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ErikDrakin
April 24, 2020
Question

Quickbooks for Fiduciary Accounting?

  • April 24, 2020
  • 2 replies
  • 0 views

I am a professional fiduciary.  I serve as executor, trustee, and guardian in many cases.  When going to close out those cases, I need to submit a fiduciary accounting to the court for approval.  It has to show every receipt and expense, and it needs to distinguish between principal and income.  I currently use Lackner 6 in 1 for this, but the software is very clunky, largely because it does a lot more than just produce accounting.  There is also OneSource by Thomson Reuters, though it is very expensive (several thousands of dollars per year, depending on how many cases you have).  


A colleague has suggested using Quickbooks.  I already use it to keep the books for my own business, so I am somewhat familiar.  But now I will need the ability to create clients/cases and to input all transactions specific to that client and to produce acceptable fiduciary accountings for it.  The form of accounting required by the court is attached as a PDF to this message, in case you are curious about what I need to actually produce for the court. 

 

I am overwhelmed by the number of Quickbooks products and am having trouble determining which (if any) will meet my current need.  Any advice or insight would be greatly appreciated.  Thank you!

2 replies

M
MaryAnn_E
April 24, 2020

Hi there, ErikDrakin.

 

QuickBooks versions allow you to track income and expenses. Also, organize receipts, invoices and run reports, such as your profit and loss statements and balance sheets. 

 

I suggest visiting our app center, where you can check our QuickBooks application collection to see if there’s one that suits your business needs.

 

To do that, click on the Apps tab in the left panel, and enter a keyword in the search field.

 

You can also click this link for any apps you can find that’s integrated with QuickBooks: https://apps.intuit.com/app/apps/home.

 

Keep me posted if you have any questions. I'll be here to help if you need more information about the conversion.

C
coppens1
March 6, 2022

Dear Erik Draken, and Mary Ann E.

 

I have a similar problem.  I am a CPA and I have to keep a set of books for a testamentary Trust.  Normally a Testamentary Trust needs to keep  two separate trial balances for two things:  Principal, and Income.

My questions are:  1.  Do you have a typical Chart of Accounts for a Testamentary trust?

2. Is it possible to use the Quickbooks Accounting Program to keep books for a Testamentary Trust?

 

 

 

 

J
jamespaul
March 6, 2022

Hello, coppens1.

 

I'll give some details in setting up testamentary trust in QuickBooks Online. 

 

QuickBooks Online creates a default Chart of Accounts by the time you're finished with the mini-interview after purchasing your plan. 

 

We're unable to provide a typical Chart of Accounts setup for a Testamentary trust standard. However, you can create liability or trust accounts might help you track books properly. 

 

You can learn more about the Chart of Accounts here: Learn about the chart of accounts in QuickBooks Online.

 

Also, QuickBooks offers a standard accounting package. You can use its functions to record income and expense transactions. 

 

I would suggest giving our test drive a shot. This will help you familiarize the functions available and can help you decide on what to do to keep the books for a Testamentary Trust standard. 

 

You can take a look at this article for the test drive links: Test drive QuickBooks Online.

 

Just to reiterate what my colleague mentioned, you can expand QuickBooks Online's function by adding third-party apps. They might have some features that'll help you track the transactions needed for a testamentary trust setup. 

 

We also have a bunch of articles to help you record your transactions and take care of your books. If you need help with reports, you can check this article: Run reports in QuickBooks Online.

 

I welcome any other questions you might have regarding the functions and features in QuickBooks Online. Just reply here and I'll be sure to lay down some helpful details. 

6
61701
May 18, 2025

Hi C, I just ran across your comment; I'm just starting to provide accounting and 1041 to the trustees of an irrevocable trust.  I use QB desktop, not QBO. If you are willing, I would much appreciate a copy of your QB chart of accounts and any other tools you are using (Excel spreadsheets, etc.).   Thanks...  [email address removed]                                      

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