Frequently asked questions
Can I set up an investment account as an asset?
Yes! If your investment account can't be tracked via a bank feed you can add this account as an asset to your Net Worth page. We’ve got all the details here: Managing your assets and debts
Once your asset has been added, we recommend keeping the balance updated manually to reflect changes within the account. For information on how to do this please see: Updating the value of an asset or debt from the Calendar page
Assets are different to accounts, as they do not have transactions associated with them. If you do want to track regular contributions to your investment account, you can set up a transfer budget to automatically update the balance for you. To learn how to do this check out: Creating a transfer budget for an asset
How do I account for growth or depreciation against an asset or debt?
If you’d like to set a fixed interest rate for an asset or debt you can do this from the Net worth page. Just click on the name of the asset or debt and head to Manage interest & depreciation to set the interest rate and the frequency with which it is applied.
Alternatively, if you would like to account for regular contributions to an asset or a debt you can set up a transfer budget. Assets are different to accounts, as they do not have transactions associated with them. If you do want to track regular contributions to your investment account, you can set up a transfer budget to automatically update the balance for you. To learn how to do this check out: Creating a transfer budget for an asset
For more information on understanding your Net Worth in PocketSmith, please see: Net Worth in PocketSmith: An overview.