Adding a DOD/original asset (Estates and POAs)
Adding a DOD/original asset (Estates and POAs)
Click "Inventory" in the left-hand side menu.
Click the "Add new" button in the top-right corner.
Ensure the "Inventory Type" selected is "Asset".
Select the category that best represents the asset under "Asset Type."
Upon selecting an asset in the dropdown, additional fields will populate. Enter asset details to the fields, ensuring that all mandatory inputs (starred fields) have input.
Once you've entered all the asset information, scroll to the top of the screen. You can hit "Save" to return to the main inventory screen, or "Save and add new" to enter another item.
Adding a funding asset (Trusts)
Adding a funding asset (Trusts)
Click "Inventory" in the left-hand side menu.
Click the "Add new" button in the top-right corner.
Ensure the "Inventory Type" selected is "Asset".
Select the category that best represents the asset under "Asset Type." Upon selecting an asset in the dropdown, additional fields will populate.
Check the "Funding Asset" checkbox.
Add the Funding Date (date that the asset entered the trust) and Adjusted Cost Base (i.e. value as of the funding date.)
Enter asset details to the fields, ensuring that all mandatory inputs (starred fields) have input.
Once you've entered all the asset information, scroll to the top of the screen. You can hit "Save" to return to the main inventory screen, or "Save and add new" to enter another item.
Adding Trustee/Executor/Guardian-purchased item to the inventory (All file types)
Adding Trustee/Executor/Guardian-purchased item to the inventory (All file types)
This action can be taken on the following file types:
Probate and Accounting
Estate Accounting
Trust Administration
POA Administration
Click "Inventory" in the left-hand side menu.
Click the "Add new" button in the top-right corner.
Ensure the "Inventory Type" selected is "Asset".
Select the category that best represents the asset under "Asset Type." Upon selecting an asset in the dropdown, additional fields will populate.
On an Estate or POA, click the "This is a current asset" checkbox. On a Trust, you can disregard this step and continue to #6.
Enter the account that the item was purchased or released from, the transaction date, value, and description. This will be used to create a purchase transaction in the accounting.
Enter asset details to the fields, ensuring that all mandatory inputs (starred fields) have input.
Once you've entered all the asset information, scroll to the top of the screen. You can hit "Save" to return to the main inventory screen, or "Save and add new" to enter another item.
This will create the asset in the inventory, as well as a withdrawal for its value in the accounting section.