Before you get started
To see the 7-Step widget in your client’s account, you need to ensure that:
- you are the designated bookkeeper for the client, and
- the client’s account is on a Pro subscription.
Once that is set up, click on the View button (eye icon) to see the account.
How to use the widget
In the client’s account, you will see the widget on the left side. Each step comes with:
- a pop-up window with instructions and a Start button which will navigate you to complete the required action
- a green section in the widget that allows you to check off the completed action by selecting Done
Each time you complete one of the steps, the system will take you to the next incomplete section. Depending on how you would like to utilise this to onboard your clients, you may also collapse the widget.
Step 1: Personal details
To begin, select Start now. This step will require you to do the following:
- Enter some of your client’s basic details (i.e. Date of Birth, Number of Dependents, etc.)
- Add Personal team members such as spouse or children.
- Add Entities such as trusts or super funds.
When adding team members, you need to set Guest Access – who has access to what information. A spouse may need full permission to access the client’s portal, but you may choose to restrict access to other members (i.e. children), who may not need access at all
Step 2: Net Wealth
Now to the nuts and bolts of your client’s profile: net wealth, including all assets and liabilities. You will see a pop-up that will prompt you to add your clients wealth items, or you can also go to mywealth > +Add. Here are some of the common assets that you might add:
- Home/Investment Property: Select the relevant icon and enter the client’s address. An image of their property will appear, along with its current market value.
- Credit cards: For security reasons, only the client can add credit cards to their profile, which they must do privately.
- Bank accounts: For your client’s security you must never ask for their bank passwords. Only the client is permitted to add bank details to their profile, but you can show them how to get started. Select ‘bank accounts’, then enter the name of the financial institution, account description and balance. You can assure your client that their bank details will be securely stored with the same 256-bit encryption and physical security used by banks.
Step 3: Link Advisers
You will be taken to Add a professional
Select the professional you would like to add (i.e. your client’s lawyer). Enter their name and email address.
You will then be prompted to allow permission for this professional to access specific areas of the client’s profile. For example, a lawyer could be allowed access to ‘protection’, either ‘view’ or ‘modify’, or both. ‘View’ will allow them to read details in this section; ‘modify’ will allow them access to change or add details
Step 4: Cashflow and Tax
In this step, you will discover how to enter and categorise expenses, set tax tags and rules to automate your client’s profile. For full instructions on configuring cashflow, expand the toggle below:
Add transactions: To enter expense details, first select ‘tools’. Select ‘add transaction’ from the drop- down menu. Select the account the expense was drawn from, select ‘expense’ then select the category to which the expense belongs. Add a description for the expense, for example, the name of the family member to whom the expense belongs, the amount and date.You can also scan the receipt and upload it electronically by clicking on the ‘camera’ icon and following the instructions.
Tax tags: You can show the client how to apply a tax tag to specific expenses. To do this select ‘tax tags’ then select the deduction that applies from the drop- down menu. For example, if the expense was a donation, tick ‘deduction – donation’.
Categories: You can view expenses by different categories. Select ‘by category’ and choose the category you want to view. For example, you and your client may want to view all expenses by date to find a specific expense. You can also view all expenses with tax tags: this will be a huge benefit to your client at tax time. For people who like to be organised, but don’t have enough hours in the day, this is a great tool.
Filter: To use the filter tool, click on ‘filter’ and select ‘last 30 days’ to see recent expenses, or for a longer- term view, select ‘previous tax year’. If you want to view a specific account over a period of time, such as your credit card transactions, select ‘custom filter’, then credit card account and then enter the dates you want to view.
Manual Transactions: To add a manual transaction, for example, interest earned on a term deposit, select ‘tools’ in the top right hand corner and then select ‘add transaction’. Next, enter details such as name of bank, income, transaction category, description, amount and date.
Step 5: Wills
To upload an electronic copy of your client’s will, in myprotection > mywills > mywill. You can enter extra details about the will, such as the date it was executed and the location of the original document. You can either upload a scanned copy of the will using the Upload documents tab or you can set a reminder for the client or their adviser to complete it later.
Step 6: Insurance
Entering all details of insurance policies such as life, trauma, health, home and contents, and motor vehicle. Most people have protection against financial loss due to unforeseen events, so having a dedicated place to store all insurance policies is important.
When you start the step a pop-up will automatically appear. Select an insurance type from the list shown. Type the name of the insurance company, select the right one then enter details for the sum insured. Afterwards press save and you’re done.
Step 7: Other documents
This is storage for important documents that don’t necessarily fit into the categories in the previous steps.
An employment contract is an example of an important document that needs to be stored safely but not accessed daily. Clients can create their own folders for other documents.
Go to mydocs and select other docs. Click add and create a folder titled ‘employment’. Next, click add your first document to upload an electronic copy of the client’s employment contract.