Probate Plus knowledgebase
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Recording income from assets (PPv5)

HOW : Go to 'Estate...Add some income'.

All income received into the estate during administration must be linked to a source asset. Probate Plus will group the income into tax years (starting at the date of death of the deceased, or the first income date if there’s no death date), then into tax bands. Probate Plus can also produce many income reports that will gross up the income received, and total all income types (net, gross, non-taxable) into tax years or group income by income type (or rate) sub totaled by tax year etc.

Income properties explained.

Dated

Enter the date upon which the income was received. This date is important because it allow the system to correctly group income into tax years.

Income type

Choose the type of income received (E.g. rental, dividend, interest etc).

Two special entries are also in this list - Accrued Dividends and Accrued Interest; when these income types are chosen the system marks the income as accrued and therefore will not show it on a income report – the accrued income postings will appear on the Accrued Income Report.

Narrative

You may optionally further describe the income receipt.

Amount

Enter the amount of income received.

Tax

Enter the rate (percentage) of tax that this income has been subject to or the actual amount of tax that has been deduced. Use the check box marked ‘This is the actual tax deducted’ to switch between either entering a rate of tax or an amount of tax. If the income is received gross, or non-taxable, leave this entry blank.

How taxed?

Choose either "Net", "Gross" or "Non-Taxable" to describe how the income was taxed.

Into account

Choose (or type in) a cash account into which this income was received. If the cash account does not exist, you will be prompted to add one.

Reconciled?

Click on the box to mark (put an x in the box) this income entry as reconciled.

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