This guide walks through two transfer scenarios:
1. Deposit a lump sum inflow into an investment or savings account. For example, to (re)invest an inheritance (or other 'windfall') into an investment account.
2. Schedule a recurring transfer from one account to another. For example from a cash/savings account to an investment account or (UK only) from a General Investment Account into an ISA. Note: when moving funds from one account to another, keep in mind that the 'transfer' can be inputted as either a 'transfer-in', to the receiving account, or as a 'transfer-out', from the source account - these are simply two sides of the same coin, so you can input from either 'end' of the transaction.
Transfers between accounts can be scheduled via the Investments or Savings screen > Transfers panel, found in the left-hand menu:
or via the Transfers option in the + button > Plan Actions in Dashboard view:
To deposit a lump sum inflow into a investment or savings account:
1. Go to Dashboard view. Click on the + button bottom right and select Transfers
2. Select the first option, labelled 'All Surplus' (circled, below), as the 'source' of funds in the 'Transfer From' box. In the 'Transfer To' box, select the relevant savings or investment account, into which the funds should be deposited:
Note on Transfers From Surplus: In the year that the one-off lump sum inflow - such as a 'windfall' or proceeds from property sale - is received, the funds are classed as part of the 'general surplus'; 'surplus' meaning, quite simply, funds that are not needed for the fulfillment of other expenses for the year in question. If not 'transferred' or used, 'surplus' funds (received as a lump sum) will be deposited, automatically, to the recipient's 'default surplus account' at the very end of the year. When using the 'Transfers' function to capture, or invest these funds, in the (same) year as the inflow is received, you should select 'All Surplus' as the source of the transfer-in, as illustrated below.
To reiterate, any time that funds have not already been deposited into a specific account (in a previous year), you should select the source of the transfer as being 'All Surplus'.
Note on Transfers To Account: The receiving account, into which you are transferring, could be an existing account (one that already has a positive account 'balance', at 'start of plan') or could be a hypothetical future account (one that has a zero account balance at 'start-of-plan').
Complete the transfer details:
Optional: If you want to ensure that the lump sum is being transferred prior to paying expenses - meaning that the transfer-in will be prioritised - to thereby prevent any part of the lump sum from being used to meet expenses, select Yes in the "Transfer Before Paying Expenses" box.
Otherwise, expenses will be met first, with the remaining funds being contributed/transferred to the target savings or investment account.
3. In the Timing screen, select the event that indicates the lump sum payout. You may need to add an event to the timeline and first schedule the payout using this event.
4. Click Save
5. View and edit your transfer in the Dashboard view under the Transfers section
or within the transfers section of the account you are transferring to/ from.
6. Check your transfer has worked by going to Let's See and double clicking on the year of the transfer to see the detailed information. Alternatively click on the Detailed info icon top right.
Transfers from surplus will also be shown as an Expense in that year:
Schedule a recurring transfer between accounts:
This could be for example to move money from a general investment account into an ISA on a regular basis.
1. Make sure you have 2 events in the Timeline screen - one to signify the start of the transfers and the other the schedule the end of the transfers. You can use Events already on the Timeline if appropriate e.g. 'Start' and 'Retirement'.
2. Follow the steps above to start a new transfer
3. This time select accounts in the Transfer From and To boxes if transferring between accounts. For example, below shows a recurring transfer between a General investment account into an ISA (UK). The same approach would be used when moving money To and From any two available accounts in Voyant.
4. Select the Timing of this in the Timings section
5. Check the transfer is set up by going to the detailed information view to see money being withdrawn from the general investment account and contributed to the ISA:
and also by clicking on the account the money is being transferred to, where you can see the Contribution source: