Financial Planning Software

How do I enter my firm's name and address to be entered on reports?

At the main screen, choose Options then System Setup.

How do I Change the starting year of the plan?

At the main screen choose Options then System Setup

Can I set the life expectancy for my client or spouse?

Yes, the software will use an actuary table if no life expectancy is given; however, you may choose the length of life by going to the General tab and then the Planning/Tax Parameter button and then enter your desired life expectancy.

How Do I change the rate of return for excess cash flow?

You may change the default for all plans by going to Options then System Setup then enter a default rate of return for excess cash flow. You can also change the rate for a specific plan by going to the General Tab then choosing Tax/Planning Parameters then entering the amount here.

Why is my excess cash flow not being invested?

If you Average idle cash keeps growing, then your projected surplus cash is not being reinvested. Go to the Assets tab and choose Cash on Hand make sure a value is entered here. If one is entered, but you still are not getting a reinvestment, re-enter a value. Note; this value must be at least 100.

Why am I getting negative numbers for my Average Cash on Hand?

If your Average idle cash becomes negative, then Express is not liquidating assets to meet shortfalls. First make sure you have assets to sell. Express will only liquidate liquid assets. This includes cash accounts, bonds, equities, and IRAs only. If you have assets and you still have negative values for Cash on Hand, then go to the Assets tab and choose Cash on Hand make sure a value is entered here. If one is entered, but you still are not getting a reinvestment, re-enter a value. Note; this value must be at least 100.

How do I add a footnote to my Income statements, Balance Sheets, Estate Planning reports, etc.?

Go to Options, then choose Report Options then choose Page Setup and select Yes for Print Ages in Header Columns.

Compare Options

PlanMode provides you a quick and easy way of determining the bottom line impact of a financial action or a transaction over the planning horizon of your choosing. It provides you with a static or a dynamic comparison mode. These modes can be activated or deactivated on the fly with one key touch.

You can also compare the cashflow and/or net worth difference of including or excluding an item of income or expense this year versus the next year, a lease verus a buy decision, a rent of purchase of house decision etc etc. Give it a two-minute test to see how well it works.

What does the inflation rate do in the General Tab - Planning/Tax Parameters Folder?

This entry DOES not increase the annual value for assets, expenses or income. It is used for inflated government items such as qualified plan contribution limits, standard deduction amount, personal exemption amount, tax tables (brackets). NOTE: a higher inflation rate will reduce your client?s tax liability.

Does ExecPlan Express keep track of my basis for my equity accounts?

Yes, as you buy sell or reinvest dividends, ExecPlan will adjust the basis accordingly, and upon the sale of the asset, determine the appropriate amount of income subject to capital gains.

How do you rollover an IRA, Roth IRA, 401k or other retirement plan?

You may rollover a company plan or other retirement plan into any IRA or Roth IRA. Simply create the IRA you would like to roll into, entering the appropriate rate of return and the ownership. Next, note the DSI number found at the top left hand corner. Then proceed to the 401k plan or Other Retirement plan that you want to rollover. Click on the Rollover/Lump Sum Distribution field; enter the Date for rollover, the IRA DSI number and the % to Rollover (usually 100%). Roth for 2010 will have the tax taken ovr two years: 2011, 2012.

How are any losses treated for the Business/Invest Asset?

There is no loss limitation rules or passive activity rules applied to this field. If the asset is generating a loss greater than the loss limitation rules or is passive, you must make sure you limit your losses. This can be done by entering some or all of your expenses in the Cash Contribution field.

Why is the cash inflow for my Business / Investment asset not showing up on my cash flow report?

When entering a business asset, if the asset is generating cash flow regardless whether it is taxable or not, you must enter the gross amount in the Cash Distribution field.

Why is the taxable income for my Business / Investment asset not showing up on income statement correctly?

When entering a business asset, if the asset is generating taxable income regardless whether it is cash flow or not, you must enter the gross amount of reported taxable income in the Ordinary Income field. Express will deduct the allowable cash expenses and depreciation if applicable to obtain the net taxable income.

How do I refinance a mortgage?

After entering the mortgage enter in a Balloon Month and Year. Next create a new mortgage, enter the new amount, term and interest rate. Then enter a starting year and month (usually the month after ballooning the first mortgage. Finally you must give yourself the gross proceeds of the new mortgage to payoff the initial mortgage. For example if the new mortgage is $200,000 you must go to the Income tax, choose Tax Free income and enter mortgage proceeds of $200000.

