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Recording trust expenditures

Overview

This article describes how to record a trust’s spendings on expenses.

In the context of recording trust expenditures, these transactions are recorded against an "expense account". This expense account records all funds spent on a particular type of expense (for example payments to a property manager, or legal fees) rather than a bank account from which expenses are paid.

Note that non-expense related payments of funds (such as tax payments) can also be recorded using the pay money transaction type.

 

How to record expenditures

To record trust expenditures, navigate to the trust’s Ledger and either:

1. Select Record expense from the I would like to...  menu

OR

2. Open the Chart of accounts, place a tick next to the expense account you want to record the payment against, and then click on the expenditure button on the slide-out menu.

RECORD_EXPENSE.png

In the form that opens, record:

  • The expense being paid for. You may either select an existing expense account or create a new account to record the expenditure against.
  • The date of the payment.
  • The amount being paid.

You have the option to record where the funds for the expenditure came from. You can select from any existing account you have set up from the drop down menu, or create a new account if required.

If the funds have been spent from multiple accounts you can split the spendings across multiple accounts using the "Add" button. Any amount that is unbalanced will be recorded against the "Suspense account" for reconciliation later.

4. If desired add a descriptive title and any supporting notes.

5. Save the transaction by selecting the "Create" button in the top right.

 

 

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