One key component to correctly calculating your Net Worth is factoring in your Assets. Assets are the things that you own that have monetary value, such as vehicles or homes. In Simplifi, Assets are tracked as Manual Accounts.
Add a Manual Asset Account
From the Dashboard, click on the + ADD button in the upper left.
Select Add manually.
Enter an Account Name and select an Account Type.
Enter the Value of your Asset.
Click Continue when done.
Simplifi will add your new Asset Account to the Accounts List, as well as include the value in your Net Worth.
Updating the Value of an Asset
Since Asset Accounts are tracked manually in Simplifi, you'll need to update the value of the asset manually as well. You can do so by entering a new transaction in the account that accommodates the difference in value, or you can edit the "Opening Balance" transaction to change the total of that transaction to the current value.
Please be sure to check out our Support Article here for more details on adding and editing transactions in Simplifi.
How to Handle the Selling of an Asset
If you've sold one of the Assets you're currently tracking in Simplifi, the easiest way to go about handling this would be to mark the Asset Account as 'Closed' by following the steps here. Doing so will bring the balance of the Asset Account down to $0, while still retaining the historical data.
Once done, you'll want to add the funds to whichever account they were received. For example, if you sell a vehicle and deposit the money into your Checking Account, you'd want to make sure the transaction shows up in that account in Simplifi. This will ultimately leave you with the same amount (or hopefully more) money for your Net Worth!
If you experience any trouble with tracking your Assets in Simplifi, please don't hesitate to reach out to our amazing Support Team!
To learn about tracking Assets on the Simplifi Mobile App, please click here!