When adding a new cashflow scenario, you need to click on the “+” button next to the Cashflow Scenarios heading:-
How to Add in a New Scenario: -
When adding a new cashflow scenario, you need to click on the “+” button next to the Cashflow Scenarios heading:
Add Scenario Details: -
Your initial scenario will depend on the data that your initially enter. If you plan on copying the scenario to create some proposed options, it is important to set up these initial items correctly.
- RISK PROFILE: - If in Fact-finder ->Risk Profiler -> The Risk Profile has been saved it will come up while adding a new scenario. The subsequent Income, Growth, Franked and Tax Free rates corresponding to the selected Risk Profile will also come through, provided that these have been saved in Tools. The rates in connection to the Risk Profile can be entered when you create the Risk Profiler within Tools. However, this is editable and you can select a different one as well.
- Import Fact-Find Data to commence- This check-box implies that data that you have entered into the Fact-Finder, Assets & Liabilities section will be imported to Cash Flow for modelling purposes.
- Include Family Tax Benefits- If you would like us to calculate the level of Family Tax Benefit Part A and/orB, check this box. We will use the data entered into Fact Finder -> Dependants to calculate any entitlement your client might have for these benefits.
- Auto creation of Optimum Pension- Auto creation of Optimum Pension implies that we will assume that after the client/partner has achieved the entered Retirement Age, the accumulated superannuation balance will automatically be rolled over to create a Pension. We will then ensure that either the minimum pension is drawn, or the minimum amount needed in order to cover the entered expenses.
- SMSF Applicable- In cases where you are working with SMSF’s, you need to check the SMSF Applicable check-box. This will then show the SMSF details on a separate page which can be chosen from the drop-down menu. This will create a new sheet for the SMSF, outlining the details at a client and partner level with the details of the SMSF.
Once you have entered in the relevant information, you need to click on the “save changes” button. This will then create the new cashflow scenario, importing the details from your Fact Finding data entry.
Working with Scenario Interface: -
- Add- To add in any new form of income, expense, contribution, asset, liability or other details from within Cashflow itself, you utilise the Add button on the right-hand corner of the top bar within the scenario.
2. Scenario Settings: - The 3 lines next to the Add Buttons is the Scenario Settings Option.
- Edit Scenario- While making any changes to the scenario, in respect to RiskProfile, Options we can use the edit option within the scenario.
- Copy Scenario- Copy scenario will duplicate the scenario, ready for you to start entering in your recommendations.
- Export- In order to generate the cashflow report in excel format, use the Export Option.
- Lock Scenario- If you click on lock scenario, the scenario will be locked and no further changes can be made to that scenario. Only use this once you have completed the scenario, and will not want to make any further changes
3. Show Graph- We have relevant graphs in all sheets within cashflow. By default, the Show Graph option will be turned off. If you wish to see the Graphs on all the sheets you can see these by turning on the Show Graph Switch.
4. Floating Button:- We have a floating “plus” button on each sheet. The Floating button can be used to enter the data specific to the sheet that you are currently viewing . If you are on the Overall Position ->Cash Account Sheet; when you click the Plus button, you will be able to see the options to add in Income, Expenses, Cash Management and Cash Deficit strategies. This will work the same way to all the sheets.
5. Entities:- Details in respect to various entities:-
- Overall Position- This will show details in respect to the Joint Details. In the Cash Account will show details with respect to Income and Expenses of the client and partner. The Assets, Liabilities sheet will bring up the details with respect to the Assets and Liabilities that have been entered with owner type as Joint.
- Client/Partner- This will pull in the client and partner specific details.
- Other Entities- Any Company/Trust/SMSF if applicable details that have been entered will form a part of this option.
A FEW POINTS TO BE NOTED:-
- The Super funds added in Fact-Finder ->Superannuation will not form separate entities in cashflow 2.0, rather, the balances will be cumulated on the basis of Client and Partner and the same detail will come through the Super sheet for the respective Client and Partner. We’re no longer showing each super fund as a separate entity, but rather the consolidate balance for each person.
- To Add Super Expenses in Cashflow 2.0>We will need to select the client/partner from the drop down menu, then we go to the super tab. Once we are on that page, the + sign in the bottom right hand corner, there we will have an option to be able to add in super expenses.
- Assets Import:- You will now see asset classes grouped together.
Australian Shares+ Managed Funds+ Custom Product+ Other wherein the lifestyle option is unchecked will form the “Investment Portfolio”.
Investment Property, Family Home, Offset Account, Other wherein the Lifestyle option is checked will come up in the same way in accordance to their Asset Class.
- By default the various sheets such as Assets, superannuation and Pension will also retain the assumptions based on the Risk Profile chosen when setting up the scenario. You will however have the option of Custom in the Risk Profile dropdown, where you can select this when you want to feed in custom Income and Growth Rates.