Court Accounting (also known as Formal Accounting) must be performed by a court-appointed administrator. The preparation of financial reports for court accounting requires a great level of detail of financial transactions with a specific format different from traditional financial statements. The presentation of the financial report varies depending on the nature of the entity and the specific requirements of the courts. Court Accounting must take place:
Court Accounting must take place:
- When no will exists,
- The deceased did not appoint an executor or,
- The beneficiaries are disputing the distribution of assets.
Informal accounting is performed by the executor who was appointed by the deceased. Accounting forms and preparation formalities vary slightly from state to state; however, they all require the same basic information.
Trust accounting involves separating the expenses of trust in different categories. This separation of expenses will help determine the proper treatment for tax and accounting purposes.
Whether you are a trustee, executor, conservator, or guardian, you have several duties and responsibilities. In addition, you must be in compliance with all legal requirements. One of the legal requirements is the “California Probate Code” to provide an accounting to trust beneficiaries.
If you are looking for a knowledgeable and trustworthy trust accountant, please contact our firm for assistance.
At Meseret Y. Zeleke, CPA, we provide the following services:
- Preparing and maintaining financial reports which comply with the probate code,
- Analyzing financial transactions at a great level of detail,
- Communicating regularly with all involved parties,
For more information about our auditing services or to schedule a consultation, call Meseret Y. Zeleke, CPA Firm today.