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Overview
The Income function enables you to manually add income entries and utilize the information added in the Fact Find > Income section. This integration ensures that existing data flows into the Cashflow module, creating a solid foundation for income calculations. As a result, you can easily build upon the client's current financial situation and have the flexibility to model new or future income sources.
In Cashflow 2.0, the Income tab is designed to incorporate recommended income entries directly into a client’s financial scenario. This allows for precise modelling of various income streams for the client, their partner, or associated entities, such as trusts and companies, ensuring a comprehensive financial plan. It facilitates the creation of detailed, accurate, and tailored financial plans that align with the client’s specific circumstances.
Access
Income in Cashflow 2.0 can be found within the Cash Accounts, to access the Cashflow 2.0 Cash Accounts tab, open a client record, hover over the Cashflow tab, and select Cashflow 2.0 from the drop-down menu.
Open an existing Scenario or create a new one by selecting the blue Plus+ button, entering a Scenario Name, and ticking the available setup options.
The Cashflow 2.0 landing page will open directly on the Cash Accounts tab in the Overall Position if the client is partnered, or on the Client if they are unpartnered. The Income will show within the Cash Accounts Tab under Taxable Income.
Adding Income in Cashflow
Income can be added by selecting the Plus+ button from the bottom right corner of the Cash Accounts tab.
📌Note
For entities like trusts or companies, the Plus+ button in their respective cash account sheets will also provide access to the Income form.
You can also add income from the drop-down options within the Add button at the top right of the window, regardless of the tab you are working on.
Selecting either of these options will open the Add Income window.
Income Window Fields
Amount | Enter the recommended income value in this field. |
Future Value Toggle |
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Taxable Toggle
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Owner | Use the dropdown to assign the income to a specific owner, such as the client, partner, joint ownership, or any associated entities (e.g., trusts or companies). |
Income Type | Select the appropriate income type:
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Start From | Specify when the income entry should begin using the following options:
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Till | Specify the end period for the income entry with options such as:
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Growth Rate Type | By default, income entries are indexed to AWOTE (Average Weekly Ordinary Time Earnings). You can change this to:
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Super Contributions and SGC Legislated Rates | For Employment income types:
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Description | Use this field to provide a brief description of the income entry for easy identification. |
How Added Income Shows in Your Cashflow
Added income shows in three locations within your Cashflow scenario:
Overall Position > Cash Account Sheet | Income entries for the client, partner, or joint ownership appear under the Inflows section. |
Taxation Sheet | Taxable income entries automatically flow to the Taxation Sheet for calculations. |
Trusts or Companies | Income added for trusts or companies will appear in their respective cash account sheets. |