Expenses Created by Voyant and Their Timing
Some expenses are created automatically by the software when certain types of items are entered into a plan. The timing of these expenses will be controlled by the timing of their parent items. For example, if you enter a debt into a plan you will notice, when visiting the Expenses tab in Year View, that a debt payment expense is shown on screen. This expense was created automatically and is linked to the debt, meaning that when the mortgage is paid off the expense will end.
Debts: When a debt is entered into a plan a debt payment expense will be created automatically to control payments made on the debt. The payment schedule of the debt will control the duration of an unsecured debt – i.e. a debt that is not linked to a property/asset. If the debt is linked to a property/asset, the debt and the debt payment expenses will inherit the timing if the linked property. If the property/asset is sold, proceeds will go first to the payoff of the linked debt.
Debt payment expenses may also end if the debt is scheduled for payoff, using the One Time Payment section of the debt, provided funds are indeed available to make the payoff.
Premiums: Expenses are created automatically for the premiums paid on protection policies. Premium payment periods are set on the protection screens.
Savings and Investments: Contributions to pensions, savings and investments are entered and scheduled on the Pensiob, Savings and Investment screens.
Future Purchases – The future purchase of life funds as well as properties and assets will trigger the creation of a future lump sum payment expense. These expenses are set to occur on the Investments and Property/Assets screens, respectively, by ticking New Purchase and usually selecting a future purchase event on the Timeline.
Taxes – Taxes are assessed and charged by the software depending on annual incomes (earnings, dividends, and interest) and realised gains.