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How to Create Assets

This article explains how to create assets and allocate ownership to entities so that you can accurately record what your client's entities own.

There are three ways to create assets: from Assets & Liabilities, from an ownership diagram, or from an entity page. They use the same asset terminology but differ in context and how you assign ownership.

Before You Start

Make sure you have an active Group with at least one entity to assign ownership to.

Method 1: From Assets & Liabilities

Assets & Liabilities gives you an overview of assets, liabilities, ownership, and responsibility across the Group. It is the best starting point when recording financial-position information at scale.

  1. In the left-hand navigation, go to Assets & Liabilities.
  2. In Create allocation, use Entity to choose the owner.
  3. Use the asset selector and choose Create new asset.
  4. Complete the form. The following core fields are required (indicated by a red asterisk):
    • Asset type — the category of asset (for example, Residential Property)
    • Asset name — the name of the asset
    • Ownership method — determines how ownership is allocated
    • Gross value — the total value before debt
  5. Add optional Asset funding details if required: Amount owing, Creditor, and Account / reference.
  6. Click Create Asset.

Ownership method

The Ownership method determines how the asset is allocated to the entity:

  • Sole ownership — 100% of the asset is allocated to the entity.
  • Joint-tenants — ownership is equally split among the number of owners you specify when creating the asset.
  • Tenants-in-common — you can set a custom ownership percentage for each entity.

See Asset Ownership Methods for the rules that govern each method.

Allocating an Existing Asset to Additional Entities

If an asset has already been created but has not been fully allocated, you can allocate the remaining portion to one or more additional entities.

  1. In Create allocation, select the entity you want to allocate to.
  2. Click the Select asset dropdown — the partially allocated asset will appear as an option alongside Create new asset. Select it.
  3. If the asset uses Joint-tenants, the percentage is fixed based on the number of owners. If it uses Tenants-in-common, you can set a custom percentage up to the amount remaining (e.g. if 60% has already been allocated, you can allocate up to 40%).
  4. Click Create Asset.

Repeat these steps for each additional entity you want to allocate the asset to.

Editing an Asset

To edit asset details, find the relevant asset in Assets & Liabilities.

  • To edit the asset details or method of ownership, click the pen and paper icon under Actions.
  • To change the ownership percentage for a Tenants-in-common asset, click the pen icon under Actions.

The edit interface groups fields under Asset details and Asset funding. Once the asset exists, use Associated liabilities to connect a separate liability that funded or otherwise relates to it. The association does not change either balance and does not mean the asset is loan security.

For full editing details, see Editing Assets on Assets & Liabilities.

What You'll See

Once created, the asset and its allocation appear in Assets & Liabilities. Here you can see the entity, the asset, the percentage owned, and how much has been allocated in total.

Method 2: From a Diagram

You can also create assets directly on a diagram, which is useful when you want to see how the asset fits into the structure visually.

  1. Open a diagram.
  2. In the panel on the left, find New Asset and drag it onto the diagram.
  3. The Inspector opens on the right. Complete Asset details and any optional Asset funding fields.
  4. To assign ownership, draw a relationship between the owning entity and the asset on the diagram.

Method 3: From an Entity's Page

If you're working from a specific entity, you can create or allocate assets directly from that entity's page. This is scoped to that entity, so you'll only see assets associated with it.

  1. Navigate to the entity's page.
  2. Scroll to the Owned Assets section. Any assets the entity already owns (or partially owns) appear here.
  3. Click Allocate Asset. From here you can:
    • Select an existing asset and assign ownership to this entity, or
    • Create a new asset using the same Asset details and Asset funding fields. Ownership is automatically assigned to the entity you're working from.

See Understanding Entity Pages for more on the Owned Assets section.

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