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Overview
The Income section in Fact Find > Financial is a key component for understanding a client’s financial position. This section allows you to record and manage all sources of income, ensuring accurate financial planning and advice.
🪙 Types of Income Recorded in this Section
When entering client income in Fact Find > Financial, ensure all relevant earnings are recorded for accurate financial planning.
Employment Income – Salary, wages, bonuses, commissions, and other earnings from full-time or part-time employment.
Self-Employment & Business Income – Business profits, contractor earnings, freelance income, or revenue from sole proprietorships.
Government Benefits – Pensions, Centrelink payments, aged care allowances, and other financial support from the government.
Investment Income – Rental income, share dividends, interest from savings or term deposits, and managed fund distributions.
Dividends & Annuities – Income generated from investments, including annuity payments and share dividends.
Other Income Sources – Trust distributions, inheritance, royalties, insurance payouts, or any additional earnings.
By accurately entering all income sources, you can generate precise cash flow projections, strategic financial plans, and effective tax strategies, ensuring your clients receive tailored, high-quality advice.
Difference Between Income and Assets
Understanding the distinction between income and assets is essential for accurate financial planning and client management in AdviserLogic.
Income
Income refers to money earned or received on a regular basis, typically used to cover daily expenses and financial commitments. It is measurable over a period of time (e.g., weekly, monthly, annually).
Examples of Income:
Employment Earnings – Salary, wages, bonuses, and commissions.
Business Revenue – Profits from self-employment or business ownership.
Investment Returns – Rental income, dividends, and interest.
Government Benefits – Pensions, Centrelink payments, and other financial support.
Annuities & Royalties – Regular payments from investments, intellectual property, or trust distributions.
Assets
Assets are items of value owned by a client, which can generate income, appreciate in value, or be sold to access funds. Unlike income, assets are measured at a point in time (e.g., current net worth).
Examples of Assets:
Cash & Bank Savings – Money held in savings, term deposits, or transaction accounts.
Real Estate – Properties owned, including homes, investment properties, and land.
Investments – Shares, managed funds, bonds, and superannuation balances.
Personal Assets – Vehicles, jewellery, collectibles, and valuable possessions.
Business Assets – Company-owned property, equipment, and intellectual property.
| Income | Assets |
Definition | Money earned or received over time | Items of value owned by a client |
Measurement | Over a period (e.g., monthly, yearly) | At a specific point in time |
Purpose | Used for daily expenses and financial commitments | Accumulates wealth and generates future income |
Examples | Salary, rental income, dividends | Property, shares, savings, superannuation |
By distinguishing between income and assets, you can develop better financial
strategies for your clients, ensuring their earnings and investments are structured effectively for long-term financial success.
⚠️Important Note
Income generated from assets (e.g., rental properties) must be added in the Assets section of AdviserLogic, rather than the Income section.
Ensuring accurate and complete income data helps provide a clear financial picture, supporting effective modelling, advice generation, and strategy development.
Creating Income Categories
Income Categories can be created in the Tools section following the Category Creation Instructions.
Alternatively, you can add the Categories and Subcategories directly into the Income interface by selecting the Add button and then a category and subcategory to open the Income Interface.
Select the dropdown arrow from the Category field from the Income Details interface, and choose the <Add New> option from the drop-down.
From the top left of the pop-up window, select the Add button, enter the new category name in the Name field, and Save.
To add a Subcategory, scroll down using the outer scroll bar, select Add, and enter the Subcategory Name in the field. Multiple subcategories can be added.
Saving will ensure the Category and subcategory are selectable as an Income Category.
💡Note
You can only create new Categories and Subcategories, you cannot add subcategories to existing categories from the income interface - to create subcategories use the Category creation instructions from the Tools section.
Adding Income
The Income Section in Fact Find is where you record your client’s yearly income that is unrelated to assets.
Income related to assets (e.g., rental income) must be added in the client's Assets section. Follow the Assets Instructions to ensure accurate data entry.
How to Access the Income Section
From the Fact Find Financial Screen – Select Income from the top menu bar.
From the Fact Find Tab – Hover over Fact Find and select Income from the dropdown options.
