnibus accounts" and all required cash accounts. These accounts include the Income Cash Account, Capital Cash Account, Reserve Account, Transferable Rand Account, and Blocked Rand Account. These will be created whenever a new trust is created within the financial institution.

To set the system property

1. Click Settings > Lists > Application configuration > System properties. 
2. Locate and double click the Post client insert procedure system property.
3. In Value, enter [FNB_PostClientInsert].
4. Click Save and close.

Now, when creating accounts within a financial institution, Primacy Workplace will automatically create the mini omnibus accounts, all related back to the main FI.

To ensure that the FI calculates demand deposit interest

1. Click Settings > Lists > Organization setup > Financial institutions.
2. Locate and double-click the financial institution you are working with.
3. Under Information > General, ensure that the Calculate demand deposit interest? checkbox is selected. 
4. Click Save and close.

Now, it will flag to calculate.

To add an account to the financial institution

1. Click Settings > Lists > Organization setup > Financial institutions.
2. Locate and double-click the financial institution you are working with.
3. Click Omnibus accounts.
4. Click Add account.
5. Enter values where appropriate.
   
   
   
   
6. Click Save and close.

Once the account has been created, open the Properties and click Assets > Accounts. It should display that it is a part of the omnibus.

To confirm the account type

1. Click Client administration > Lists > Setup > Account types.
2. Locate and double-click the account type you wish to work with.
3. Under Interest types, Deposit will be defaulted to Demand Deposit Interest.
   
   

To confirm demand deposit interest

1. Click Banking > Lists > Setup > Interest types.
2. Locate and double-click Demand Deposit Interest.
3. Under General ledger accounts, you can specify where you would like the interest to come from.
   
   
   
   
4. Click Save and close.

Interest tier maintenance wizard

The Interest tier maintenance wizard allows you to configure interest rate adjustments for carious interest types and currencies.

Within the interest tier maintenance wizard, you can modify the demand deposit interest type to suit your needs.

Click Banking > Tasks > Rates and prices > Interest tier maintenance wizard...

See how to use the interest tier maintenance wizard for further information.

Month end properties wizard

1. Click Financial management > Tasks > Setup > Month end properties wizard...
2. In What is the pay/charge deposit/overdraft interest frequency? select Monthly.
   
   
   

Perform month end processes

See how to perform a month end for further information.

1. Click Financial management > Tasks > Periodic tasks > Perform month end processes.
2. Locate and right-click the current period.
3. Select Run 1st month end.
4. A confirmation screen should appear. Click Yes.
5. A confirmation screen displaying that the month end has been submitted should appear. Click b.
6. Click Client administration > Lists > Unposted transactions.
7. Under Waiting for compliance approval, locate and double-click RM1 - Run Month End 1.
8. Click Approve.
9. A confirmation screen should appear. Click Yes.
10. A confirmation screen saying that the request has been approved should appear. Click OK.