Learn how to record potential future obligations in your firm's financial disclosures using the Contingent Liabilities category in FamilyPro.
To record a contingent liability and convert it into a debt at a later time:
Open the relevant matter in Smokeball.
Select the Financials tab. then select Balance Sheet.
Navigate to the Contingent liabilities section under Financial resources.
Select Add.
Enter the liability details (name (who owns the contingent liability), description, type, when the liability is expected, proposed value, and provide details (as applicable).
Select Save. The item appears under the Contingent Liabilities section.
When the obligation becomes certain, open the item and choose Change to a liability.
Select Save. The item will move into the liability section in the Balance sheet, and will be included in the property division calculations.