Home

GEMAcct Training Guide - The Gillett Estate Management Suite

1. Print C Charged agamsl prncipal CO Charged agamal income 10 Hntional Fiduciary Acc _ Tr si 11 Business Fisports Form 705 Schedule 12 Miscellaneous Repon 13 Custam Reports W 14 Fam eb 15 Farm 1 041 iltis I oec i cdi 2288288888 FANSE t imp SRE my Dd 20 Existing Entons 21 Ste Modules 22 Trareection Filter Hide zero bal 8288 E 4 Cash disbursements are divided into four classifications Payment of Expense Payment of Liability Acquisition of Asset and Other The last option permits you to enter specific debits to offset the credit to the cash account representing the disbursement This option is useful of example if you are disbursing funds that should be apportioned between income and principal 70 Chapter 6 Transactions 6 00 Payment of Liability 6 05 Payment of Expense Assume that the estate 1s paying an accounting firm for the preparation of its fiduciary income tax return Select Payment of Expense as the transaction type and complete the screen as follows GP Fiduciary Accounting Estate of John P Smith Fue Unit Prefer references Helgi Cons Bus Uni Unit Vial Base Edi 1 General Infomebon 2 Benehcanes j 3 Fsduciemes 4 Tre amp nsachans C Races Transaction Type 1 Payment of Expense Enter Trensactone amp Dibawa Carhihocount 130 001 Chartes Schwab Brokerage Account p Ez 5 Cash Trangactiong
2. SECA a 122 430 20 Ver EN ELE OU 2937500 E 3154 890 OI 125 310 00 x22 ET rd del SS 124 53 78 T153 281 27 ic5 80 375 taek Ob 355 265 00 115 288 6 43 725 150 075 00 31073 4595 06 Hoa i DUC DXI Adi beraa Acct FF Add Atset Lisb F3 Alphabetios F4 Print E If you highlight a general account as the target destination such as 150 Common Stocks the account you are moving will become the first account in that classification To move the account before the target account that you highlighted select the first radio button and click OK You can move the account after the target account by clicking the second radio button You can also move income and expense accounts by the same process For example if you desire to have account 810 Interest appear after account 820 Tax Exempt Interest you should drag account 810 to account 820 Indicate your desire to move the account after the target account and click OK The account tree will automatically update Merging Accounts You can also combine accounts on the account tree An account may only be merged with another account in the same classification again with the only exception being stocks and bonds in the 150 249 range Furthermore an inventoried asset cannot be combined with an asset acquired during administration To combine two accounts left click on the first account and while continuing to depress the mouse button drag th
3. Really I Hesaderaoret To merge the two accounts select the third radio button and click OK You can also combine income and expense accounts by the same process For example if you desire to combine account 820 Tax Exempt Interest with account 810 Interest you should drag account 820 to account 810 When you release the left mouse button and merge the accounts account 820 disappears and all transactions previously posed to account 820 are transferred to account 810 When merging accounts you should remember the following l 2 You cannot combine an inventoried asset and an acquired asset Chapter 5 Inventories Moving and Merging Accounts 3531 EM EXT 345 250 00 105 000 00 57 506 00 gaa ET LUI 12050000 4122375 00 154 580 00 go 311 DII del SS 154 5n 78 T153 28 27 ic5 80 375 tanek Ob 155 265 00 115 288 ii 43 725 150 075 00 31070 4595 06 Hoa ra DUC EXT The first account 1s combined with the target account The first account disappears after the consolidation The short and full descriptions of the target account are retained If the first account is a master account the target account becomes the new master account for the accounts that were subsidiary to the first account If you combine a subsidiary account into a target account GEMAcct does not change the consolidation account data field in the target account If you combine stock and bond accounts G
