CPAs Package

Back-office accounting to save you time and money.

Go

Business Package

Reduce your monthly costs, get guaranteed quality and FAST results.

Go

Franchise Package

Know what each store is doing the NEXT day. Don't guess about your cashflow.

Go

Family CFO Package

Get all the perks of an in-house bookkeeping team for your Family CFO.

Go

The Basics of the Fiduciary Accounting Statement

What does a fiduciary accounting statement look like? While regulations governing the information contained in the statement vary by state, here are the basics you might find in any fiduciary accounting statement.

Summary
Usually the initial page, the summary acts as a table of contents. It also includes the fiduciary’s physical contact information, the purpose of the summary, and the period the summary covers. The totals of the receipts, disbursements, and balances as reported by the schedules included in the account should also be on the summary.

Principal Receipts
The schedule of principal receipts typically follows the summary. If the account is a trust, the receipts are the contributions to the trust.

Principal Disbursements
An accounting of the expenses charged to the principal. This can include items such as accounting fees, taxes on capital gains, and commissions. Expenses incurred in the course of the administration of the trust or estate are usually categorized as principal expenses.

Principal Balance on Hand
The assets remaining after distributions and disbursements. The value of these assets is the fair market value.

The statement would also include distributions to beneficiaries, sales and similar dispositions, income receipts, information schedules, income disbursements, income distributions, and proposed distributions.