Use this button to manually record Deposits and Withdrawals in the Estate Account. These will be added as entries in the Estate Accounting, which can later be exported and presented to the heirs as part of the executor's reporting responsibilities.
Note that if you have already synced the estate account with our platform, you do not need to log any transactions manually. Make the transaction in the estate account directly, and it will be automatically imported into our system for accounting purposes. Afterwards, the transaction will still need to be categorized (see below).
If the funds deposited to the Estate Account are proceeds from the sale of an asset listed in the Final Inventory, select the category Asset Sale / Bank Transfer / Deposit . This will tie the funds to the asset and log the transaction and the asset's status correctly.
For all other deposits, enter a transaction name and amount. Next, select whether the transaction should be recorded in the Capital or Income Account.
If the withdrawal from the Estate Account is made to repay the deceased's debt, select the Debt Payment option, followed by the asset in question, to link the withdrawal or payment to the debt in the Current Inventory.
If the withdrawal is made to pay for an expense incurred by the estate (eg. notary fees, home insurance, home security system, etc.) select the Estate Expense category.
Additionally, in some cases the executor can pay for some expenses out of pocket when, for example, the deceased's accounts have been frozen and the estate incurs funeral or legal fees. The executor can reimburse himself from the Estate Account, including with interest.
Like all other transactions, these will be logged in the Estate Accounting report that the executor should produce for the beneficiaries.
For more information on the Capital and Income Accounts, see here.