Creditors

[Maf. King]

Hi David,

Answers (opinions - IANAA) in line below...

On Thu 22 November 12 09:00:06 David Ryder wrote:
> Thanks.
> To explain my situation:
> 1.
> I am an Executor of a Will.
> I am owed money by the Estate for expenses I paid (bills etc before my
> father's death).

Condolances for your recent loss. 

I would create an account in the Estate's books, something like 
Liabilities:DavidExpensesToRepay.  You are acting to all intents and purposes 
like a credit card for the estate. (if that helps you visualise the money 
flows)

> 
> 2.
> I am keeping the books for the Executors.
> They are creditors for their expenses paid (funeral as an example).
> 
> So, I'm lost where to put the creditors accounts - does each person have
> their own 'account'?
> Under what Placeholders do  I place the accounts?

Yes, I would create a series of accounts, something like 
Liabilities:Executor1, or possibly Liabilities:Executors:Executor1
one per executor.
 
> 
> 3.
> Amounts are owing to the Estate. I assume these are Equity accounts?

I'd say they are assets of the estate.  Suppose your father had made a loan to 
a grandson to help with education fees.  From the estate's point of view, that 
is money that is expected to be repaid in due course, and so is an asset.  
Again, depending on the complexity of the Estate's affairs, either one or 
several accounts under Assets is the way I'd record things.

Best Regards,
Maf.

> 
> Many thanks,
> David
>