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.
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.
To create a new transaction, click “Add New” and enter in the required information to properly categorize the transaction:
- Ensure the transaction is related to the correct account (only if estate has both a bank account and investment account, otherwise, it will always default to the one account added)
- To link the transaction to an asset sale (if cashflow type = deposit), select “Asset Sale/Bank Transfer/Deposit”
- Two new fields will appear to allow you to select the correct asset from the inventory (Eg. Collectables > Premium Stamp Collection)
- Give your transaction a name (can always change the suggested name)
- Give your transaction an amount
- Specify whether your transaction hits the income, capital, investment or other accounts (this specification will impact how the transaction appears in the Passing of Accounts report)
- Add additional notes to further classify the transaction and then click “Save”
- Additional options in Estate Accounting include:
- Distribute cash: Quickly distribute cash from any estate account to a beneficiary
- Print/Download will print or download copies of the Passing of Accounts Report
- Passing of Accounts will display a preview of that specific report
- Transactions will display a preview of the summary of transactions per account
- Export will export all the transactions to an .XLS file
- Import will allow you to import a list of transactions (.XLS) to an account