Creating a Liability

Overview

Practifi can record a list of assets and liabilities for a Client on their Household, Organization, or Individual record, giving you a complete view of each client's financial position in one place. Users can add assets and liabilities manually to the Client record to capture this information. However, if assets are managed in an external Portfolio Management System, such as Addepar, Black Diamond, Orion, Tamarac, or other systems, the list will be synchronized from those systems via integration. This article outlines how to create a liability within your Practifi organization manually.

Occasionally, Practifi Administrators may need to edit or add data for this and other objects. For more information on how to handle bulk data operations, please review our Using Salesforce Inspector Reloaded and Using Data Upload Templates articles.

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Financials

The list of liabilities appears in the Liabilities subtab within the Financials section on the Client record.  

Liabilities added from an external system will appear as rows on the Liabilities table. To manually add a liability, click the New Liability button on the top right.

A range of fields are presented, some of which are relevant only for particular liability types.  Complete the appropriate fields for the liability, particularly the Name, Category, Under Advice, As At, and Current Value fields. Once this information is entered, click Save.  

A success message will appear. Click the X on the right side to close the message. After refreshing the Liabilities list, the new liability will appear.