Creditors

[David Ryder]

Many thanks - I understand all that

On 22/11/12 09:12, Maf. King wrote:
> 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
>>
>