Asset and Liabilities Overview

The purpose of this guide is to provide you with instructions on managing client focus Assets and Liabilities. A personal balance sheet for a client can be automatically created by entering the client's existing Assets and Liabilities. This guide does not include the management of IPS Assets.

• To view the IRESS Insights Video, please view the following link here (Assets) and here (Liabilities). (Created by Anthony Derriscott on July 28, 2016)

Accessing Assets and Liabilities

From within a client:

• In the client menu, select Financial Information > Assets and Liabilities
• The Assets & Liabilities page will display.
  
  

Adding an Asset

From the clients Assets & Liabilities page:

• In the Asset panel, click Add.
  
  

• Set the fields for the Asset, including;
  
  
  • Type - The initial classification of the type of Asset. This will then give a number of options  in the Sub-Type list.
  • Asset Type - More specific classification of the Asset.
  • Policy Number
  • Platform Selection – Only available for Investments/Platform
  • Current Value
  • Recommended Value
    

• Additional fields can be accessed by accessing each tab (Tabs are listed below).
  
  

  • Details Tab  
    

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only.
      
      
      

  • Funds Tab 

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only.
      
      
      
      

  • Values Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only.
      
      
      
      

  • Contributions Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only. 
      
      
      
      

  • Income Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only. 
      
      
      
      

  • Payment Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only. 
      
      
      
      
      

  • CGT Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only.
      
      
      
      

  • Comments Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only.
      
      
      
      

  • Investments Platforms Tab 

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only.
      
      
      
      

  • Others Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only.
      
      
      
      

  • Fees Tab 

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Asset Types only.
      
      
      
      
• Click Save. 

Adding a Liability

From the clients Assets & Liabilities page:

• In the Liabilities panel, click Add.
  
  

• Set the fields for the Liability, including:
  
  
  • Type - the initial classification of the type of Liability. This will then give a number of options in the Sub-Type list.
  • Sub-Type - more specific classification of the Liability.
  • Package/Product Name
  • Policy Number
  • Outstanding Balance
  • Under Advice
    
    
• Additional fields can be accessed by accessing each tab.
  
  

  • Details Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Liability Types only.
      
      
      
      

  • Values Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Liability Types only.
      
      
      
      

  • Funds Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Liability Types only.
      
      
      
      

  • Secondary Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Liability Types only.
      
      
      
      

  • Repayments Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Liability Types only.
      
      
      
      

  • Security Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Liability Types only.
      
      
      
      

  • Comments Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Liability Types only.
      
      
      
      

  • Others Tab

    • Enter relevant details under the tab. Please note, that some fields will be visible on certain Liability Types only.
      
      
      
      
• Click Save. The Liability has been saved to the client's balance sheet.

Linking Assets and Liabilities

When creating or editing an Asset or Liability, XPLAN can link multiple Assets/Liabilities to a corresponding Liability/Asset. Certain descriptive details are displayed when selecting the existing Asset or Liability to link to.

Assets - Linking to an existing Liability

While accessing the Asset:

1. Ensure you are viewing the Details tab
2. In the Liability list select the existing Liability to be linked to this asset
3. The names of existing Liabilities are formed from the Liability text fields Package Name and Account/Client Number.
4. Click the Add icon.
5. Save the Asset. 
   
   

Liabilities - Linking to an existing Asset

While accessing the Liability:

1. Ensure you are viewing the Security tab
2. In the Asset list select the existing Asset to link the liability to
3. The names of existing Assets are formed from the Asset text fields Description and Account/Client Number.
4. Click the Add icon.
5. Save the Liability.
   
   
    

To link an Asset to a bank account

When an Asset has a Type of Investments or Liquid Assets, a Linked Bank Account field displays. From this field you can link to an existing Bank Account or add a new Bank Account.

Linking to IPS

While accessing the Asset:

1. Ensure you are viewing the Funds tab
   
   
   
   
2. Select the Link Icon. 

Link and Existing Portfolio Account       

1. In the Linked list select Accounts.
2. Click the Link icon. The Select Account dialog box displays.
3. Select a Portfolio Account.
4. Click Ok.

Add and Link a New Portfolio Account

1. In the Linked list select Accounts.
2. Click the Add icon. The Add Account dialog box displays.
3. Enter the Portfolio Account details.
4. Click Ok.

Add and Link a New Portfolio position

1. In the Linked list select Positions.
2. Enter the Code and Exchange, or click the Search icon to search for a security.
3. Enter either the Units or Market Value, then click the calculate icon to calculate the other value.
4. Click Save. The position is created in a Portfolio Account named are the Type of Asset.

To link a Liability to a Portfolio Account

Liabilities can be linked to one or more of the client's Portfolio Accounts. This allows you to update the market value of a Liability automatically using the data from IPS. Values are automatically updated based on the latest IPS data, but can also be manually updated if required.
You can view and edit the linked Portfolio Account details without leaving the Liability page.

While editing a Liability;

1. Select the Funds tab.
   
   
   
   
2. Do one of the following:

Link an existing Portfolio Account

1. Under Linked Accounts click the Link icon. The Select Account dialog box displays.
2. Tick a Portfolio Account.
3. Click Ok. The market value is updated automatically.

Add and link a new Portfolio Account

1. Under Linked Accounts click the Add icon. The Add Account dialog box displays.
2. Enter the Portfolio Account details.
3. Click Ok.

To manually update market values from a Linked Portfolio Account

While editing a Liability:

1. Select the Funds tab.
2. In the Linked Accounts field, click Update. The market value is updated