Assets and liabilities: what the business owns and owes

These are two registers under Finance, and the most useful thing to know is what they are not. Assets is a list of things the business owns: laptops, software seats, domains, equipment, with who holds each one and what it is worth. Liabilities is a list of what the business owes: loans, credit cards, bills to come, accruals. Both are records you keep. Neither is your accounts: nothing you type here moves your ledger or your balance sheet by itself, with one exception described below. Both need Financial Data on your plan.

• Assets: Add asset records a name, a type (digital, physical, SaaS, domain or other), a category, the company it belongs to when you use companies, the person who holds it, when it was acquired, its currency and value, and a status of active, retired or sold. There is also a Revenue field, which is a number you type in for your own reference; nothing calculates it from invoices.
• Liabilities: New liability records a name, a type (loan, credit card, payable, accrued or other), the lender, the principal, the current balance, an interest rate as a percentage, a start and due date, and a status of active, paid or closed.
• The one thing that does touch the ledger: when you create a liability you can tick "Post opening entry to the ledger". It records the cash you received against the liability account you linked. It only works on creation, only when you entered a principal, and only when you picked a linked account. If no account is linked, nothing is posted and nothing tells you so, so check the ledger afterwards the first time.
• Changing a balance later does NOT post anything. Paying a loan down here updates your own register; the ledger entry for the payment is a separate thing you record in the usual way.
• Totals with more than one currency: each row carries its own currency, so where a workspace holds several, the tile shows the largest total in its own currency and lists the others underneath rather than adding them together. WorkBOS holds no exchange rates and will not invent one.

Who can change what: owners, admins and members can add and edit. On Assets, you can edit anything you created or that is assigned to you; owners and admins can edit anything. Deleting is limited to whoever created the record and to owners and admins, and on both pages it is permanent, with no Trash to restore from. Both pages follow the company selector at the top of the screen when your workspace uses companies.