USER ACCOUNT SETUP & ON-BOARDING
Step 1: Account registration
- Personal Users - Sign up, register your account and login to Moneysoft.
- Client Users - Wait for the invitation email from your adviser, coach or broker, register your account and log in to Moneysoft.
Step 2: Add your financial accounts, assets and liabilities
- Add all available "Linked Financial Accounts"
- Add Properties using either a valuation estimate or your own value
- Add any Other accounts, assets and liabilities (such as vehicles, offshore financial assets or family loans)
Tip: Moneysoft supports Open Banking (Consumer Data Right) financial account data feeds - when adding Linked Financial Accounts, select the option with "CDR" in the name.
Step 3: Categorize transactions and create Rules
The key trick here is to make sure any financial accounts that are not required for cash flow tracking, are marked to “Balance Only”. Watch...
- Start by reviewing all possible ‘Transfers’ transactions.
- User the FILTER button on the transactions page to ‘Find’ any possible transfers, and categorize appropriately.
- Review auto-categorized transactions, and recategorize them - use categorization Rules sparingly
- Continue working through initial categorization and Rule creation using the Cashflow Report as a tool to assist
Tip: Try to keep the total number of categorization rules below 30 so it's easy to keep track of them and what they are doing.
Tip: Make use of the pre-defined categories as much as possible. Only create custom categories if it's absolutely necessary.
Step 4: Create a Budget
Moneysoft will automatically pre-populate your budget, based on the past 3 months of transaction history. This happens before you re-categorise transactions so you may want to re-calculate the budget to calibrate it.
- Adjust the auto-populated budgeted amounts or re-calculate the budget
- Add in any irregular budget amounts using the calendar.
- Export the budget to get a 12-month view of all budgeted amounts and projected cash flow
Tip: Add regular income and expenses to the "fixed" monthly budget
Tip: Use the Calendar to budget for irregular, or unexpected, income and expenses
Step 5: Create and track Goals
- Review the budget surplus and required contributions (via monthly budget report) to meet goals.
- Apply any amounts already saved to your goals
- Review the budget and adjust goals or expenses accordingly to maintain the desired budget surplus (savings buffer).