There is not a feature in Voyant that allows minimum balances to be set on savings or investment accounts. However, if you want to specify a minimum balance or for that matter, create a cash reserve, simply set these funds aside in a separate account.
For example, we want to create a cash reserve of £25,000 for our client.
1. Click Savings or Investments in the left navigation, depending on the type of account.
2. Name the account – e.g. “Cash Reserve”.
3. Balance: You could fund this account in two ways.
Option 1 - If you are setting funds aside from an existing account (and especially if setting aside a minimum balance), simply deduct the appropriate amount from the starting balance of the source account and add it to the Balance field of this new account.
Option 2 - If this reserve is a hypothetical future account that will be funded by transferring funds from another account or perhaps from surplus income, leave the current Balance of the account at £0. See steps 9-13 to schedule the transfer.
4. Contributions: Leave contributions set to null unless your client intends to make regular future contributions to this reserve.
5. Expand Advanced Settings.
6. Click Liquidation Limits and Planned Withdrawals.
7. On this panel select Liquidation Limits Only (the default) and click Do Not Allow.
This setting will prevent the software from doing what it normally would do, which would be to automatically draw cash for top-up income, only when needed to fulfill future expenses. As a reserve account, the software will not be allowed to utilise these funds when calculating Linda’s future cash flow.
8. Scroll down and click OK to close the panel.
If your client is transferring funds into this reserve (option 2):
9. Also under Advanced Settings, click Transfers / Additional Contributions to schedule the transfer of funds into this account.
10. On this panel select in the timeline event dropdown the Start The transfer will be made at the beginning of the plan.
11. Transfer: To This Account
How much do you want to transfer? Select and enter the amount (e.g. £25,000).
12. Transfer FROM the following: Select Account and in the adjacent drop-down list, select the source account. If the money is to pulled from surplus income, select Surplus.
13. Scroll down and click OK.
14. Click Add or Update to save your changes.
Note: If you are transferring funds, the new account should appear in the ledger to the right with an initial value of £0, which means that it awaits funding once the plan begins.
Check your work
To confirm that the reserve account is set up correctly, go to the Let's See charts.
Click any bar/year of the chart after which the reserve account has been funded.
Click Detailed Info.
The reserve account should be shown with the Withdrawals column showing Allowed £0, meaning that funds are not allowed to be withdrawn ad hoc by the software in order to fulfill expenses. You may note, however, that basic rate taxes will still be withdrawn to pay for the taxes due on any interest earned on the account.