4. 3 Miscellaneous Assets 17 Import FA sogi GUS E 18 Esisti Consolidation Acct ma 610 feet s Full Description i 100 000 certificate of deposit with First National Bank 2738223 6 4 10 12 21 20011 Chapter 6 Transactions Collection of Accrued Income Also assume that the estate receives a check for 410 representing interest accrued before and after death When you select transaction type 3 Collection of Accrued Income GEMAcct displays the following Enter 410 as the Amount and then click Z in the Asset Collected data field or type F10 to select the account representing the underlying CD 66 file Uti Preferences Heg d 1 General Intormabon 2 Benehoanes 3 Fuduciemries 4 Trensactons Enter Tranaectone 5 Cash Traneections B Hon Cash Tranzacta 7 Digtributions ta Banafici B Adjust Cemying Value fi 3 Fnir Market values Print 10 Hintional Fiduciary Acc 11 Business Repos 200 Federal Motes and Bonds 001 50 000 US Treasury 270 Murncipal Bonds 001 520 000 Ica Finance Authority 0 50 G00 Carter Lake lowa Urban Renewal 003 50 000 Wisconsin Health Facility DH 100 000 City ef Witten GO bond 20 Corporate Bonds Unt Wall ars Chapter 6 Transactions PISO a Lh DOO O6 bn o0 xu Of DI Don ln po 6 06 Lot Sale 230 Bord Mutual Funds 13 Custom Fieports Wr Debt Instruments
5. 155 Foreign Stocks a 165 Mutual Fund K lap ionadan 001 Franklin Income Fund 16 299 00 17 61 827 55 OC V aigue SUP SOD Inde Furi 5234 10 42 154 538 28 18 GRMTIB Gatewey XI3 Tiata levee Fund 17 046 85 EET 153 251 27 13 Import FATE DOS Accounting 004 Fidelity Contes Fund un ns 25 813 75 20 Existing Entibes 005 Fidelity Maoetian Fund 1123 65 22 200 682 06 21 State Modules Hon 22 Trarsecton Filter 200 Federal Notes and Bond Pide zero bal Q0 90 000 US Treasury 500 11253 156 265 00 710 Murscpal Borsi 001 20 000 lowe Finance Athony 200 HH 13 290 00 UD 90 000 Cote Lake lowe Urban Renewal SD na 497400 O03 20 000 Wincor Heath Focdty W 100 15 50 075 00 004 100 000 City of Whon GO bond 1 1 000 103 24 103 485 00 220 CLomporae Bonds Add Genes Acct FA Pree Search Select option 2 to display the actual and proposed distributions that you have made 95 i Fiduci ro p Estate eif Inn P Smith Fe Unlitws Preferences Help Edt 1 Geenoral Intomation 1 Transactions 2 Digtnibutipns 3 Information Schedules 4 Capital Transactions F E Print 10 Hahonel Fiduciany Actou 11 Business Foot 13 Custom Raportas 15 Chack Wirit 16 GEM UB Gabi 17 Impart FA NC 13 Sinie 20 Pops 1041 Gateway 11 Tandon Fir rem bal 12 Miscellaneous Reports 14 Account Inque 18 Existina E nt S Chapter 7 Distributions 7 08 Reordering Beneficiaries on Distri
6. 17 B urd Patho 6 ame 13 impi FATE DOS Ac 20 Existing Enting 21 Biase Modules 22 Transecton Filter Hide zero ball Amount 515 000 00 Master Acc Sold 150 005 Quad Cry Bank and Trust I Gain Loss Account C Capua ransecien Allocated to principal Allocated te income Amt of GanLess 15 000 00 Chapter 6 Transactions 6 06 Lot Sale RARE 8288 E Since gain on the sale of a principal asset 1s normally allocated to principal the Gain Loss Account should normally be in the Receipts of Principal range 600 699 Furthermore if you select an account in the principal gain loss range by default 600 619 the sale will appear on the Gains and Losses on Sales and Other Dispositions report and on the Schedule D Capital Gains and Losses report You identify the capital gain loss range in the General Information program division Any amount posted to an account in the 620 699 range appears on the Other Receipts of Principal report Enter account 600 as the Gain Loss Account indicating that it is a capital gain allocable to principal You must now select the shares that the estate sold GEMA cct displays the unit value for each lot and whether the sale will give rise to short or long term gain Although the sale of shares in 150 011 will result in less gain the sale of shares in 150 005 will give rise to long term gain Indicate that the estate sold 500ss of the 4 000ss included in the
