Creating Accounts

Creating Accounts


The Accounts section represents the initial building blocks of a client financial model, here the client's loan and bank account structures are set up. The Accounts section is broken down into three key panels:
  • Error Messages - Messages are displayed here outlining any issues with the account structure and setup i.e. invalid debit interest account, no tracked accounts or account limit issues.
  • Account Panel - All the client's accounts are listed here, you can also Create a New Account using the CREATE NEW ACCOUNTS button in the lower left of this panel. Accounts can also be deleted using the Garbage Bin icon to the right of the row.
  • Conditional Transfers - Once accounts have been created transfers between accounts can be created to occur once certain limits have been reached.


Creating a New Account

To set up a new account, click on the CREATE NEW ACCOUNT button.  




The CREATE ACCOUNT screen is then displayed. 

Select the Account Type from the drop down menu.  The available account types include:
  • Private Line of Credit (PLOC)
  • Investment Line of Credit (ILOC)
  • Interest Only Loan
  • Principle and Interest Loan
  • Cash Account
  • Credit Card
  • Margin Loan
  • Offset Account



After selecting an account click Next. 

The Account Details Screen will now be displayed. 

Ensure all fields listed with REQ next to the title are completed.



HELPFUL TIPS:
  1.   A Loan Account should have a negative balance in the Accounts Screen, as it is a debt within the account.
  2.   A P&I Loan must have a Monthly Repayment Amount.
  3.   "Pay Out Debt in Retirement" should be set to "Yes".  You generally do not want potential for debt to accumulate in retirement years.
  4.   Set the Credit Limit for the Account (directly under the blue UPDATE button).  The system will then alert you if the scenario is drawing more from loan accounts is possible.




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