Assets and Liabilities in Neat
Please Note: You must have an active Neat subscription with the Automated Insights add-on in order to take advantage of the features in this article.
Neat provides the ability to categorize items as Assets or Liabilities. Track equipment or resources you own as Assets and record debts owed as Liabilities. You can create Asset and Liability accounts in Accounts / Transactions and select specific Asset and Liability categories. This offsets them from Income and Expenses to provide more accurate reporting and insights within Neat. Generally, items you own are considered assets if they cost at least $1,000.00.
Assets and Liabilities FAQs
- How do I create Asset and Liability accounts?
- What Asset and Liability categories are available?
- How do I set Asset and Liability categories?
How do I create Asset and Liability accounts?
Please follow the steps below to create an Asset and Liability account in Neat.- Select Accounts / Transactions from the left-hand menu.
- If Active Accounts is not already open on the right, click Open Accounts.
- Choose Add Account at the bottom right.
- Click Create Your Account from the pop up window.
- Select your Asset or Liability account type.
Asset accounts include:- Bank
- Investment
- Real Estate
- Vehicle
- Personal Property
- Other Asset
- Credit Card
- Loan
- Other Liability
- Enter details about your asset or liability and click Save
- Once saved, your new asset or liability account will be added to the Active Accounts list in Accounts / Transactions.
What Asset and Liability categories are available?
You can view your available Asset and Liability categories by clicking your name in the top right and choosing My Categories.
Assets have the following subcategories available:
- Bank - Accounts connected via Transactions will be available.
- Cash - If you've created a Cash on Hand account it will be available.
- Equipment & Property - This will appear once created in the Transactions section.
- Investment
- Personal Property
- Real Estate
- Vehicle
- Other Asset - This will appear once created in the Transactions section.
Liabilities have the following subcategories available:
- Credit Card - Accounts connected via Transactions will be available.
- Payables - Accounts connected via Transactions will be available.
- Loan - This will appear once created in the Transactions section.
- Other Liability - This will appear once created in the Transactions section.
How do I set Asset and Liability categories?
To categorize your items as Assets or Liabilities:- In Accounts / Transactions, open the item you wish to set as an Asset or Liability.
- Click on the Category and choose an Asset or Liability category. (Equipment & Property, Other Asset, Payable, Other Liability).
- Then choose the appropriate account. If you have no account listed or wish to create a new account, select Add/Edit Category.
- Enter the Account Name and Opening Value. Adjust the Balance Date as desired. Click Save to create the category. It will now be available to choose as your category and will also appear in your My Categories section.
