Include my home inventory in my net worth

Include my home inventory in my net worth

Why include home inventory in net worth?

An accurate net worth report includes everything you own; however, many of your possessions donÆt, by themselves, justify an account (your TV or your bicycle, for example). By collecting these types of items in the Home Inventory Worksheet and tracking them in a corresponding asset account, itÆs easy to improve the accuracy of your net worth reports.

1 Complete the Home Inventory worksheet.

How?

1 On the navigation bar (The strip at the top of the Money screen where you can click to go to the different areas in Money.), click Decisions.

2 In the left pane, click Tools.

3 Under Worksheets, click Home Inventory.

4 To add an item to the worksheet, click New.

5 Follow the instructions on the screen.

2 Create an asset account called Home Inventory, and use the total from the Home Inventory worksheet as the starting balance.

3 As you add or subtract from your Home Inventory worksheet, enter these changes into your Home Inventory asset account as Increases and Decreases, respectively.

4 When you calculate your net worth, make sure you include the Home Inventory asset account in your report.

Why do I have to create both a Home Inventory worksheet and an asset account?

Because MoneyÆs reports canÆt include information from the various worksheets found in the Decision Center, you have to add the information to an asset account in order to see your home inventory in your net worth reports.

WhatÆs an asset account?

You use asset accounts for personal property or amounts that are owed to you other than amortized loans.

How do I use the Home Inventory Worksheet?

How do I create an account?

How do I modify my Home Inventory asset account to keep pace with my Home Inventory Worksheet?

How do I calculate my net worth?