Trust Accounting

WHAT IS

Trust accountings are financial reports that provide a detailed record of the activities and transactions related to a trust. They are typically prepared annually by the trustee and submitted to the beneficiaries of the trust.

WHAT INCLUDES

  1. Opening balance: The starting balance of the trust account.
  2. Income: All income received by the trust, such as interest, dividends, and rental income.
  3. Expenses: All expenses incurred by the trust, including administrative fees, taxes, and distributions to beneficiaries.
  4. Distributions: A record of all distributions made from the trust to beneficiaries.
  5. Closing balance: The ending balance of the trust account.

WHY IT MATTERS

  • Transparency: They provide beneficiaries with a clear understanding of how the trust’s assets are being managed.
  • Accountability: They hold the trustee accountable for their actions and ensure that the trust is being administered in accordance with the terms of the trust document.
  • Tax purposes: Trust accountings are often used for tax reporting purposes.

HOW WE HELP

We provide you with professional assistance required to have the balances and accounting in check, so everything is kept neatly recorded