Method 1: Add an investment account with holdings
Use this method if you want detailed accounting that tracks individual holdings within the account.
Steps
1. Open a new investment account asset
Click Add New in the top-right corner of the Assets page.
Select Deceased Investment Account.
Leave both the Date of Death Value and Market Value fields as $0.
Enter all additional account details and click Save. The account appears in your asset list showing a $0 starting value.
2. Enter the initial cash balance (if applicable)
Click the account and choose View Holdings.
Click Add Holding and select Cash Holding.
Enter the liquid cash balance at the date of death.
Enter values under Date of Death Price/Unit, Market Price/Unit, and Book Value (usually the same for cash).
Mark it as Capital Money Type and click Save. The account value now reflects this balance.
3. Add original holdings
In the same Holdings screen, click Add Holding again.
Enter details for each stock, bond, mutual fund, etc. held by the deceased at the date of death.
Enter the symbol (the API integration looks up values for you), quantity of shares, date of death price per unit, and market price per unit.
Save each holding and continue until all are entered.
4. Liquidate the initial cash balance
Once all original holdings are added, liquidate the opening cash holding to display the correct cash value of the account.
From the Assets tab, click the account, select Manage, and review the Opening Balance Transaction (it correctly shows $0 from the original asset profile).
Return to the Assets tab, click into Holdings, then click the left-facing arrow on the far right of your Cash holding.
Select Liquidate and liquidate the cash value with the transaction date set to the date of death.
The account now displays the cash value at the bottom of the Holdings screen, and a Capital/Principal Receipt is created for this value.
Method 2: Add an investment account without holdings
Use this method if you don't need detailed tracking of holdings and prefer a simpler, "cash-only" approach.
Steps
1. Start a new account
Click Add New in the top-right corner of the Assets tab.
Select Deceased Investment Account for your Asset Profile.
2. Enter account values
Enter the Date of Death Value and the Current Value of the account.
Click Save. The account appears with these totals.
3. Create the opening balance transaction
Click the account and select Manage.
The system automatically creates an Opening Balance Transaction for the Current Value entered in the Asset Profile.
4. Use the account as cash
Record receipts, disbursements, deposits, and withdrawals directly against the account.
Do not add holdings (stocks, bonds, mutual funds) in the Add Holdings screen. Adding holdings to this account type duplicates your account values.
The reason for two methods is that the Accounting Reports display information differently depending on whether holdings are tracked.
Conclusion
Your investment account is now set up. For help with adding individual holdings, see Adding Holdings. Contact [email protected] if you need help.
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