How do I enter an interest only loan?

Enter 0 for the term of the loan

How do I enter an extra monthly payment on a mortgage?

In liabilities, go to the ownership tab, here you will find a field to enter an extra monthly payment.

How come I see multiple items for my mortgage on the cash flow statement?

Express calculates the principle portion and the deductible interest portion and lists them separately on the cash flow statement. When a mortgage exceeds the allowable deductible interest for loans greater than $1,000,000, Express will list three items for the mortgage one for principle payment, one for deductible interest and one for non deductible interest until the balance falls to below the $1,000,000 level.

How do I enter an ILIT?

Enter a life insurance policy, and in the ownership field choose ILIT as the owner.

How do I enter an asset that is in an Irrevocable Trust?

Choose an asset that best describes the trust asset and then choose Trust for ownership. Please note that express will not do a separate tax calculation for trust taxes, so any return on the asset should be net after taxes, unless of course the trust distributes its income to the client, in which the client will be responsible and express will calculate it.

How do I enter an asset in a revocable Trust?

Any asset that is in a revocable trust should be entered as either client, spouse, joint or community. Assets in revocable trusts are still subject to estate taxes and the purpose of the ownership code is for express to designate which assets will pass outside of the estate. If you client is using the revocable assets to fund an A/B trust, Express will automatically fund the trust with assets held by the client or spouse up to the UTC limit of the chosen year of death, if you choose a UTC sheltered will.

How come the incomes, expenses and some assets do not have a growth fields? How do I make these assets values grow?

Express allows the user to enter different values in these sets to give the flexibility to change not only growth rates, but to start and stop values at any time. To make an asset grow or shrink, simply first enter the current value, then hit enter. In the following year enter a % sing in front of your desired growth rate. For example %4 will grow a value 4 percent a year thereafter. %-7 will decrease a value 7 percent every year thereafter. You may also use the < or > to grow or decrease by a fix amount. For example <25000 will reduce the value by 2500 a year thereafter.

Why I do not see contributions in my reports for my IRA?

Make sure you enter a contribution amount in your IRA field.

Your client?s income may exceed the allowable amount for contributions to a Roth IRA.

Why I do not see contributions in my reports for my 401k?

Make sure that you have entered income for that individual. For example if the 401k's ownership is client, but you only entered income in the Spouse wage field then the software will not see income for the client and will not make contributions to their 401k. In addition the software does not recognize Business wages for income to qualify for a 401k contribution. If your client has Business income use the Other Retirement plan field to enter how much they contribute.

Why I do not see the self employment tax on the cash flow report?

Express automatically calculates self employment tax for values entered in the Business Income fields. You can see the calculations on your support schedule. Since self employment tax is a federal income tax, NOT a FICA tax, the amount of self employment tax paid is included with the amount of federal taxes paid line on a cash flow statement.

Why is my client's FICA tax so low?

If a client is self employed, they do not pay FICA, they pay an equivalent amount as self employment tax and Express calculates this amount and includes it in the total federal taxes due.

Why is the screen Red when I open Pension IRA income?

When you enter an IRA, Express determines the amount that is taxable upon distribution each year based on MRD, client?s need and how much was after tax contributions. Express then enters the amount in the Income tab, under Pension IRA Income. Should you open this tab and see a red screen, this is simply displaying the amount that maybe distributed at this time. This amount will continuously change as you make entries. The red means you can not manually change or override these values. If you need to enter in a pension, just click the New button.

Does the Charitable contribution field do the limitation?

Yes Express does the charitable limitation carryover field. However this limitation is the 50% rule for cash or non appreciated assets to public charities. If the charity is subject to lower limits you will have to manual determine the amount.

How come my social security wages are not on my cash flow statement or it is much lower than what I have entered?

If you client generates any income before 66 or 67 years of age 9depending on the year they were born) and are receiving Social Security prior to these years, Express will automatically do the reduction in benefit calculation.

How come my social security wages are different on my Income statement than my Cash flow report?

Express calculates what portion of your Social Security benefit is taxable and lists this amount on your income statement.

How come my income is not showing up even though I clearly entered it?

Check your retirement age. No matter how long or when you enter a source of Wages or Business income, Express will terminate that income in the year of retirement. If you need to extend the income, change your retirement age to a later year.