How to add expenses to a client plan – Australia

You can enter expenses as either an expense or a goal. A goal is essentially a trackable expense. You can find out more about goals here. If you don't need to track progress in meeting a particular expense, you should add it as an expense rather than a goal.

Open the existing client record, if it is not already open. Click the plus button in the bottom right of the Dashboard screen.  Select Expenses in the Finances and Accounts section of the menu which appears:

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In the next screen select the relevant option. 

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  • Recurring “Multi Year” expenses. Expenses recur starting and ending with a pair of events selected on the Timing tab. (e.g. yearly living expenses) 
  • One-off “Single Year” expenses.
  • The special Legacy expense type remains as an option for scheduling future gifts and chartable giving.
  • Education Expense is a special category of expense for school, college and university fees.

The types of expenditure are indicated on the Dashboard. 

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Complete the data entry fields which appear in the Basics screen (those marked with an asterisk are mandatory fields).

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Towards the bottom of the Basics screen, you will see a prioritisation slider.

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The priority slider has calibration points beneath each priority level, allowing you to set an expense or goal by broader level, such as a basic (high), leisure (medium), or luxury (low) level goal overall.

Basic Expense should be used for essential expenditure such as food and utility bills. These expenses will show in the blue need line, click here to read more about the need line.

Leisure Expense and Luxury Expense should be used for discretionary expenditure such as entertainment expenses and holidays. These expenses will not be shown in the blue need line but will be included in the black need line.

Within these three broad priority levels, you also have the option to further specify whether a basic expense, for example, is a high, medium, or low-level essential expenditure. The software will then follow prioritisation as it fulfills future annual expenditure.

Once you have entered the basic information move to the Timing screen.  From the Timing screen you will note that the Expense will automatically schedule to terminate at the mortality event, on this screen you can leave that as is or link the start and end events to different events on the timeline. Education expenses linked to a child in the plan, default to start at their expected university start date and end at their expected university graduation.  Once completed click done to save. 

For Single Year expenses you will only need a start event. 

By default, a Multi Year Expense will recur every year, however it is possible to get the expense to recur less frequently e.g. every 5 years for a car purchase.

This is done in the Timing screen. Set the start and end events for the expense as above, then scroll down, below the timeline, where you will find an Expense Frequency setting.  Enter in the Expense Frequency field the interval (the number of years) at which the expense will recur.

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It is also possible to use the Steps function on the left hand menu and schedule a future change to the amount of the recurring expense.  For example, school fees which rise when the child moves from primary to secondary education.  Read more about Steps here.

Once you have completed all details for the expense, click "Done". 

The expense will be shown in the Dashboard under Expenses.

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You can see more detail by clicking on the Year View button, top right of the chart. Move the slider to the year you want to look at and click Expenses Tab. 

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