Practifi can record a list of assets and liabilities for a Client on their Household, Organization or Individual record. Users can add assets manually to the Client record to capture this information. However, if assets are managed in an external Portfolio Management System, like Addepar, Black Diamond, Orion, Tamarac or other systems, the list will be synchronized from those systems by way of integration. This article outlines how to create a liability within your Practifi organization manually.
The list of assets and liabilities appears under the Financials section within the Liabilities subtab on the Client record.
Liabilities added from an external system will appear as rows on the Liabilities table. The process of manually adding a liability starts with clicking 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, select Save to finalize completion.
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.