7. Edi 1 General Intormabon Benehoanes 3 Fuducieries 4 Trensactions Edi 1 General Intomeabon Benehoanes 3 Fuduciemes 4 Trensachons p Metal F Supplemental Inventory Community Property Acq Date inherited manty ate M cutee TO TESS AULRL BR F i F Supplemental Inventory Comenursty Properly Acq Date inherited Imventory pw MEE inctsteitzeo C Shed Descretion Baiso Corp BLS Woming These changes may afect taneections sleady ported to this account Chapter 5 Inventories 5 25 Adjusting Carrying Values If you have not posted any transactions to this account GEMAcct returns to the Main Menu and account tree In this example however a transaction has been posted to account 150 001 which changed its carrying value Click OK to accept the change to the unit value on the inventory screen and to review transactions posted to the account 50 Ai Fiduciary Accounting Estate of John P Smith Hle Unites Preferences Hele d 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Trensactions Enter Tranzactans 5 Cash Transactions 5 Han Cash Tranzactor 7 Digtributions ta Banafig B Adjust Cum ng salua 3 Fnir Market values Prini 10 National Fiduciary Acc 11 Business Repons 12 Miscellaneous Repon 13 Custom Reports W 14 Account leui 15 Form 106 Rubi
8. Lot Sale Eudi 1 General Inlemneban Berehiciames 3 Fuduciemies 4 Trensactions uniing Estate of John P Smith Preferences Eudi 1 General Inlemnabon 2 Benehoanes 3 Fuducieres 4 Trensachons 004 HNI Corporation noz Ll D iy LET P and T ust 006 Quad City Bank and Trust 0 SEC Communications Inc 009 IBM 010 Microsoft Corp Dii Quad City Bank and Trust 155 Foreign Stocks 165 Mutual Funds 001 Franklin income Fund 002 Vanguard SAP 500 Index Fund 003 Trantamenca Index Fund 004 Fidelity Contra Fund 006 Fidelity Magellan Fund Banda 200 Federal Noles and Bonds 007 50 000 US Treasury 210 Murncipal Bonds 001 260 000 beara Finance Authority 002 50 000 Canter Lake lows Urban Foenmwal 003 50 000 Wisconsin Health Facility 004 100 000 City of Witton GO bond Note that GEMAcct identifies those accounts that have been consolidated with the master account Double click account 150 005 the master account for Quad City Bank and Trust and GEMAcct displays the following 68 Fue Utiles Eru di 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Trensactions Enter Tranzactans 5 Cash Transactions 6 Han Cash Tranzactan 7 Distributions to Banafig B Adjust Caring value 3 Pow Market values Frint 10 Matonal Fiduciary Acc 11 Business Repons 12 Miscellananus Rapo 13 Custom Repons W 14 Accaunt Inqui 15 Fom 104 Rude i Utilis f On i
9. OK Whole word phrase only In the above window you can specify a date range for the transactions The second filter permits you to filter the transactions based on the transaction numbers The third filter permits you to limit the transactions to those that affect a specific account or a specific range of accounts For example if you were looking for all cash transactions you should enter the number representing the first cash account in the first data field and the last cash account in the second data field If you cannot remember the account numbers click or type F10 to access the inquiry screen The next filter permits you to specify types of transactions To view more than one type hold the Ctrl key while you click two or more classifications At the bottom of the window you can perform a keyword search If you enter more than one filter they will all be applied to limit the number of transactions For example to review only cash receipts occurring between May 1 2011 and May 31 2011 that include the word dividend in the transaction description complete the screen as follows Kile Unites Preferences Hep di 1 General Intormabon 2 Benehoanes 3 Fuduciemies 4 Trensachons Enter Tranzactans 5 Cash Transactions B Han Cash Tranzamctans Distributions ta B7 B Adjust Carrying Y 9 Pom Marked Val Pint 10 National Fiducia 11 Business Repo 12 Miscellaneous R 13 Cust
