Manage money owing towards an assetIf you are adding or have added an asset to Net Worth, you may want to manage the debt owing to the asset. This could be the mortgage for a house or a loan for a car. You can manage multiple debts for a single asset.
You can find out how to add an asset in the article: How do I add an asset or a liability to Net Worth?
If you want to manage money owing for an existing asset, select the asset from the Net Worth page and then select Manage money owing from the left menu.
If you want to manage the debt associated with an asset you are adding, select Yes to the question "Do you want to manage money owed on this asset?" and click the Save and continue button
You can then manage the money owing on an asset with the following steps:
- Select whether the money owed is already an account in Pocketsmith or if you want to create a new liability for Net Worth
- If you select "From an existing account in PocketSmith", you will be able to choose the account to link from the drop-down titled "Select accounts"
- If you select "To be tracked as a liability", you will be able to enter the name of the liability, the amount of the debt, whether it is a mortgage, how often is the interest paid and the annual interest rate on the debt
You can add multiple liability accounts with different interest rates to a single asset, just click the Add another button.
- When you have added all the linked account, select Yes or No for the next step and then click the Save or the Save & continue button