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This tutorial shows how to set up both deferred and special savings.
Our example is for a 401K and a flexible spending account (FSA).
Find the Fiscal Forecaster toolbar and click “Wizards 5b – Other Savings Accounts”.
If you look behind the Wizard, you’ll see that the screen changed and the Savings Accounts category
was selected on the Account Setups page.
All the data you enter into this wizard will be stored in a row on this sheet and always accessible.
Page 1 of the wizard tells you what information you’ll need before you start.
Click the “Next” button to go to page 2; then select the Deferred Savings category.
The sheet in the background shows that category was opened and row 40 selected.
Back on the wizard form, we find the Forecast values we set up earlier are displayed at the top of the wizard.
We’ll change the name of the first account.
Since this account was opened prior to the Forecast start date we use that date as our account start date.
Next we enter the date the money can be withdrawn (8/15/2017), when Mike turns 59 ½.
Then we enter the estimated rate of growth and the beginning balance as of the start date.
Now click the “Click When Done” and “OK” buttons to accept the entries and enable the Finish button.
Then click “Finish” button.
When we answer “YES” to entering another account, our current entries are stored on the sheet in row 40.
We select the category “Special” on the form, and row 51 is selected on the sheet.
In the form, we change the name of the account and then the start date.
Since there is never a beginning balance or interest earned on this account, we’re finished.
Click the “Click When Done” and “OK” buttons; then the “Finish” and “No” buttons.
On the Savings sheet, we only see the FSA setup since it has no beginning balance.
That usually changes once deposits are added, but the deposits are offset by withdrawals in the example file,
so nothing is ever visible on the Savings sheet unless the category is open.
We can click the button under the sheet name to go to the first date that amounts for the 401K will be available. But we get a message telling us to click on an account. We do and then click the button again.
The date we’re taken to, 8/4/2017, which is closest to 8/15/2017 without going over it.
The available amount shows up in that column.
Clicking the 1st entry under the JUMP key in the toolbar,
we see the total of all interest accumulated over the 40 years from just the original deposit.
Columns C – G show us the totals for the default year in E6. That year is changeable.
We can click “Reports” in the toolbar then the “Current Accounts Report”
and then “Create” to get a list of all the accounts we’ve created.
And that’s it.
Thank you for watching!