Linking debts, expenses, and incomes to properties is a great convenience. Why? If the property is ever scheduled to be sold, the software will know to end any linked incomes or expenses and to pay off with the proceeds from the sale the balance due on any outstanding debts secured by the property. This happens automatically, no matter when the sale is scheduled, provided these items are linked to the property. This is less to think about when presenting and having a play with scenarios such as downsizing or “rightsizing” a home. Without linking, the software would have no way of knowing that these items are related to the property.
AdviserGo now has options for entering and linking incomes, expenses, and debts to properties. You will find three corresponding tabs in the left navigation when viewing or entering a property in AdviserGo.
When you go to link an item to a property you will be given the option to create a new expense, income or debt on the fly and to then link it to the property, as shown highlighted below.
If there is already a debt, an expense, or an “other” income in the plan, you will also have the option to link these items to the property.
This “Link to an Existing...” option, shown highlighted below, will only be displayed if items are available in the plan for linking.
Once a property has items linked to it, a link icon will appear next to the name of the property when it is viewed on the Dashboard. This icon indicates that the property has linked dependencies in the plan.
When you view details about the property, a blue banner at the top of the screen will indicate that it has linked items in the plan, as shown below.
To view these linked items, click Show Details.
The items shown are links, which when clicked allow you to jump to the linked items in the plan. If you were to click the linked “Home Mortgage”, shown below…
…the linked mortgage would display for further review and editing, as shown below.
Unlinking an Item from a Property
The option is also available to unlink items from properties.
For example, if you were to determine that the tax liability for a rental income should not be split between the two owners of the property, you could unlink the income from the property.
1. On the Dashboard screen in AdviserGo, open the property.
2. Click the Linked Income tab in the left navigation, as shown below.
3. The linked income should be displayed. Click the Unlink button next to it and then the Save button, top-right.
These same steps would apply for unlinking a debt or an expense from a property. Open the property and select the Linked Expenses or Linked Debts tab.
For debts, the option is also available to unlink a property from the Debts screen.
Viewing the details of the debt, click the Linked Properties tab in the left navigation.
The linked property should be shown.
Click the Unlink button and then the Save button, top-right.