CLIENT ACCOUNT SETUP & ON-BOARDING PROCESS
Step 1: Account registration
Please note there is no tutorial video for this step.
Please follow the below instructions before moving to the video in Step 2.
- Accept Moneysoft user invitation, and login to Moneysoft.
- Once logged in, the temporary password can be updated by the user. This can be done in ‘MY ACCOUNT.
Step 2: Link financial accounts and assets
Log in to Moneysoft and start linking financial accounts to get started
- Connect all available “Linked” financial accounts.
- Add any “Non-Linked” accounts and other static assets (such as properties, vehicles and offshore financial assets)
Please note Moneysoft is a read only platform. To successfully link financial accounts to retrieve financial data feeds in Moneysoft, the same online banking credentials that used to log into those accounts online are required.
Step 3: Categorising transactions and setting up rules
Now it's time to understand banking structure and flow of funds through linked accounts.
Any financial accounts that are not required for cash flow tracking should be changed to “BALANCE ONLY” where possible.
Set up categorisations for transactions
- Start by reviewing ‘unassigned' transactions. User the FILTER button on the transactions page to view any unassigned transactions, then categorise them appropriately.
- Follow the process to search for ‘cash' transactions – and set up re-categorisation rules where applicable.
eg: Monthly cash amounts deposited into an account each month to cover rent, can be set up to be automatically categorised as ‘rent'.
Review auto-categorised transactions and transfers, and recategorise them appropriately, using RULES
- Begin with a filter search for “transfers” and aim for net position of $0
- Continue filtering through categories using the Cashflow report as a tool to assist the process
Sanity check transaction categorisations
- Sanity-check the completed categorisations by filtering through each category group
- Conduct a final check by reviewing the CASH FLOW REPORT and looking for any category discrepancies
- Try to keep the total number of re-categorisation rules below 30 so it's easy to keep track of them.
- Make use of the already pre-defined categories, and subcategories available in Moneysoft. Only create custom categories if it's absolutely necessary.
Step 4: Setting up a budget
Moneysoft will automatically pre-populated a budget, based on 3 months of past spending history of the linked accounts, and the auto-categorisatised transactions.
These amounts will need to be adjusted by the user to fit with their own budget plan.
- Adjust the auto-populated budgeted amounts where necessary.
- Apply and lock the budget.
- The frequency of budgeted amounts can be changed individually (weekly, fortnightly, monthly etc).
- If desired, you may add amounts to any budget categories that are not pre-populated.
Step 5: Creating goals & reviewing them
- Review the budget surplus and required contributions (via monthly budget report) to meet goals.
- Review existing goals and set additional goals if applicable
- Apply any amounts already saved to your goals
- Review the monthly budget report and ensure there is no shortfall by checking that expenses and goals can be met with the expected budget income
- Adjust goals or expenses accordingly to bring it in line with desired budget surplus (savings) desired.