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Initial/Supplemental Inventory command (Accounts menu)

Use this command to display a form that allows you to record acquired assets in the initial inventory and the supplemental inventory. The Initial/Supplemental Inventory Form offers the following options:

Account Category

TotalTrust offers a standardized account classification system. The system of accounts is organized in two groups: Asset Accounts and System Accounts.

Asset Accounts receive assets and liabilities of the entity and include the following:

   Cash on Hand
   Checking Accounts
   Savings Accounts
   Money Market Accounts
   Certificates of Deposit
   Accrued Income Receivable
   Accounts Receivable
   Notes Receivable
   U.S. Notes and Bonds
   State and Municipal Bonds
   Corporate Notes and Bonds
   Common Stocks, Mutual Funds, and Paydowns
   Preferred Stocks
   Closely Held Stocks
   Partnership Interests
   Real Estate
   Personal Property
   Other Assets
   Notes Payable
   Mortgages Payable
   Accrued Expenses
   Other Liabilities

System Accounts receive the income, expenses and equity of the entity and include the following:

   Contributions of Principal
   Distributions of Principal
   Carrying Value Adjustments – Principal
   To Be Paid - Principal
   Net Worth - Principal

   Contributions of Income
   Distributions of Income
   Carrying Value Adjustments – Income
   To Be Paid - Income
   Net Worth - Income

   Principal Receipts
   Principal Gains and Losses
   Principal Expenses

   Income Receipts
   Income Gains and Losses
   Income Expenses

The Initial/Supplemental Inventory Form allows adding and editing of Asset Accounts only. Use the Accounts Editor to edit and add System Accounts.

Asset Accounts

TotalTrust displays a list of assets related by the selected Account Category. To add a new asset select — Create new account.

Account Name

Enter a unique descriptive name for this asset. The entry is used for identification of this asset in various reports produced by TotalTrust.

Examples:
   > First National Bank, checking account #123
   > A Corp., common stock
   > American Financing Corp., 1% bond, due 2029
   > Promissory Note, John Doe

Asset Description

Enter a description for this asset. Text can be copied from a selection in the Prior Text drop-down box that displays in the toolbar.

Examples:
   > First National Bank, non-interest bearing checking account #123
   > A Corp., common stock, OTC
   > American Financing Corp., 1% bond, dated January 1, 1999, due January 1, 2029, interest payable July 1 & January 1
   > Promissory note due from John Doe, face amount $1,000.00, dated January 1, 1999, payable in monthly installments of $100.00 including interest at 1% per year

CUSIP/Symbol/ID

Enter the assigned CUSIP Number, Symbol, or other identifier for this security. This entry is used by TotalTrust for display in various reports it produces.

This entry is optional and the field may be blank.

Select Initial or Supplemental Inventory

Select Initial Inventory if the current asset was received by the fiduciary as part of the original funding and this is the entity’s initial period. Select Initial Inventory if this is the first time an existing entity is being reported on TotalTrust.

Select Supplemental Inventory if this asset was received by the fiduciary after the original funding.

Date Asset Received

Type the date that the current asset was received by the fiduciary. This field is enabled only when this asset is classified as a Supplemental Inventory asset.

Acquisition Date

Type the date that the current asset was acquired. This field is used to record the original acquisition date for the asset usually the donor’s date of acquisition. This may also be the acquisition date used to determine holding period for tax purposes.

Print Account if Zero Balance

Check this box if you want this asset to print in fiduciary reports even if the carrying value of the asset is zero.

Producing Asset Category and Name

These dropdown lists are enabled when adding an asset in the category Accrued Income Receivable. They allow you to link the new asset to the asset that produces the related income.

This linkage is establish to provide to TotalTrust the information necessary for proper report presentation.

Unit Value

Type an asset unit value. Type the unit value up to four decimal places in the form xxxx.xxxx. Stock unit values are expressed as value per share (enter a value per share of 1.00 as 1.0000). Bond unit values are expressed as value per $100 of face (enter a value of face as 100.0000).Units

Amount

Type the fiduciary acquisition value for this asset.

Income Account

This dropdown provides a list of income accounts. Select an income account to which the income produced by this asset will be automatically recorded. This field is required if the current asset will produce income. Otherwise, this field is optional but may be added later.

Description Standard

This field is enabled when you are creating an asset that does or might produce income.

Type a phrase that describes the nature of the income produced by the asset being created. Text can be copied from a selection in the Prior Text drop-down box that displays in the toolbar.

Examples:
   > Dividend received
   > Interest received
   > Rent received
   > Annuity received

The phrase will be used as the transaction description each time income for this asset is recorded.

This is an optional entry and may be blank. You may overwrite or edit this phrase when recording a transaction.

 

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