Planit:Add a Personal Use Asset

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In this Video you will Learn...
How can I add a personal use asset like a car or boat to my client's accounts?
• Personal Use, new asset
• Data entry fields
• Liability information

Keep on Track! Continue training on...
Investment Management Modular Planning
Life Planning Integrated Planning
Assets and Liabilities Screen

Other Related Topics
Add an Account (Canada) Add an Account (Malaysia) Introduction to the Assets and Liabilities Screen (Canada)
Introduction to the Assets and Liabilities Screen (Malaysia) Add a Liability Liabilities on Death


The material in this video may differ somewhat from what you see on your site due to difference in version, jurisdiction, corporate content or access level. Regardless of these differences most of the core functions are consistent across all sites, so you'll be able to benefit by and large from what you learn in this video.


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Personal Use Assets

Personal Use

In this section we will focus on entering Personal Use Assets. On the Assets and Liabilites screen there is a default Personal Use Account already created for you. Here is where you can add in items like a residence or a cottage or boat/

To do this expand the account down using the + sign beside the account. When you click on it it will expand the account down, where you will see a link to add in "New Asset". To create a detailed asset to one of your accounts you would simply click this link.

Personalasset.jpg

The Product Selection screen will appear and this is where you can click on the ""Add Custom" button since we are working on a Personal Use we do not need to search for any particular fund.

Once you have clicked on the "Add Custom" the details of entering in your asset will appear. In this example we are entering in a personal residence, you will see we named it "Residence" and provided some details concerning this asset.

PersonalAsset1.jpg


You also can fill out the information regarding any liabilities the clients may have on this asset.

PersonalAsset2.jpg



Please Note: The ACB isn't too important on the personal residence, but will be very important on non-registered holdings that will be subject to capital gains taxes.


You also specify the a loan number if one exists, and when to pay off the liability (upon the death of the client's, the spouse's, either death, second death, or both death).

You can also see a checkbox called "Insured". When you say a loan is insured, it should show up on the Insurance screen in a new field called “Insured Liability”. It should appear under the Client’s existing insurance or the spouse’s or both depending on the ownership.

Once you are satisfied with your entries, you can click on the save button which will take you back to the Detailed Accounts screen.