What is the Inventory section used for in Estateably?
What is the Inventory section used for in Estateably?
The Inventory section is used to record and manage the assets and liabilities associated with an estate, trust, or power of attorney file.
This section allows users to:
Record assets and liabilities
Track items acquired during administration
Generate inventory reports
Support accounting and distribution calculations
Maintaining an accurate inventory ensures the file reflects the complete financial position of the estate or trust.
Where can I access the Inventory section?
Where can I access the Inventory section?
To access the inventory:
Open the file you wish to work in.
Navigate to the Inventory or Accounting section in the left-hand menu.
The exact label may vary depending on the file type (for example, Estate Accounting or Trust Accounting).
How do I add an asset to the inventory?
How do I add an asset to the inventory?
To add an asset:
Navigate 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 menu.
Enter the required asset details.
Click Save to return to the inventory list, or Save and Add New to enter another asset.
Fields marked with an asterisk (*) are mandatory and must be completed before saving.
What types of assets can be added?
What types of assets can be added?
The asset types available will vary depending on the file type and jurisdiction but may include items such as:
Real estate
Bank accounts
Investment accounts
Personal property
Business interests
Other financial assets
Selecting an asset type will automatically populate additional fields required for that category.
How do I add an asset acquired during administration?
How do I add an asset acquired during administration?
Assets that are purchased or acquired during administration can also be added to the inventory.
To add one:
Navigate to Accounting in the left-hand menu.
Select Assets.
Choose the asset type.
Select the Asset acquired during administration checkbox (for estates or POAs).
Enter the purchase details, including:
Account used
Transaction date
Value
Description
Save the asset.
This will create the inventory entry and record the corresponding transaction in the accounting section.
How do I add a liability to the inventory?
How do I add a liability to the inventory?
To add a liability:
Navigate to Inventory or Accounting.
Click Liability at the top of the page.
Select the appropriate Liability Type.
Enter the required liability details.
Click Save.
Liabilities may include items such as debts, loans, or other obligations associated with the estate or trust.
How are trust funding assets or liabilities recorded?
How are trust funding assets or liabilities recorded?
When working within a Trust file, assets and liabilities may be recorded as funding items.
To do this:
Navigate to Trust Accounting.
Select 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?
Can assets and liabilities added to inventory affect accounting?
Yes.
Certain inventory entries will automatically create corresponding accounting transactions when applicable.
For example, if an asset is purchased during administration, the system may record the related withdrawal or deposit in the accounting section.
This helps maintain accurate financial records within the file.
How do I export the inventory for a file?
How do I export the inventory for a file?
You can export an Excel report containing all inventory items.
To export the inventory:
Navigate to the Inventory module within the file.
Click Reports in the top-right corner.
Select Export Inventory.
The report will automatically download to your device.
What information is included in the inventory export?
What information is included in the inventory export?
The exported Excel file includes:
A general inventory sheet listing all assets and liabilities
Separate sheets showing holdings within each bank account
This report can be used for internal review, reporting, or sharing information outside the platform.
Why is inventory management important?
Why is inventory management important?
Maintaining accurate inventory records helps ensure that:
All assets and liabilities are properly documented
Accounting reports reflect accurate financial information
Distributions and compensation calculations are correct
The overall estate or trust administration process remains organized
Inventory is a foundational component of fiduciary accounting and reporting within Estateably.