Once a legal entity or asset is created in ORCA, the primary asset class assigned during the initial setup cannot be changed. This is because ORCA utilizes a specific set of rules, validation, and logic checks tied to each primary class. These rules determine how ownership is handled and ensure data plausibility. For example, since a Company cannot be owned by a Person within the system logic, changing an entity from a Company to a Person would disrupt the integrity of the entire ownership structure.
What You Can Change
You can change the sub-asset class at any time, provided it remains within the same overarching asset class group.
- Account: Transition from a Cash account to a Portfolio.
- Real Estate: Transition from Commercial Property to a House.
- Other: Switch between "Other" and Memberships. You can also update the name of an entity at any time. The system reflects the new name immediately while preserving historical information. By using the Time Travel function and adding the date of the name change, you can ensure the correct name appears for any historical reporting period.
Workaround for Changing the Asset Class
If you need to use a different primary asset class for an existing entity, you must follow a transfer and deletion process:
- Create a new entity: Setup the entity with the correct desired asset class (e.g., creating a new Trust if the original was incorrectly marked as a Corporation).
- Transfer Ownership: Navigate to the Events section of the original entity and update the ownership lines to transfer all assets to the newly created entity. This preserves the asset data without requiring a manual rebuild.
- Reconnect Documents: Note that documents do not automatically follow the transfer. You must reconnect documents to the new entity, either via the Bulk Edit tool in the Vault or by manually assigning them to the relevant events.
- Delete the original: Once all events, ownership details, and documents have been migrated, you can delete the original entity. This process is also required when moving existing investments into a newly released asset class, such as the Alternative Investment (PE and VC) class.