Sweeps - Set surplus cash to be swept from default cash accounts into savings, investments, or money purchases
Suppose you want to assume all surplus income is invested rather than kept in a cash account or that your client tops up ISAs with any leftover surplus. Aside from planned savings, you can also set a sweeps rule for default cash accounts.
The software has a facility for setting the annual sweep of surplus cash from the earner's/owner's default cash account (e.g. Simon's Cash) into to one or more target accounts. Sweeps can be set for these default cash accounts on the Savings screen's Annually Sweep Balance to Other accounts panel.
To set up a sweeps rule for a default cash account:
1. Go to the Savings screen and select the default cash account in the ledger, right.
2. Expand Advanced Settings.
3. Select Annually Sweep Balance to Other Accounts.
4. Click Add and select from the list a target account for the swept funds.
Sweeps are not percentage based. The entire balance of the default cash account will be swept into the specified target account at the end of the planning year. The only exceptions would be ISAs and money purchases, since both have contribution limits. If an ISA were set as the target account for sweeps, only up to the maximum allowable annual contribution could be swept into the ISA. If a savings account or unwrapped investment were listed after the ISA in the sweeps list, that account would receive the remainder of the funds when swept. Conversely, if a savings account or unwrapped investment were placed at the top of the list of sweeps accounts, that account would invariably receive one hundred per cent of the swept funds since neither have rules imposing contribution limits.
Stephen Browne of Voyant Ireland shows how to use the sweep feature in Voyant Adviser to send monies automatically from cash to other accounts.
Please note, although it is the Irish release of Voyant Adviser that we present in this video, practically all of the features shown and concepts presented work in precisely the same manner in our Canadian, UK, and US software.
Re-invest surplus cash (7 minutes)
Voyant Adviser by default assumes that habitual surplus cash is spent and not saved. Stephen Browne of Voyant Ireland shows how to save this surplus and then re-invest it into an investment account.
Please note, although it is the Irish release of Voyant Adviser that we present in this video, practically all of the features shown and concepts presented work in precisely the same manner in our Canadian, Irish, and US software.