Bank Statements, Bookkeeping, Bookkeeping System, Common Estate, estate, estate account, Estate Administration, Estate Assets, Estate Property, Executor, Expense Schedule, Final Accounting, Income and Expense Report, Income and Expenses, Income Schedule, Inventory of Assets
By creating an Income and Expense report on the estate account, the final accounting becomes an easier task for the executor. In a common estate, the executor must reveal the following in the final accounting:
- The executor must show the settled values of all the estate assets and the estate property. To do this, the executor enters the total value from the Inventory of Assets into the income schedule of the final accounting.
- In the final accounting, the executor must show the income and expenses of the estate. To show the income and expenses of the estate, the executor must enter values from the estate account into the correct schedules of the final accounting.
According to the article Closing an Estate in a Formal Probate Process, finalizing the Inventory of Assets is a prerequisite to the final accounting. After finalizing the Inventory of Assets, the executor is ready to begin the final accounting.