Entering accurate income details ensures proper financial planning, advice modelling, and strategy development within AdviserLogic.
To add a client's Income go to the Income segment in the Fact Find Financial section, and select Add from the top right corner.
Choose the Type of income from the drop-down menu. Hovering over the drop-down headings will open additional selectable categories and subcategories.
📌Note
To add a new Category in the drop-down follow the Add New Category Instructions.
It is not possible to add a new Subcategory in the drop-down options category creation.
Employment Income
The Employment option in the Income Section is where you report all income earned from the client’s employment. This includes different types of compensation, ensuring a comprehensive financial overview.
Subcategories of Employment Income:
Salary | The client’s base salary or wages. |
Commission | Any commission earned from employment. |
Estimated Bonus | Expected or regular bonuses received. |
Other | Used for non-standard income related to employment, such as allowances, stipends, or special incentives. |
Recording all sources of employment income accurately ensures a clear financial profile and supports effective financial planning and strategy development within AdviserLogic.
The Interface to add all employment Types' income is identical, however, certain variations make them specific to the subcategory.
Salary
To record a client’s salary, select Salary from the Income subcategory dropdown.
Enter the required details in the provided fields within the pop-up.
Choose the Recipient Entity from the drop-down menu (e.g., Client, Partner, Joint).
Select the Superannuation Entity linked to the income source.
Use drop-down presets to fill in other relevant fields.
Enter the Start and End Dates (if applicable) to assist with future modelling and financial projections.Save the entry to update the client’s financial profile.
Ensuring accurate salary details in Fact Find allows for integration into modelling tools, advice generation, and compliance tracking within AdviserLogic.
📌Note
You must add the end date for the Income to show on the Client Home screen
Estimated Bonus
The interface for adding the client's estimated bonus is identical to the salary Interface, however, the date is set as a single yearly date.
Commission
Commission earned by the client can be averaged as a yearly amount, or entered under a different Frequency. This is helpful in models where a client is new to a role and the yearly commissions have yet to be estimated.
Other
For employment income types not included in the listed Category and Subcategory options, there are two options:
Create a new Category - select Other for the Subcategory, and provide a description as needed.
Choose the Other Subcategory, then specify the income by providing a description.
Self Employed
Use the Self Employed Category to record all income from a client's business as a sole trader or company. You can choose a General or Other Subcategory, and any Custom categories.
💡Note
This refers only to the Client's salary from the business and not the business' overall income.
Add the relevant information in the required fields within the pop-up. Select the Recipient entity and Status from the respective drop-down menus. Other fields are similarly selectable from drop-down presets.
Other
For income types not included in the listed Category and option, there are two options:
Create a new Category - Recommended
Choose the Other category, then specify the income by providing a description
✨Note
There are several obsolete (legacy) subcategories in the Other option. It is best practice to avoid using these as they are in the process of being removed. Please follow the instructions for creating a new category instead.
Centrelink/DVA
To add a client's Centrelink Payment or Department of Veterans Affairs payment, Choose the Centrelink/DVA option from the Categories Dropdown, then select the payment relevant to the client from the subcategories.
Add the necessary details in the specified fields, choose from the drop-down options, and Save the information.
💡Note
DVA Payments can be added as Other, then specified in the Description field.
Foreign Pension
To enter your client's foreign pension or income, choose Foreign Pension from the dropdown and select the General or Other option.
Add the necessary details in the specified fields, choose from the drop-down options, and Save the information.
✨Note
Customise the income by editing the Description.
Annuity
The Annuity option in the income dropdown allows you to add 4 different Annuity types.
Defined Benefit
NULL
Other
Super 0% RCV
The Interface to all the annuity options is identical. Add the necessary details in the specified fields, choose from the drop-down options, and Save the information.
Fringe Benefits
Add your client's Fringe Benefits by choosing this option from the dropdown. The Fringe Benefit presets available are:
|
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The Interface to all the Fringe Benefit options is identical. Add the necessary details in the specified fields, assign the entity, choose from the drop-down options, and Save the information.
To add a Fringe Benefit not represented by the preset subcategories, select Other and edit the Description to specify the benefit.
