Olomon Glossary of Terms

A team member (aka "user") can have "View Only", "Administrative", or "Owner" level access to your Olomon account. Owners can do everything. Admins can do everything except edit Owners. Viewers can not make changes to your Olomon account.

Refers to any bank, credit card, loan, or investment accounts you’ve linked to Olomon. These provide real-time financial insights.

When we refer to your Olomon account or your user account, we will aim to be explicit and say "Olomon account" or "user account".

An action taken by a user from inside Olomon. For example: a record of a user creating, editing or deleting an asset, debt, entity, contact, user, or document.

Items of value owned by you such as cash, property, equipment. Your assets might be held in a trust or business that you own.

An asset or debt that is linked to a 3rd party data source (such as a financial institution) in order to receive automatic balance updates.

A Backup Legacy Contact is contacted by Olomon after attempts to contact both the Owners and Legacy Contact have failed.

A financial statement that shows everything you own and everything you owe, giving you a snapshot of your financial health.

We say business entity to distinguish between other types of entities that you may track in Olomon such as trusts.

Bank accounts, credit cards, loans, or investment accounts that are linked to their financial institution via API for automatic balance updates. We also sometimes refer to this as an automatic item because its balance will update automatically.

A contact is a person or business with whom you collaborate on around your finances. A contact by default does not have access to your Olomon account. However, you can invite a contact to be a team member, which means they are invited to have access to your Olomon account. You can demote team members to a contact at any time.

Money that you or your business owes, including loans, credit card balances, and lines of credit.

A feature in Olomon where you can store and organize important documents like wills, medical orders, trusts, tax returns, contracts, and operating agreements. You can track personal, estate, and business documents in Olomon. Optionally, you can attach a document file to the document record.

A unique tax identification number assigned to businesses by the IRS.

In Olomon, an entity is either a business, a trust, or another legal structure that you own or control and that may hold one or more assets and debts.

Banks, credit unions, and other organizations where you hold accounts. These can be connected to Olomon for automatic syncing.

A collection of Assets and/or Debts. Every Asset or Debt must belong to one and only one Group in your Balance Sheet.

A report showing business revenue, expenses, and profit over a period of time.

The process of connecting Olomon with third-party tools or financial institutions to sync data automatically.

Financial obligations you or your business owes, such as loans, credit card balances, and unpaid invoices.

A trusted person who can access your Olomon account and financial data if you become incapacitated.

If Mask Values is "on", then all of the numeric values are obscured so as to not be visible. (of assets, debts, and numbers in totals and in charts). This allows you to show your Olomon account to someone with whom you'd rather not share specific financial numbers, or to work from a public space without fear of someone looking over your shoulder. By default Mask Values is "off". Olomon will remember your last Mask Values setting when logging in.

The total value of your assets minus liabilities.

A collection of one or more Groups in your Balance Sheet. Your Balance Sheet starts with no sections. Once you add your first Section to your Balance Sheet, you are now in "Section" mode, and every Group must belong to one and only one Section.

A collection of people who have access (or who have been invited to have access to your Olomon account.

A person who has access (or who has been invited to have access to your Olomon account.