How To
European Monetary Unit ( EMU)
CCH Trust Accounts
Describes how the European Monetary Union (EMU) caused some complications when it was first introduced.
European Monetary Union (EMU) caused some complications when it was first introduced. The main ones were:
- There were special rules for converting between two In-currencies, i.e. between two currencies which both had fixed exchange rates to the euro. These rules were known as triangulation.
- There were special rules for securities which changed their denomination to euro. Securities also changed their price currency and the currency in which they paid dividends.
- Finally clients need to change their reporting currency to euro.
- Trust Accounts was adapted to handle these changes as follows:
- Exchange rate conversions automatically use triangulation where needed.
- The Data Feed was adapted to bring in information about securities changing their denomination, price currency and income currency. Options appear in CCH Trust Accounts (under Tools > Investment Tools > EMU...) to perform these conversions automatically.
- We found that in practice very few clients accounted in in-currencies. So there was no need for an option to change the client reporting currency to euro.
Currently EMU is much easier to deal with as the euro is treated in the same way as any other currency. But CCH Trust Accounts still supports all these features if they are needed in future. In the jargon, CCH Trust Accounts is EMU-ready.
Related documents
Linking to clients in CCH Central
This document provides instructions on how to link and unlink clients from CCH Central in the CCH Trust Accounts system. To link a client, the user must select the client, click "Edit," then "Link," and choose the appropriate client from Central. Once linked, certain fields become non-editable in Trust Accounts. To unlink a client, the user clicks the "Unlink" button, which restores editability but deletes any accounting periods in Central. Key fields updated from Central include client name, address, and contact details.
Database Parameters
Various features in Trust Accounts are optional. To set up many of these, from the Activities menu select System Management, and then Database Parameters.
Data Parameters
Various features in Trust Accounts are optional. To set up many of these, from the Activities menu select System Management, and then Database Parameters.
Database Parameters
Database Parameters
Passwords
Passwords