What is a GIC in Estateably?
What is a GIC in Estateably?
A GIC (Guaranteed Investment Certificate) is recorded as an asset within the Inventory / Accounting section of a file.
GICs can be added as either:
Date of Death (DOD) assets, or
Assets acquired during administration
What is the difference between a Date of Death GIC and a current GIC?
What is the difference between a Date of Death GIC and a current GIC?
Date of Death GIC
Exists at the time of death
Includes a Date of Death value
Does not create a transaction
Current GIC (acquired during administration)
Purchased after the date of death
Requires:
Paid From Account
Transaction date
Value
Automatically creates an associated purchase transaction
Why don’t I see a quantity field when adding a GIC?
Why don’t I see a quantity field when adding a GIC?
With the updated functionality, GICs no longer use a quantity field. Instead, values are recorded directly using:
Book value
Market value
How do I record accrued interest for a GIC?
How do I record accrued interest for a GIC?
Accrued interest must be recorded as a separate asset.
To do this:
Add a new asset
Select Accrued Interest as the asset type
Enter the value separately
Do not include accrued interest within the GIC asset itself.
Can I distribute a GIC to a beneficiary?
Can I distribute a GIC to a beneficiary?
Yes.
A GIC can be distributed:
Fully, or
Partially
Once distributed, the market value will update, and the distribution will appear in the Distributions section.
Can I add a GIC as a holding within an account?
Can I add a GIC as a holding within an account?
Yes.
You can add a GIC as a holding within a bank or investment account.
From there, you can:
View holding details
Distribute the GIC
Liquidate the GIC
What happens when I liquidate a GIC?
What happens when I liquidate a GIC?
When a GIC is liquidated:
The value is converted within the account
A transaction is recorded in the accounting
The holding is updated accordingly