This section is used to record all of the transactions made by the estate. This Accounting will be necessary to wind up the estate, as it will be used to generate the Final Account the executor must provide to the heirs. It can also be used to generate a statement of Proposed Distributions to the Universal Beneficiaries, which suggests a partition of the assets left in the estate after all the liabilities and bequests have been paid.
It can also be used to provide regular updates to the heirs on the status of the estate.
Recording all of the estate's transactions can be done in one of three ways: by syncing the estate account with our system, importing a spreadsheet, or adding the transactions manually.
1. Sync with Estate Account
To simplify and consolidate accounting, our system can sync directly with the estate account and import its transactions into the case. The account simply has to be set up for online banking with one of the major Canadian institutions.
To start syncing, select the Sync option. Next, select the bank and enter the online banking credentials. Once the account is synced, existing transactions and any new transactions will be automatically imported into our system.
The sync is done securely with a partner, Plaid Financial, and your credentials are never stored.
Note that the sync only works in one direction: from the estate account to our platform. Adding a transaction or distributing cash from our platform only creates a log of a transaction, and won't trigger any transaction in the account itself.
2. Import from Spreadsheet
As an alternative to the account sync, transactions can be periodically imported from a spreadsheet.
Note that when importing new transactions, you must ensure that your file does not contain any transactions that already exist in our system, otherwise this will create duplicates.
Refer to our sample import spreadsheet.
- Date (Required) - Must be entered in YYYY-MM-DD format
- Description (Optional) - Used to describe the transaction
- Category (Optional) - the following categories are available in the import file. If you leave this field blank, you will need to categorize the transaction later in the app. Likewise, if you enter an invalid category name, the transaction will need to be categorized in the app later.
- Valid deposit categories:
- Loan Repayment
- Other Deposit
- Valid withdrawal categories:
- Estate Expense
- Executor Loan Interest
- Executor Loan Repayment
- Executor Reimbursement
- Interest Charge
- Other Withdrawal
- Valid deposit categories:
- Account Type (Required) - indicate under which account to classify the transaction:
- Quantity (Optional) - if buying or liquidating multiple units (such as shares), you can indicate the quantity. Otherwise, leave this blank or enter 1
- Value (Required) - enter the value of the transaction. Note that formatting is ignored in this field. However, you must ensure that deposits have a positive value, and that withdrawals have a negative value.
3. Add Transactions Manually
Lastly, transactions can be recorded manually by selecting Add Transaction, and entering the details of the transaction.
For more information on recording transactions to the Capital or Income Accounts, see here.