Planit:Adding Accounts

From Planipedia

PlanPlus Planit User Guide Table of Contents

You have the ability to create as many accounts as you require for your clients. To do this you would simply click on the <New Account> button.

Under “Account Types”, you can select the type of account it will be. Enter in a description for instance, and then the Ownership in the example below we have entered 100% owned by David the dependant. The “Managed” check box tells the system whether or not you actually manage this particular account as the client’s advisor.

The “Include in Planning” checkbox is a handy feature that allows you to tell the system to ignore an account, either one you’ve entered manually or one that has come in electronically through integration. This allows you to control what gets included in the IPS you are preparing or even what’s included in any long-term life goals planning you are doing. If we turn off this check box, it will be as if this account is invisible on every other screen and in all documents.

We then have the “Subject to Probate” checkbox, here you can identify if the holdings within this account will be subject to probate or not on the first death. The “Beneficiary" is where you can identify if there is a named beneficiary for the holdings of this account. The default for a married person is usually “Surviving Spouse” however, you can also indicate that the beneficiary is the “Estate” or some other third party. Lastly you will need to setup the “Ownership” section. This allows you to identify who owns the assets in this particular account. When you are finished you can click “Save”, the screen will refresh and you then can click the “Back” button.

Portfolio drop down list allows you to choose the portfolio you wish these funds to be earmarked for. For example you may have a goal called “House Upgrade” or “Boat Upgrade” by choosing this portfolio it will use the funds from this account for that portfolio goal. The Add Portfolio button will allow you to add new portfios. To read more on this please click here.

Once you have completed this screen you can hit “Save” which will refresh the screen which will save the information you have added and will show you a message that is has been saved successfully. You then can click the “Back” button, which will bring you back to the Asset and Liability screen showing you the new account which you added. You will notice that you now have a new account in which you can add the value to this account. You can enter in as many accounts you wish with this new feature.

Another feature is the ability to set up your allocation for each of your assets. In the older version once you have completed your asset entry and you moved over to the allocation screen since these assets were entered in at a summery level the system did not know what the allocation was for these assets. Now you have the capability to set up the allocation. You will notice a + sign beside each account, what this does is expands the account down so you can edit each of the allocations. Once you expand it down you will notice another “Edit” link, when you click this “Edit” link it will bring up the Asset Information screen. Here is where you can set the allocation for each asset and set other information like ACB or Adjusted Cost Base of the holding.

TIP: When you see the multi colored pie chart beside any account on the screen, it means that the asset allocation has been modified from the default 100% Cash setting.