Managing trusts or estates means that you often have to account for assets' principal and income separately. Our general ledger's extensive chart of accounts allows you to classify principal and income receipts separately for tax and reporting purposes.
To assist our users, we've written two white papers on the subject of accounting for trusts and estates:
To help serve multiple audiences, our reporting features are tailored to the special needs of fiduciaries, beneficiaries and trustees. It can report on principal, income or both. In addition, the system can produce separate and consolidated reports that span multiple years during lengthy estate settlements.
Browse our Trust & Estate sample report booklet for examples of specialized reports, such as:
Multiple layers of marketable securities often presents a challenge in trust accounting. Our portfolio management tools allow you to account for multiple tax lots, track cost-basis and purchase date for blocks of securities, produce interim tax schedules, and automatically update security prices. This is ideal for trust and estate managers who want a total accounting solution.
Processing disbursements from multiple accounts can be a time-consuming burden for a manager of a trust or the executor of an estate. Our check writing capabilities make complex check-runs simple. You can print checks from multiple accounts onto blank checkstock — fully customized, professionally formatted and MICR-encoded — avoiding the need to handle multiple pre-printed check forms.
Financial Navigator allows you to:
All property accumulated in a lifetime must be transferred either during life or at death. Trusts & estates are two vehicles by which individuals can transfer their wealth.
Understand how Financial Navigator can be used to properly report fiduciary accounting income and record the appropriate allocation of principal and income.
Meet the specialized reporting needs of Trusts & Estates, including income and principal activity, receipts and disbursements, beneficiary distributions and more.