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?

A Date of Death GIC existed at the time of death. It includes a Date of Death value and does not create a transaction.

A current GIC (acquired during administration) was purchased after the date of death. It requires a Paid From Account, transaction date, and value, and automatically creates an associated purchase transaction.

Why don't I see a quantity field when adding a GIC?

GICs no longer use a quantity field. Values are recorded directly using book value and market value.

How do I record accrued interest for a GIC?

Accrued interest must be recorded as a separate asset. Add a new asset, select Accrued Interest as the asset type, and enter the value separately. Do not include accrued interest within the GIC asset itself.

Can I distribute a GIC to a beneficiary?

Yes. A GIC can be distributed fully or partially. After distribution, the market value updates and the distribution appears in the Distributions section.

Can I add a GIC as a holding within an account?

Yes. Add the GIC as a holding within a bank or investment account. From there, you can view holding details, distribute the GIC, or liquidate it.

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, and the holding is updated accordingly.

For step-by-step instructions on adding, tracking, distributing, or liquidating a GIC, see the related articles below or contact [email protected].