shane.oconnor's avatar
shane.oconnor
Valued Supporter
2 months ago
Resolved

Offset Account - Financial Information, Liabilities

Hi, This may be a silly question but here goes. I can find details on how to add offset accounts in xTools modelling however,  how do you record mortgage and offset accounts within financial info...
advice production
  • leah.saunders's avatar
    leah.saunders
    2 months ago

    Hey Shane

    This response will depend on how your groups are set up on your site, but this is what is available. If yours does not look like this, step 1 is to reach out to your Site Administrator.

    I would add the Asset (Cash), and give it a description of Offset Account, (this shows in Liabilities)

     

    When you go to your liabilities section, you should see Assets, and you can link to the Offset Account.

     

    Something to think about if you want the output is that the merge code looks a little different.  I suggest that you look at this code here, as it talks about linked liabilities and assets

    Also, because this was an interesting question, I tested it going to XTools+ modelling. If you input it as above, and then create your XTools+ scenario and import the data, it brings the Asset through as an Associate to the loan.

     

    I hope this helps!

    Kind regards,

    Leah

leah.saunders's avatar
leah.saunders
Icon for Iress Contributor rankIress Contributor
2 months ago

Hey Shane,

Thanks for the question.  There is an article in the community for this. Offset Information

Our XT+ team have a really great page with most of the links I would have ever needed as a Paraplanner, and I keep this stored (Link below)

XT+ Guides and Troubleshooting

Let me know if this is not quite what you meant, or if you think of something that we have missed, please let us know.  

Happy modelling!

Leah

  • shane.oconnor's avatar
    shane.oconnor
    Valued Supporter
    2 months ago

    Thanks Leah,

    Appreciate the reply. Yes, I have found plenty of (good) information related to modelling offset accounts.

    I don't seem to be able to find the same level of articles/details to see if there is a way to add offset accounts in the client focus, assets and liabilities section of Xplan. I want to have this in client focus, as this is the area the data is pulled for advice documents showing assets and liabilities, and we don't always have modelling included (or needed as part of the advice document being provided). 

    Just not sure if I am missing something, or it is unavailable. I am assuming (dangerous I know) that the only way is to add an asset called offset account? My preference would be the ability to have the offset added at time of adding the liability.

    Appreciate the response, happy to be corrected if needed.

    Thanks

    Shane

     

    • leah.saunders's avatar
      leah.saunders
      Icon for Iress Contributor rankIress Contributor
      2 months ago

      Hey Shane

      This response will depend on how your groups are set up on your site, but this is what is available. If yours does not look like this, step 1 is to reach out to your Site Administrator.

      I would add the Asset (Cash), and give it a description of Offset Account, (this shows in Liabilities)

       

      When you go to your liabilities section, you should see Assets, and you can link to the Offset Account.

       

      Something to think about if you want the output is that the merge code looks a little different.  I suggest that you look at this code here, as it talks about linked liabilities and assets

      Also, because this was an interesting question, I tested it going to XTools+ modelling. If you input it as above, and then create your XTools+ scenario and import the data, it brings the Asset through as an Associate to the loan.

       

      I hope this helps!

      Kind regards,

      Leah

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