Frequently asked questions
What is the Inventory section used for?
The Inventory section records and manages the assets and liabilities associated with an estate, trust, or power of attorney file. It lets you record assets and liabilities, track items acquired during administration, generate inventory reports, and support accounting and distribution calculations. Accurate inventory ensures the file reflects the complete financial position of the estate or trust.
Where can I access the Inventory section?
Open the file you want to work in.
Select Inventory or Accounting from the left-hand menu.
The label may vary by file type — for example, Estate Accounting or Trust Accounting.
How do I add an asset to the inventory?
Go to Inventory or Accounting from the left-hand menu.
Click Add New or Assets at the top of the page.
Select the appropriate Asset Type from the dropdown.
Enter the required asset details. Fields marked with an asterisk (*) are mandatory.
Click Save to return to the inventory list, or Save and Add New to enter another asset.
What types of assets can be added?
Available asset types vary by file type and jurisdiction but may include real estate, bank accounts, investment accounts, personal property, business interests, and other financial assets. Selecting an asset type automatically shows the additional fields required for that category.
How do I add an asset acquired during administration?
Go to Accounting › Assets in the left-hand menu.
Select the asset type.
Check the Asset acquired during administration checkbox (available for estates and POAs).
Enter the purchase details: account used, transaction date, value, and description.
Click Save.
This creates the inventory entry and records the corresponding transaction in the accounting section.
How do I add a liability to the inventory?
Go to Inventory or Accounting in the left-hand menu.
Click Liability at the top of the page.
Select the appropriate Liability Type.
Enter the required liability details.
Click Save.
Liabilities may include debts, loans, or other obligations associated with the estate or trust.
How are trust funding assets or liabilities recorded?
Go to Trust Accounting › Assets or Liabilities.
Choose the appropriate type.
Select the Funding Asset or Original/Incurred Liability option.
Enter the funding date and adjusted cost base.
Save the entry.
This records the value of the item as it entered the trust.
Can assets and liabilities added to inventory affect accounting?
Yes. Certain inventory entries automatically create corresponding accounting transactions. For example, an asset purchased during administration may record the related withdrawal or deposit in the accounting section, keeping financial records accurate.
How do I export the inventory for a file?
Go to the Inventory module within the file.
Click Reports in the top-right corner.
Select Export Inventory.
The report downloads automatically to your device.
What information is included in the inventory export?
The exported Excel file includes a general inventory sheet listing all assets and liabilities, plus separate sheets showing holdings within each bank account. Use this report for internal review, reporting, or sharing information outside the platform.
Why is inventory management important?
Accurate inventory ensures all assets and liabilities are documented, accounting reports reflect accurate financial information, distribution and compensation calculations are correct, and the overall estate or trust administration process stays organized. Inventory is a foundational part of fiduciary accounting and reporting in Estateably.
Conclusion
For help with specific asset or liability types, see the related articles below or contact [email protected].
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