Using Events to Schedule One-Off or Ongoing Transfers between Accounts or from Surplus into an Account
Transfers between accounts are scheduled on the Investments or Savings screen’s > Advanced Settings > Transfers / Additional Contributions panel.
This panel can be used to schedule the transfer of one-off lump sum inflows - such as proceeds from the sale of a property or tax free cash from a money purchase - or to schedule recurring transfers from annual surplus into a particular savings or investment account. When transferring surplus inflows, be sure to select From: Surplus.
To deposit a lump sum inflow into a investment or savings account:
1. Go to the target account on the Savings, Investments or Pensions - Money Purchase screen.
Note: This could be an actual existing account (one the client has at the start of the plan) or a hypothetical future one (an account that you create with a zero balance that will be funded in the future through this transfer).
2. Select the target account in the ledger, or enter a new account with a 0 balance.
3. Expand the Advanced Settings > Transfers / Additional Contributions.
4. In the Transfer at Event drop-down, select the event that indicates the lump sum payout. You may need to add an event to the timeline to schedule the payout.
5. Select Transfer “To this account”.
6. Select From “Surplus”, which is to say, from surplus income.
7. Amount (of transfer):
Select either "All Available" to deposit all available surplus income after taxes, expenses, and regular contributions
Select the £ radio button and enter the amount of the future endowment maturity/tax free cash withdrawal (this value can be found from the Let's See screen > Detailed Info). If you are entering a specific future value, ensure that you select the "Future Value" radio button above, next to Values.
Optional: If you want to ensure that the lump sum is being transferred prior to paying expenses, to prevent any part of the lump sum from being used first to meet expenses, tick the Timing "Transfer Before Paying Expenses" check box.
Otherwise, expenses will be met first, with the remaining funds being contributed/transferred to the target savings or investment account.
8. Click OK and then click Update to save your changes.
To schedule a recurring transfer into a investment or savings account:
If you are scheduling recurring transfers between accounts, follow the steps above, and ensure you tick the Recur box. For recurring transfers two events are required: one to schedule beginning of the transfers (this could be Start if transfers are to begin at the start of the plan) and another to schedule the end of these transfers.
To view the transfer:
1. Go to the Let’s See charts and click the year/bar in which the transfer is scheduled to occur.
2. The chart legend will appear. Click the Detailed Info link at the bottom of the legend.
3. Click the Investments tab and locate the target account selected earlier.
Depending on which options you selected, you should see the deposit of the lump sum and/or surplus income into the target investment or savings account.