How to Create Tracked Accounts and Link to Accounts in Scenario

How to Create Tracked Accounts and Link to Accounts in Scenario

Before you implement your Prospera client for tracking, you will need to create the accounts that you wish to track.  These accounts are known as the Tracked Accounts.   Once you create your Tracked Accounts, you need to link them to the scenario accounts that you used when creating your model.

You will need to create a Tracked Account for all accounts that you wish to track.  A typical Prospera client is likely to have the following accounts:

  • Private Accounts:
    • PLOC (Private Line of Credit)
    • Cash Account  
  • Investment Accounts:
    • ILOC  (Investment Line of Credit)
  • Margin Loan (if recommended)
  • Super Accumulation:
    • Superannuation fund for each client
  • Super Pension:
    • Pension fund for each client

To create a Tracked Account:

1.      Click on the TRACKED ACCOUNTS tab from the left-side menu



         This will open the list of Tracked Accounts, where you can create new Tracked Accounts.




2.       Click on the CREATE NEW TRACKED ACCOUNT button to open the ADD TRACKED ACCOUNT details.



           
            A.      Select the Account Type from the drop-down menu.  You can select from the following options:
    • Private Account
    • Investment Account
    • Margin Loan
    • Super Accumulation
    • Super Pension
                       as indicated in the diagram.

 B.       Enter a Description, such as "PLOC", "Home Loan", "Cash Account", etc.  
            You may wish to include part of the Account Number as an identified if there are multiple similar accounts.

 C.       Ensure the DATE OPEN is the model start date.

 D.      If you are not using the Prospera DDR system, you do not need to include the Bank or Account Number details.
If you wish to use the Prospera DDR system to draw regular fees, you will also need to include the Bank Account details in the fields in the right-hand column:
  • Bank (select the bank from the drop-down menu)
  • Account Name (eg: "Flintstone PLOC", "Wilma's Super", etc)
  • BSB  (this must be entered as three numbers, a hyphen, and three numbers; eg. 084-123)
  • Account Number

            E.      After entering the Account Details, click the ADD button.
                      A new section will open at the bottom of the screen for CREDIT LIMITS.




            If the account you have set up is a loan account, you will need to enter the maximum borrowing limit on the account here.

             Select the Date the Credit Limit will be applicable from.

            Enter the Credit Limit applicable for the Account. 
            The Credit Limit will be the same Credit Limit that you entered into the Account in the model.  
            You do not need to enter a credit limit for Cash Accounts.
            F.       Click the UPDATE button.

            G.      You will need to repeat this process for each account you wish to include in your Tack to Plan Report.
                      Typically these accounts will include Home Loan/PLOC, Cash Account, ILOC / Investment Loans, Super Accounts and Pension Accounts.

Once you have created all of your Tracked Accounts, click back on the ACCOUNTS tab from the left-side menu.   You will see the list of all of the bank and superannuation accounts you will be tracking.

           
       
    You now need to link each of the Tracked Accounts to the Accounts in the Modelling / Scenario.


To Link your Tracked Accounts to your Modelled Accounts:

1.         Click on the ACCOUNTS tab from the left-side menu.



2.         Select the relevant Account in the model (in this case, I will be linking the Home Loan, as indicated in the above diagram)

3.         In the left-hand column, towards the bottom there is a field for TRACKED ACCOUNT.  
            Click on the drop-down menu to select the relevant Tracked Account.




4.         Click the UPDATE button to link the Modelling Account (the account used in the model) to the Tracked Account (the account you wish to track).

5.         You will also need to link your Superannuation and/or Pension Accounts to the relevant Tracked Accounts.  
            You link these via the Super screen.  
  • Click on the SUPERANNUATION tab from the left-side menu.
  • Select the relevant Superannuation or Pension Account.  
  • In the left-side column of the Superannuation screen, in the TRACKED ACCOUNT field, click on the drop-down menu to select the relevant Tracked Account.


  • Click UPDATE button to link the accounts.

            








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