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matt3023
March 18, 2024
Question

How to Allocate Settlor Deposit for a Family Trust

  • March 18, 2024
  • 1 reply
  • 0 views

I have established a new Family Trust.  The first deposit to the bank account is the Settlor's payment of $10 to activate the Family Trust. 

 

How do we allocate this payment in QBO?  This is not an income.    Should we use the "Owners Equity" or some other account type?

1 reply

I
IntuitSheila
March 18, 2024

Hello matt3023,

 

You can either use the Owners' equity account or an asset account to track the deposit in your account. 

 

If you wanted to record it using owners equity account, you can do so by create a new equity account. Here's how:

 

  1. Click on the Transactions tab.
  2. Click on Chart of Accounts.
  3. Click on New.
  4. Under Account type choose Equity or owners equity account.
  5. Enter a name on how you want to show them on the reports like Trust deposit.

 

If you need more help. feel free to give short reply below.

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