Common Types of Cash Tracking Accounts
Abstract: A "cash tracker" in Probate Plus allows you to replicate statement entries from the at-death balance onwards where the controlling organisation of an asset holds cash and produces a statement.
If you have to keep track of assets for which there is a cash element (and therefore for which you probably 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.
Goal: To forensically follow a ring-fenced pool of cash connected to the estate and to ensure all transactions are recorded in the accounts.
Examples of where a cash tracker may be useful: (N.B. Click on each for further explanation where given):
b. ISAs or PEPs
e. Your firm's client/deposit/office account
Setting up a Cash Tracking Account
1. Either set up a Cash Tracking Account when prompted after recording an Asset in the Asset Browser (and optionally auto-collect the at-death balance of that asset into your Cash Tracker), or add a Cash Tracker Account later on from 'Estate...Cash balances...Add cash account' There is a button on the toolbar or, if the left-hand task panel is open, a link within the task panel.
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.
4. If you haven't already asked Probate Plus to auto-collect an at-death balance of an asset into your Cash Tracker, you can 'realise' an asset into your cash tracker now. Or, if you are using a Cash Tracker to track something else (such as expenses owed to a 3rd party) allocate any relevant income or expense postings accordingly to this Cash Account now.
5. At any time you can reconcile postings in any cash tracker by right-clicking on them and marking them as checked. This puts a tick in the box beside them to show they match a statement.
The Cash Balances screen illustrated and explained