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Income and Expenses Report

Contents

Introduction

What Income Is Included

Why Use the Income and Expenses Report?

See the Income and Expenses Report in Action: Tax Review

See the Income and Expenses Report in Action: Management Fees

Features of the Income and Expenses Report

Choose the Data You See

Filter to See Desired Transactions

Sort Columns on the Fly

View Security Details

See More Details

Add Income and Expenses to the Reporting Dashboard

Income and Expenses Report Settings

Report Actions

 

Introduction

Applies to:
✔ Dynamic ✔ PDF Mobile ✔ Client Portal

The Income and Expenses report provides a consolidated view of income and expenses for your client portfolios at the account, group, and account set level. Income displayed includes dividends, interest, long- and short-term gains, returns of principal, and more.

This report is particularly useful during tax season. It can be used in comparison with a Form 1099 to confirm the amount of taxable income to be reported.

What Income Is Included

The Income and Expenses report lists income for the year in which it is taxable. Tamarac uses the portfolio accounting system's data to identify whether income is taxable in the year it is paid or in the previous year.

For example, a dividend was taxable in 2015 but it paid on 1/7/2016. It will be listed on the Income and Expenses report for 2015, not 2016.

Why Use the Income and Expenses Report?

In the Income and Expenses report, you will find options that let you answer many income and expense-related questions about accounts and groups, such as:

See the Income and Expenses Report in Action: Tax Review

As tax season approaches, Advisor Kelly is providing estimated income to clients. Kelly configures the Income and Expenses report to display only taxable income for the previous year and omits expenses entirely. This provides Kelly with a view of the taxable income received.

See the Income and Expenses Report in Action: Management Fees

When it's time to review management fees, Cherry Street Financial uses the Income and Expenses report. It's configured to display only expenses, and expenses are filtered to show only management fees. This provides a thorough accounting of all management fees charged to the group without any extraneous fees or income.

Features of the Income and Expenses Report

The dynamic report helps you easily filter and sort data to drill down to meaningful results. Interactive reporting features include the following.

Choose the Data You See

Display only relevant data. You control what data are displayed and which columns are included, in what order, so you can create the exact report you need.

Filter to See Desired Transactions

Powerful filtering lets you see only relevant transactions. Control how much detail you see of income and expenses, including date received and types.

Sort Columns on the Fly

Sort columns by clicking column headers. The caret direction (^ or ˅) indicates sorting order, either ascending or descending.

View Security Details

Click the name of a security to view Google Finance information about that security.

You can enable or disable ticker links for each security type.

See More Details

When viewing the dynamic report, click the links on the report to view more information in taxable income.

Add Income and Expenses to the Reporting Dashboard

You can use dashboard views to see a pared-down summary of the main dynamic report at a glance on your dashboard.

To learn more about creating and managing dashboard views, see Create and Share Dashboard Views.

For more information on customizing your dashboard, visit Working With Dashboard Modules.

Income and Expenses Report Settings

The following settings are available for the Income and Expenses report. Click the setting name for more details.

Setting Details Available In...
Dynamic Report PDF Report Reporting Dashboard
Report Name Designate a unique name for the report view. X   X
Mark as Publicly Accessible Share the report view. X    
Section Title Designate what the section will be called in the PDF report.   X  
Theme Designate what theme the section will use.   X  
Header and Footer Choose a unique header and footer for the section or use defaults.   X  
Include Page Break After This Section

Control where page breaks occur in PDF reports.

  X  
Account Grouping Control grouping of accounts and groups.   X  

Date Period

Select the date period you want to use for the report. X X  
Group By/Then By

Organize a report by various categories.

X X  
Show Subtotals

Add subtotals to each grouping level when you Group by.

  X  
Payments Per Page Choose how many payments to display per page. X    
Include Non-Taxable Accounts Show or hide non-taxable accounts. X X X
Include Income

Show or hide income data to the report.

X X X
Sort First By/Then By

Determine the default order in which the data is displayed.

X X  

Show Detail

Condense all the instances of a security's income payments into one line item, or display each instance as individual line items. X X  

Include Short-Term Capital Gains Distributions

Include or exclude short-term capital gains distributions. X X X
Include Long-Term Capital Gains Distributions Include or exclude long-term capital gains distributions. X X X

Include Return of Principal Payments

Include or exclude return of principal payments. X X X

Available/Selected Income Columns

Choose which columns are included and in what order. X X  
Include Expenses

Show or hide expense data to the report.

X X X

Show the Following Expense Types

Choose which expense types appear on the report. X X X

Available/Selected Expense Columns

Choose which columns are included and in what order. X X X
Preview

See a sample of added columns or rows with the selected settings.

  X  

Report Actions

To learn more about reports in Tamarac, see Introduction to Reports.

To learn more about how to generate a report, change the data displayed, print or export the report data, and more, see Basics of Working With Reports.

To learn more about creating and using PDF reports, see Understanding PDF Reports and Workflow: Generate a PDF Report.