A guide on how to settle a liability
🫶 If you need a hand creating a liability, please see here
- Open the liability you wish to settle
- Scroll down to Settling the liability
- Choose Yes in Paid by a third party? * if it was
- Choose who paid this in the dropdown menu within Recipient of funds to show who will be paid back
👤 If the person who paid doesn't appear in this dropdown menu, add them as a person to the case with the role of creditor. How do I add a person to my case?
- Choose No in Paid by a third party?* if it was not
- Add the Settlement value
- If there is no settlement value, this will show as an unsettled liability within estate accounts
- If there has been a partial payment, add this value in Settlement value and the remainder to be paid will show in the unsettled values within estate accounts
💵 You can choose whether you want to include unsettled values in distribution amounts to beneficiaries. How do I add a distribution?
- Choose either Client Cash Account or one of the deceased's bank account's to settle from
- Add the Date
- Save
👍 Liabilities are shown in the Liabilities & payments and Reconciliation section tabs of Estate accounts
⭐ The total of any settled or unsettled liabilities will show within the liabilities section of both PDF and excel estate accounts outputs. How do I view estate accounts?
⚠️ If you have chosen to settle the liability from a bank account, you will need ensure this is taken in to account on the asset by updating its realised value. See here for further information on realised values
👷 Our team are regularly making improvements and adding new features. Some things may have changed since this guide was written as functionality gets even more fabulous. If you need further assistance, please contact the Customer Success team who are always happy to help
🖥️ Chat to us through the knowledge base - click the chat icon in the bottom right corner of this page
☎️ Call us on 020 8152 2902
✉️ Email us on support@legal.exizent.com