Do Pralana users routinely update the plan year and starting balances every January 1st?
Yes 🙂
I'll go through and adjust expenses if things have changed during the year. I'll update accounts and start the party all over again.
Yep update accounts with start of year balances, expenses, anything else. For example, I'm not removing the '2026' under the field for assumption that the Tax Cuts and Jobs Act will expire. Pretty safe bet, although it will likely be modified in some sense.
Don't forget to backup your current year and produce a PDF report in case you want to go back and look.
This exact thought occurred to me this morning. I'm a new user, and I want to have a cookie trail I can follow in case the future teaches me that my earlier assumptions were poor. That is no easy task though, since I have to decide if deviation from reality is just the market being the market, or it reflects poor assumptions on my part
Do I understand correctly that part of the annual housekeeping includes changing the year that the plan begins ? It feels a bit odd to me to approach the update as if the software has no history. It's mostly a matter of perspective, one I was not expecting
@abq-goldgmail-com Correct; the software does NOT maintain a history, at least for now. It is a forward-projecting tool that begins on January 1 of the specified starting year.
Stuart
