Other Assets can be accounted for within a financial plan via the Net Worth section of the Profile, which is where all of a client's assets and liabilities are entered, along with their current balances. By default, the Net Worth is also the 4th step of the initial data entry process for newly created clients:
To add Other Assets to a client's Net Worth section, click Add Account > Other. There are several options available within the Asset type menu, including Lifestyle, Note Receivable, and four Business types:
- Lifestyle - Use this to include the current value of various tangible assets in the client's Net Worth, such as a car, a boat, or jewelry.
- Note receivable - If clients have loaned money and are receiving payments, use the Note Receivable option to reflect income received from those payments.
- Businesses - Input information about various types of businesses - LLC, Partnership, S Corp, or C Corp. Click here for more details on entering businesses in RightCapital.
The data entry fields will change depending on your chosen asset type, but you will always be asked for the Asset name, the Owner, and the Current Value / Balance.
Pro-Tip: Cryptocurrency
Lifestyle assets can be used to model cryptocurrency within client plans, allowing you to specify details like the current value, expected growth rate, cost basis, and year/cost of sale.
