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Release Notes for Version 7.04 Build #324, released
5/3/2005
This release fixes an error in the tax calculations during liquidations, and adds "earnings on accumulated savings" to the after-tax cash flow report.
1. Tax Calculation Fix. The software was double-counting interest and dividend income and IRA income in years in which that income was liquidated. This error originated in our most recent previous release, in which we introduced a new approach to liquidations. It is now fixed.
2. Earnings on Accumulated Savings. Earnings on accumulated savings have been added directly to Net Worth. Now, we are explicitly showing those earnings as part of income in the "After-Tax Cash Flow" report. As a result, the after-tax cash flow report and the net worth reports tie together more clearly.
3. Liquidations on By Default. It is now the case that the checkboxes on the "Assumptions" screen relating to liquidations are checked for new files. This is because our new approach to liquidations is sufficiently clear that we now believe it should be the usual approach.
Release Notes for Version 7.04 Build #323, released
4/12/2005
1. Spreadsheet Reports. Ability to indicate columns not to print in spreadsheet reports.
2. Export. Improvements to export functionality. The new
export button supports the export of any page as an excel or text
file.
Release Notes for Version 7.04 Build #318, released
3/31/2005
This release improves the way the software handles liquidations and introduces a number of small user interface improvements.
1. Liquidations. This release improves the way the software handles liquidations. Previously, the software estimated the liquidation amount and then calculated the tax on any resulting gains or penalties. The result was that the amount of tax calculated was precise, but the after-tax cash flow did not exactly match the cash flow shortfall.
The current approach estimates of the amount of tax that will be payable on the gain, based on marginal income tax rates and capital gains rates.
As a result, it is able to make the after-tax distribution amount exactly cover the cash flow shortfall, with little if any sacrifice in overall accuracy.
We have also introduced two new reports that detail the liquidations. One report shows the sale of each security, the gain on that sale, and the tax payable on that sale. The other report does a similar thing for IRA and 401(k) accounts.
On the Reports page there is now a separate group for "Liquidations Reports."
2. View/Edit Taxes and Spending Report. It is now possible to view and edit the income tax report for any year, simply by clicking that year at the top of the "View/Edit Taxes Report" screen. The same is true of the "Spending Report."
3. Living Expenses. We have improved the user interface for the "Living Expenses" page. Now, only one client's information appears on the page. To switch to the other client, click the link with the other client's name at the top of the page. Also, the software now remembers whether you were looking at the top level page, with less detail, or the next level page, with the full 100 lines of living expenses detail. This makes it faster to return to the Living Expense page you were using.
4. Overrides Dialog Box. It is now possible to turn off the little box that pops up and asks if you really want to override a calculated number. To do this, simply override a number, and when the dialog box pops up, check the box that says "Do not show this message again."
5. Including Notes. It is now possible to include free form notes in your client report. You can enter any notes you like by clicking the "Notes" button in the lower left-hand corner of the screen. Unlike footnotes, notes you enter with the "Notes" button are not associated with any particular data entry.
6. Report title. It is now possible to change the report title on the cover page of the client record (currently "Financial Plan") to be anything you wish. To do that, go to the "Reports" page and click the link at the top labeled "modify report labels." Then change the field labeled "Report Title."
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