A Real Estate reporting line identifies and operates a property; it is not itself the beneficial owner. In Worthic, ownership of a managed property is assigned to one or more Personal or Business reporting lines. Real Estate reporting lines cannot be selected as owners of another reporting line or of any accounts, since it is not considered a legal entity in and of itself.
Setting ownership
Ownership is available when the property uses the Management module, because Worthic creates a linked value-tracked account for the property.
To set it when adding a property:
1. Go to Settings → Reporting lines → Real Estate.
2. Select Add Real Estate reporting line.
3. Choose Management module and complete the property details.
4. Under Ownership for the real estate value account, enter the percentage held by each Personal or Business reporting line.
5. Select Create and next to finish the account-linking steps.
To change ownership later, open Edit Real Estate reporting lines, expand the property, amend the percentages under Value account ownership, and save.
Each percentage must be between 0% and 100%, and the combined allocation cannot exceed 100%. A total below 100% is permitted—for example, where part of the property is owned outside the Worthic workspace. Ownership changes are effective from the recorded change date, preserving the earlier allocation for historical calculations.
Cashflow-only properties do not have a managed property value account, so property ownership percentages are not configured on those reporting lines.
Statement of Accounts
In Accounts, use the owner filter to select a Personal or Business reporting line, then generate the Statement of Accounts. The property value account appears when that reporting line has an ownership share.
The statement shows:
- the property value account’s full balance and currency;
- the selected owner’s effective ownership percentage; and
- the attributed value in the workspace reporting currency.
For example, if a property is worth USD 500,000 and a reporting line owns 25%, its attributed value is USD 125,000. Liabilities are shown as negative attributed values.
If a Business reporting line owns the property through a subsidiary, Include subsidiaries can apply the ownership chain. A parent that owns 60% of a subsidiary which owns 50% of a property has an effective property interest of 30%.
Net worth
Worthic uses the property’s latest recorded value, applies the effective ownership attributable to the personal household, converts it to the workspace currency, and deducts the attributable linked mortgage balance. The result is included as real estate equity in net worth.
Ownership held through a Business reporting line flows through that business’s ownership chain to the Personal reporting lines. This prevents Worthic from counting the whole property when the household owns only part of it and avoids double-counting a linked mortgage as a separate liability.
Changing the property value, including through value auto-adjustment, changes the amount reported but does not change the ownership percentages.