How do I add income or receipts to my case?

This article will guide you through how to add and keep track of income and receipts in your case throughout the full estate administration process

 

Overview

There are 3 categories for income:

• Income: Income related to an asset
• Receipt: Money received post death, not related to an asset
• Sums received: Money received after the date of death but before closure of an account

Adding income 

• Locate the case you wish to add income to – How do I find a case I’m working on?
• Click Income & receipts

• Click +/= Add in the top right
• Select the correct income category:

Income

 

• Choose the Asset type the income relates to from the dropdown menu:

• A list of assets of that type on your case will appear to choose from:

• Enter the Full income value
• Choose the Income source from the dropdown menu

• Enter the date the income was received
• Select whether the income was Net or Gross
• If you have associated the item with a bank account asset, the income will show as deposited into the bank account you chose
• If you chose any other asset to associate the income to, for example a building, you will then be asked to choose if the income went to the Client cash account or Other (if the income was received elsewhere)
• If you choose Other, free type where the funds went

• Click Add income
  
  

Receipt

• Enter information into all relevant fields 

• All receipts will show as deposited into the client cash account
• Click Add receipt

Sums received

 

• Choose the associated bank account from the Asset dropdown menu
• For the question: Is this payment for pension arrears? Choose Yes or No and this will help us populate the value correctly in the IHT400 form where necessary

• Enter information into all other relevant fields 
• Click Add sums received

View all income and receipts in a case

• Click the Income & receipts section:

From the overview section you can edit or delete:

• To edit, from the overview section click anywhere on the relevant item to open
• Make the required changes
• Click Save
• To delete, from the overview section click on the three dots to the right of the relevant item
• Click Delete

View income and receipts within estate accounts summary and the estate accounts output

• Click into Estate accounts and from there you can view the full menu

• Within Income & receipts you will see the items you have added summarised by category. On this page you can also see when the income was received and whether it was net or gross to help with any further tax calculations you may have to do for your clients later
• Within Reconciliation you will see a total for all income and receipts and a separate total for any income received outside the client cash account
• Within Client cash account, you will see any income deposited into client cash account
• To view the full set of Estate Accounts, click Export
• Scroll down to see the Income & receipts page clearly summarising the items by tax year: