Adding a DOD/original liability (Estates and POAs)
Adding a DOD/original liability (Estates and POAs)
Click "Inventory" in the left-hand side menu.
Click the "Add new" button in the top-right corner.
Select the "Inventory Type" "Liability".
Select the category that best represents the liability under "Liability Type."
Upon selecting a liability in the dropdown, additional fields will populate. Enter liability details to the fields, ensuring that all mandatory inputs (starred fields) have input.
Once you've entered all the liability information, scroll to the top of the screen. You can hit "Save" to return to the main inventory screen, or "Save and add new" to enter another item.
Adding a funding liability (Trusts)
Adding a funding liability (Trusts)
Click "Inventory" in the left-hand side menu.
Click the "Add new" button in the top-right corner.
Ensure the "Inventory Type" selected is "Liability".
Select the category that best represents the liability under "Liability Type." Upon selecting an liability in the dropdown, additional fields will populate.
Check the "Original/Incurred Liability" checkbox.
Add the Original/Incurred Date (date that the liability entered the trust) and Adjusted Cost Base (i.e. value as of the funding date.)
Enter liability details to the fields, ensuring that all mandatory inputs (starred fields) have input.
Once you've entered all the liability information, scroll to the top of the screen. You can hit "Save" to return to the main inventory screen, or "Save and add new" to enter another item.
Adding Trustee/Executor/Guardian-purchased item to the inventory (All file types)
Adding Trustee/Executor/Guardian-purchased item to the inventory (All file types)
This action can be taken on the following file types:
Probate and Accounting
Estate Accounting
Trust Administration
POA Administration
Click "Inventory" in the left-hand side menu.
Click the "Add new" button in the top-right corner.
Ensure the "Inventory Type" selected is "Liability".
Select the category that best represents the liability under "Liability Type." Upon selecting a liability in the dropdown, additional fields will populate.
On an Estate or POA, click the "This is a current liability" checkbox. On a Trust, you can disregard this step and continue to #6.
Enter the account that the item was purchased or released from, the transaction date, value, and description. This will be used to create a deposit in the accounting.
Enter liability details to the fields, ensuring that all mandatory inputs (starred fields) have input.
Once you've entered all the liability information, scroll to the top of the screen. You can hit "Save" to return to the main inventory screen, or "Save and add new" to enter another item.
This will create the liability in the inventory, as well as a deposit for its value in the accounting section.