Getting a disbursement/distribution from a non-IRA account is a simple but multistep process in the XYIS platform. Please remember that in order to process disbursements in a timely manner, give yourself at least one week of time between requesting the funds and when you need the funds delivered. Also please note that Robo must be turned on for this process to work.
* Pro-Tip - If you're looking to request a distribution from an IRA account, please see this user guide. IRA accounts require special paperwork to complete a distribution.
1. Navigate to the client who needs the disbursement. Scroll down to their account section and select the account that the disbursement will be made from.
2. Click into the account and scroll down to the bottom to the Cash Settings in the lower left-hand corner.
3. To have the platform automatically generate the cash needed, you will edit the Minimum Cash Setting in the Cash field. Hit "Edit" and adjust the minimum cash setting to the amount needed for the disbursement. In this example, it was changed to $1,000. Save and confirm your changes.
* Please note: if Robo is turned on and cash settings are updated before 9 am EST, trades will be submitted to generate the cash the same day. If Robo is turned on or cash settings are updated after 9 am EST, trades will be submitted to generate the cash the next business day.
4. After the minimum cash setting has been edited, confirm that the holdings for the account are set to "Liquidate Override". This will ensure that the cash will be generated when the trades are submitted in the most tax efficient way possible, regardless of if it creates a tax liability. The holdings table where you can edit the Settings will be found right above the Cash settings in the account summary page.
5. Process the distribution using the platform's Bank Transfer feature.
6. After the cash has been generated, turn Robo off and process the requested disbursement using the Bank Transfer tool on the platform.
7. Once the disbursement has been processed and confirmed, make sure and edit the cash settings back to their original amounts and turn robo back on.
After the cash settings are changed back and robo is turned back on, you're good to go!
Please don't hesitate to contact the XYIS Support Team at email@example.com or by calling (360) 301-7579.