Liability Accounts
You can add unlimited Liability (Debts) accounts and associate them with Assets on your Balance Sheet
To add a new Liability account, click on the + button in Total Liabilities card. You can add either a Manual account or Synced Account (if applicable).
Lets go ahead and add a Manual account. The Add Liability drawer opens where you can enter the following settings to get started:
Liability Details
Title (required) - enter a title for the Liability account
Description or Goal - if you want you can enter an optional description or goal for the account
Asset Association - select the Asset this Liability account is associated with otherwise select none.
Select the Asset this Liability is associated with (if applicable) otherwise select none. The Liability Type field below will assume its associated Asset Type or it will default to Consumer if none selected. Affects Debt Payoff module.
Liability Type - the Liability will inherit its associated Asset Type, otherwise it will default to Consumer (if none selected for Asset association).
Liability Cost
Current Balance (required) - enter the current balance of the liability (or debt).
The current balance of the Liability account. Affects Balance Sheet & Net Worth
Minimum Monthly Payment (required) - enter the minimum payment of the Liability.
The minimum monthly payment of the Liability or debt. If none then enter 0.
Interest Rate (APR) (required) - enter the current interest rate of the Liability.
The current interest rate of the Liability or debt. If none then enter 0.
Exclude from Debt Payoff - check this option to exclude this Liability account from the Debt Payoff module.
Check to remove this Liability account from the Debt Payoff module.
Save or Cancel - you must hit the Save button to save any changes you've made, or hit Cancel to exit without saving changes. This is to ensure accidental changes are not saved and that positive action is required on your part to make the changes.
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