After Importing (Step 2) - Check for milestone expenses and set their timing

The fact find allows clients to plan for milestone expenses. These are entered in the Expenses > Milestones section of the questionnaire. Milestones might include the purchase of a yacht, a daughter’s wedding, a world cruise.

Once imported, milestone expenses are categorized accordingly. However, the fact find is not as versatile as our software. There is not a way for your client to indicate when this milestone is to occur in the future. Moreover, the timing of these large, presumably one-off expenses should be part of your discussion with the client.

Like other imported expenses, milestones are assumed to be co-owned between your primary client and his or her spouse or partner. These expenses are also assumed to recur from the start of the plan until the end, which for a milestone is most certainly incorrect.

The key is to reset the expense as a one-off.

1. To reschedule the milestone appropriately, go to the Expenses > Milestones screen in Voyant.

2. Select the imported expense in the ledger to the right side of the screen.

3. Next, reschedule the timing of the expense using an event from the planning timeline. On the Time panel, located on the right side of the expense screen next to the ledger, select the Event tab.

The Event tab will show a list of events from the planning timeline. If one of these events coincides with the year of expense, which in this case is the year of a wedding, select it. A green dot will appear next the event noting it as the ‘start event' for the expense.

Tip: If an event does not exist on the timeline for the year of the expense one can easily be added by clicking the New Event button located on the bottom of the Time panel, Event tab.

   

The add event dialogue will display. Enter a Name for the event, the Age of the owner in the year it will occur, and select the name of the Owner. Click Add. The new event will be added to the timeline and will now appear on the Time > Events panel. 

Since this is a one-off expense, do not select a second event (an end event). There should be no red bullet on the Events tab of the Time panel, only a green one.

4. Click Update to save the one-off expense.

The line graph near the bottom of the screen will spike to illustrate the projection of this one-time expense, which is set to occur only in the year of the selected event.

 

 

 

Next step

Step 3, check the timing and ownership of other expenses in the plan

 

Related Topics

After Importing - A checklist for review following the import of a client fact find

How to create a new client case by importing a fact find into Voyant

Fact Find - Import and create new client cases using the importable fact find

Potential issues and errors when importing from a fact find

 

For Further Reading

A user's guide to the importable fact find

 

Other Related Documents

Voyant UK importable fact find (PDF)