Client Management - Client Snapshot: Income and Expenses

Client Management - Client Snapshot: Income and Expenses

Income and Expenses Overview

The purpose of this guide is to provide instructions on entering Income and Expense information.

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

Income and Expenses allows a user to enter a client's basic income and expenditure information. Key accounting indices and net cashflow are automatically calculated and displayed at the bottom of the page. 

 

Important Notes on Cashflow Items

  • When a partner is purged into a separate client, Cashflow owned by the partner is reassigned to the new standalone client entity. Joint Income and Expense entries are not reassigned to the new entity, and remains owned by the original client. Purge a Partner Entity
  • If no Start Date or End Date is selected, the cashflow item is assumed to apply for the current year and will carry over when a new year starts.
  • If details of a cashflow item change, such as different amount or frequency, it is recommended that you:
  • Create a new cashflow item, with a Start Date of the change.
  • Edit the existing cashflow item, and update the End Date to when the change occurs.
  • This ensures that areas using cashflow information, such as Budget, import the correct cashflow amounts.
  • Income and expenditure values saved against a client are automatically imported and displayed in the client's Cashflow. Values are imported from:
    • Asset income
    • Liability expenditure/repayments
    • Insurance premiums (excluding policies set as Is Super)
    • Annuity income.
  • Imported cashflow can be identified by the Magnifying Glass icon, which you can use to view details on the cashflow.
  • You can only modified imported cashflow by editing the original item. For example, to modify the income cashflow of an Asset, you must edit the Asset itself.

 

Accessing Income and Expenses

 While accessing a client's Financial Information:

  • In the navigation menu, select Financial Information > Income & Expenses.
  • Note: The values show for the total Annual income/expense will only contain what totals for the current year. For example, an income stream starting towards the end of the year may only display a total of one or two payments.

 

Add Income

While accessing a client's Income & Expenses page:

  • Click Add under the Income panel.
  • The Income Cashflow page displays.



  • Enter the details of the Income:
    • Select the Type of income.
    • Enter a Description of the income. This is optional, however it makes it easy to quickly identify specific records from a list of multiple incomes.
    • Select the Owner of the income.
    • Select the Frequency that the income is received.
    • Enter the Amount of each payment receive.
    • Select the Start Date for the income stream.
    • Select the End Date for the income stream. If there is no known end date, not changing any values here will save this record as ongoing.
    • You can set the expected Future Amount.
  • Click Save. 

 

Add Expense

While accessing a client's Income & Expense page:

  • Click Add under the Expense panel.
  • Expenditure Cashflow page displays.



  • Enter the details of the Expenditure:
    • Select the Type of expenditure. This will then give a number of options in the Sub-Type list.
    • Select the Sub-Type.
    • Enter a Description of the expenditure. This is optional, however it makes it
      easy to quickly identify specific records from a list of multiple expenses.
    • Select the Owner of the expense.
    • In the Fixed/Variable list select whether the expenditure is Fixed or Variable.
    • Select the Frequency that the expense is paid.
    • Enter the Amount of each payment.
    • Select the Start Date for the expense.
    • Select the End Date for the expense. If there is no known end date, not
      changing any values here will save this record as ongoing.
    • You can set the expected Future Amount.

  • Click Save.   

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