Life Insurance Payout

Flopbot

Question for the community. In setting up someone else's account, I came across the first Life Insurance Payout that I've every added to Simplifi. How would you recommend categorizing an account like this?

Note that it isn't saved with a supported bank so it will be a manual account that gets updated when we receive the statements.

Is it Banking, Asset, or Investment?

DannyB

Is there a reported balance out of which this payment is received?

Is the balance held in cash or investments like stocks, mutual funds, ETFs?

Or is this simply a monthly income deposit.to the persons cash account?

If the last, I think a simple recurring income event.is all that's needed.

If there is a balance held in an account somewhere then either a bank (savings?) account (if cash) or an investment account (if funds are in various investment insturments).

In these two instances, Simplifi will treat the monthly deposit as a transfer and you'll have to unhide one side of the transfer so it shows up in the Spending Plan.

Just my initial thoughts. Be interested to hear how you set.this up.