Completing a trust profile after import from XPM (Xero Practice Manager/WorkflowMax)

Once you have imported a trust from XPM we recommend you follow these steps to review and tidy the data in Connectworks.

As XPM only holds a certain amount of trust specific information, there are lots of other details you can add in Connectworks.Below we will explain the typical areas which need updating.

What you need

  • The trust deed
  • Variations to the deed
  • Deeds of appointment/removal
  • All historical trust documents (if building a complete record)
  • All financial records (if building a complete financial ledger)

Update the main dashboard

To update the Workspace page, click Edit trust profile in the top right of the trusts main dashboard. This is where you can complete details such as:

  • Type of trust
  • Vesting Date
  • Annual Review
  • Gifting Date 
  • Client reference / Matter number
  • Contact details
  • Terms of the trust
  • Bank details
  • GST / IRD number

See more information in our article How to Edit Trust Profiles 

Update associated parties

During the XPM import process, you were required to enter the trust settlement date - this becomes the default appointment date for all trustees and beneficiaries.
In most instances this appointment date is correct, however if there is a deed of appointment/removal then you will need to apply these changes manually. You may also be required to add retirement dates for any historic trustees. 

For natural born persons see our articles:

For corporate trustee companies:

With Corporate Trustee Companies, there are several options to consider.
Is it a historical corporate trustee company? If so simply select the appointment and retirement dates for the company to record when it was a trustee in the trust, as per:
Is it an active corporate trustee company? To ensure your records remain up to date and accurate we recommend you follow the steps outlined in the following articles to correctly link your Corporate Trustee Company to its associated trust/s. Complete these steps in the order listed below:
  1. Importing corporate trustee companies from the Companies Office
  2. Linking the Corporate Trustee Company to the trust.
  3. Deleting A Relationship With A Beneficiary Or Trustee to remove the unlinked corporate trustee company from the trust profile.

Upload historical documents

Document management in Connectworks is covered extensively in our training module Document Management - The Basics (session 1) - we recommend all users watch this 25min video and download the associated workbook.

A written article is also available here: Storing & accessing documents

Update the financial ledger

For more information on using the trust ledger please see our detailed articles here: Assets & Liabilities

 

Merge contacts

It is likely that duplicate contacts have been created by the XPM import. To quickly locate and merge these profiles see follow the instructions in our article Monthly Merge Check for Firm Administrators.

We recommend completing this step after all new entities have been imported.