Estate accounts pages in the Financial Statements screen
Financial Statements options with CCH Accounts Production
The Estate Accounts pages may be previewed and printed from this screen.
The accounts are organized roughly in chronological order starting with the position at the date of death, continuing with the movements of capital and the income during the period of administration and ending with details of the distribution of the estate and the amount remaining to be distributed.
This means that balances tend to be carried forward from one account page to the next, which makes the statements easier to read.
Principal Accounts Pages
| Financial Statement | Content | Closing Balance |
| Estate Capital Account | Assets and liabilities of estate as at date of death using letter ‘g’. | Net Probate Value of the Estate, i.e. the value after deduction of debts of the deceased. |
| Estate Capital Account Continued | Capital Movement of the Estate during the period of administration using letter ‘a’. | Net Residuary Estate, i.e. the amount to be distributed to the residuary beneficiaries. |
| Income Account | Income during the period of administration. One per tax year using ‘h’ for the first tax year up to ‘l’ for the fifth year with a Summary Income Account for the whole period using letter ‘a’. | *Net Income, i.e. the income less expenses. |
| Distribution Account | Shows the Distribution of the Estate between the residuary beneficiaries using letter ‘a’ Balances. | Balance of Residue, i.e. the amount left to distribute. |
| Balance Sheet | Shows the current assets and liabilities of the Personal Representatives. | The closing figure on each side of the Balance Sheet is the Balance of Residue. |
*There is a choice of treatments of Net Income. In some cases, the Net Income is taken to the Estate Capital Account Continued so that the figure for the Net Residuary Estate includes the income. In other cases, the Net Income is taken to the Distribution Account; a journal is required distributing the capital amongst the beneficiaries and a second journal is required for the income.
After the principal accounts pages, explained above, there are Notes to the Estate Capital Account, giving a further breakdown of some of the assets in the Capital Account using ‘g‘ balances.
The Investment Schedule is produced from options within Trust Accounts.
Property Income
If there are several properties it may be appropriate to include a Property Income Account detailing the income and expenses of each property. The closing balance is then carried to the Income Account. The Property Income Account is divided into tax years in the same way as the Income Accounts. It uses ‘h’ for the first tax year up to ‘l’ for the fifth year with a Summary Property Income Account for the whole period using letter ‘a’. If there is just one property, then producing a separate Property Income Account may be unnecessary and the details of property income and expenses can be included in the Income Account instead.