Year End Routine?

A few users have asked me about the end of the year adjustments needed in ESPlanner. I'll list what I can recall off hand, but perhaps others will have reminders as well that they can add to this thread.

  • The software will prompt you to update your database in the new year, but it's wise to double check things, and a few things need to be manually updated.
  • I typically use Tools/Options to override the year to the new year sometime in Nov. and December so that my plan starts its first year in (this case) 2016.
  • You need to update your Regular Assets balance and your Retirement assets balances to the amounts you actually hold on Dec. 31 / Jan 1.
  • If you have earnings (wages), I double check the first year row to make sure that "today's dollars" and "dollars" are the same number. If not, re-enter those earnings.
  • If you have primary home mortgage, you should update that to reflect the correct number of years left in the payout.
  • I believe the pension(s) will still show the previous year in the ESPlanner user interface (UI) but in the report, mine shows the correct amount for the new year. Double check that.
  • Special Expenses and Receipts should not need special attention, but it would be good to double check them.

    That's all that I can think of for now.

Comments

Dan, I just ran a 2016 case using the year override feature. In the report I still see 2015 special receipts & expenses. However, looking at the "Special" tab the 2015 entries are gone. I'm assuming the 2015 data was NOT used even though the data shows up in the report. Is that correct?
Thanks
James

dan royer's picture

That's correct.

This link may help as well:

https://www.esplanner.com/question/annual-rollover

Best,
Brian

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