Estate Accounting Overview
To access Estate Accounting:
Open your Estate file.
From the left-hand menu, click Estate Accounting.
Within this section, you can:
Add and manage Assets
Add and manage Liabilities
Record Transactions
Transfer funds between accounts
Edit Compensation Fees (per file)
Generate accounting Reports
Import bank statements
Lock accounting periods
Managing Assets
To add an asset:
In Estate Accounting, click Assets (top middle-left of the screen).
Click Add New (right-hand side).
Select the appropriate Asset Type.
Enter the required details and save.
Important Note for Investment Accounts
When adding an investment account:
Select Deceased Investment Account if you plan to enter each holding individually.
If you plan to enter individual holdings:
Ensure the Date of Death Value is entered as $0.
This ensures your accounting will properly balance.
Entering both the full account value and individual holdings will cause balancing discrepancies.
Once added, assets will appear in a structured list within the file.
Managing Bank & Investment Accounts Before Adding Transactions
Before entering transactions into a bank account or investment account, the account must be managed.
To do this:
Navigate to Assets.
Click on the account line.
Select Manage.
This creates the opening balance and allows transactions to be added.
Recording Transactions
To add transactions:
Navigate to the Transactions tab (beside Assets).
Click Add New (top-right corner).
Select the account.
Enter the transaction details.
You can also:
Click Transfer Cash to move funds between accounts.
Managing Liabilities
To add a liability:
Navigate to Liabilities (beside Assets).
Click Add New.
Select the appropriate Liability Type.
Enter the required details and save.
Liabilities are managed similarly to assets within the accounting section.
Importing Bank Statements
Estateably allows you to import bank statements directly into your accounting.
Go to the Transactions tab.
Click the three-dot menu beside Reports.
Select Import.
Upload your bank statement.
Review the transactions.
Click Save Transactions to import them into the file.
Locking Transactions
To prevent transactions from being altered:
Go to the three-dot menu in the Transactions section.
Select Lock Transactions.
Enable Lock Accounting Period.
Select a start date and end date.
Save your selection.
Transactions within the locked period cannot be edited.
Compensation Fees (Per File)
Even if you have set default compensation fees at the account level, you can override them within an individual estate file under Estate Accounting.
This allows flexibility for file-specific compensation arrangements.
Estate Accounting Reports
Within the Transactions tab, click Reports to view available accounting reports.
Available reports may vary depending on your jurisdiction.
Trust Accounting Overview
Trust Accounting functions the same way as Estate Accounting, with identical structure and capabilities.
To access:
Open your Trust file.
Click Trust Accounting from the left-hand menu.
Within Trust Accounting, you can:
Add Assets
Add Liabilities
Record Transactions
Transfer Cash
Import Bank Statements
Generate Reports
Lock Accounting Periods
Edit Compensation Fees (per file)
The workflow and functionality mirror Estate Accounting, ensuring consistency across file types.
Key Takeaways
Estates use Estate Accounting
Trusts use Trust Accounting
Assets must be managed before transactions can be added
Investment accounts require careful setup to ensure proper balancing
Bank statements can be imported
Accounting periods can be locked
Compensation can be overridden on a per-file basis
Reporting tools are available in both file types