Add a Liability / Edit a Liability

Add a liability financial by clicking the Liability option on the Financials page or from the Household's Tools menu > Actions submenu.

Edit a liability by clicking its tile on the map or the pencil icon or "Type" name on the Financials page.

Fill in or edit the information on the three tabs: Essentials, Details, Notes.
The Essentials tab is required, the Details and Notes tabs are optional.
Fields with a red asterisk are required. However, if possible, take the time to fill in the fields on all the tabs because much of it is searchable in the Household Index and provides you the means to understand the financial at a glance while updating the map.
Dollar values must be typed.
Your notes on the Notes tab are viewable or printable from the Reports tab.

Essentials Tab

Select Liability Type from drop-down menu.

Select Relevant Members. Use the drop down to select from one or more members on the map. Selecting more than one provides the option to divide the liability by percentage.
More than one tile is created if selecting more than one member. Annual amount is determined by the percentage of ownership designated.
There is a "joint" asset option when more than one member is selected.
A joint liability will create a single tile. If it is for a couple on the map, the liability asset will appear below the pair.
Legal Entities on the map are also eligible to be assigned liabilities.
Provide a name for the liability and a Lien Holder in the corresponding text fields.
If desired, use the text fields to convey important information or questions. Here are some examples:

If desired, the Principal Outstanding field serves as an in-app calculator. Start the formula in the field with an equals sign " = " and complete the calculation by using the return/enter key on your keyboard.

Value fields in Asset-Map are annual dollar values. Ensure that a monthly value is multiplied by 12.
Special Feature: Linking a Liability to an Asset using the Link to Asset drop-down menu visually connects the two tiles on a map. If desired, select the asset from the drop-down menu to link the Liability.

Liabilities are counted in the Key Financial Figures.
Hide the tile if desired by checking the "Hide" box. Show it again by selecting the "Show Hidden" option in the Tools menu, clicking the tile and unchecking the "Hide" box. While hidden, the tile's value is not calculated on the platform.
Amortization is not a feature of Asset-Map Platform.

On the Essentials tab, click the trash can icon. Or, on the Household's Financials page, click the corresponding trash can.

Recover mistaken member or financial deletions from the Household's Details page. Recover deleted items for up to 30 days.

Enter these optional fields as desired.

A member assigned as a Beneficiary will appear on the Beneficiary Report, found on the Reports page. View the checklist online, print the checklist as a stand-alone document, or include it as part of a comprehensive report.
Multiple members may be assigned percentages of the liability in the Beneficiary Field.
Primary Beneficiaries may be assigned. Contingent beneficiaries are not assigned, rather they can be noted in the Notes tab for the asset.

» Special Feature: highlighting notes on the Notes tab provides you with formatting options and a web linking option.

Press Create/Update to apply the changes. A tile (or tiles) with an orange border will appear on the map.
The liability value is subtracted from the asset value calculations presented on the map.
The liability values are calculated as part of the Debt line item in Loss of Life Target-Maps' What you want tab

Tags: mortgage, debt, credit, loan

4/2024