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Cash accounts : Defined, use and setting up (PPv4)

Common Types of Cash Tracking Accounts

If you have to keep track of assets for which there is a cash element (and therefore for which you receive regular statements), then you will benefit from setting up a "cash tracking account" for that asset within Probate Plus in order to follow the flow of cash connected to the asset.

These may include the following:  (N.B. Click on each for further explanation):

a. Bank or Building Society

b. ISAs or PEPs

c. Stocks and Shares

d. Money received or paid out by a 3rd Party


Setting up a Cash Account

1. Add a Cash Account from the Cash Menu.  



2. Complete the dialog box with the name of the account and link it to a company in your address book if there is one set up. (This field can be left blank and you can add it later if required.)

Accounts may be 'external' ones such as a building society or stockbroker's account. Or they may be 'internal' such as a client account managed by your firm, in which case you would tick the 'internal' box. The internal / external distinction allows you to see at a glance in the cash account balance screen what level of cash should your firm be directly accountable for and what level may be held in accounts managed by 3rd parties.

3. Save and close.. 




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