10. 7 Digtributions ta Banaficiarias B Adjust Garang Value 9 Fair Market Values Ye Print 10 National Fidacimry Accaurtim Fa 11 Business Repons 12 Miscellaneous ms 13 Custom Reports 14 Aceaunt Inqui 15 Fo Tb eb 1100215 5 175 000 00 You must enter a three digit account number that is not currently listed in the chart of accounts Furthermore the number must be in the correct classification 32 Chapter 5 Inventories 5 02 Changing General Accounts for Individual Data Files Account Number Account Classification 100 149 Cash 150 199 Stocks 200 249 Bonds 250 299 Certificates of Deposit and Notes 300 349 Real Property 350 399 Personal Property 400 449 Other Assets In other words if you are creating a new general account for stocks the number should be within the 150 199 range Enter account number 155 to create a new general account for foreign stocks d 1 General Intormeabon 2 Benehoanes 3 Fuduciemes 4 Trensactons Enter Tranzactans 5 Cash Trangactinng 5 Non Cash Tranzactang 7 Digtributions ta Banaficiarias B Adjust Dumang salua 3 Fir Market values Wa Print 10 National Fiduciary Accouriim Fos 11 Business Repons 12 Miscellaneous ms 13 Custam Reports 14 Account Inquiy 15 Fo 10 Ra 1100215 25 175 000 00 The third data field permits you to associate an income account with all assets that will be included in this general account Open th
11. Alphabetios F4 Prt Seth GEMAcct permits you to adjust the acquisition value by entering a different amount You should enter the adjusted acquisition value not the amount of the adjustment to the original acquisition value GEMAcct includes the explanation and the amount of the adjustment on the Receipts of Principal report As a result the total principal received will reflect assets in the initial and supplemental inventories as well as any adjustments to their carrying values Rather than posting an adjustment close the active window by clicking Cancel or typing F9 to return to the Main Menu and account tree GEMAcct also permits you to change an asset s carrying value by accessing the item on the account tree Double click on account 150 001 Bellsouth Corp 1 General Inlermmebon 2 Berseliciames x 152 3 Fuduciemea 4 Transactions p intial D Supplemental Inventory Community Property Acq Date inherited ventory pate M incide it Zero m 10 Hational Fiduciary A 11 Business Repons 12 Miscellaneous Aapo 13 Custom Reports W 14 Account Inmui 15 Fom 04 Re Bellsouth Comp PUn Unit value hl Gahiway Number cl units 13 oli ee AD Exchange 20 Existing Entitos 21 Stew Moduli pe crit had Quarterly dradend on Belsouth 7 FIO Mgere FIAP In this case you inventoried 4 100ss of BellSouth with an acquisition value of 26 22 per share Change the Unit Value to 26 00 49
12. N GEMAcct Training Guide Copyright 2011 by Gillett Publishing LLC All rights reserved Except as permitted under the United States Copyright Act of 1976 no part of this publication may be reproduced or distributed in any form or by any means or stored in a data base or retrieval system without written permission of Gillett Publishing LLC Use of the program documentation and related material 1s subject to the restrictions contained in the accompanying license agreement Gillett Publishing LLC 1920 Pyramid Peak Loveland CO 80538 www GillettPublishing com Table of Contents Chapter 1 Introduction Chapter 2 Creating and Accessing Data Files 82 01 2 02 2 03 2 04 2 05 2 06 82 07 83 01 3 02 3 03 83 04 3 05 3 06 4 01 84 02 4 03 84 04 Introduction Creating Data Files Location of Data Files Data File Names Accessing Existing Data Files Creating Data File Copies Back Ups Editing File Names Chapter 3 Data Input Menus and Options Introduction Function Keys and Cursor Control Menu Bar Help Preferences Utilities Chapter 4 General Data Entry Introduction General Information Beneficiaries Fiduciaries Chapter 5 Inventories 95 01 Chart of Accounts 95 02 Changing General Accounts for Individual Data Files 85 03 Changing General Accounts Globally 95 04 Inventorying Assets 85 05 Cash Accounts 5 06 Initial Inventory Supplemental Inventor
13. 12 Miscellaneous Reports 13 Custom Reports Y i 14 Account 15 Fom 10 Ra 005 Quad City Bank and Trust 006 Quad City Bank and Trust 007 SBC Communications Inc 009 IBM 010 Microsoft Corp 011 Quad City Bank and Trust 155 Foreign Stocks 165 Mutual Funds 001 Franklin Income Fund 002 Vanguard S amp P 500 Index Fund 003 Transamerica Index Fund 004 Fidelity Contra Fund 005 Fidelity Magelan Fund Delete Assuming that this is a dividend on BellSouth highlight account 150 001 and click Select at the bottom of the window or double click BellSouth 61 Chapter 6 Transactions 6 04 Sale Collection of Asset i Fiduciary Accounting Estate of John P Smith 1 General Intormeabon 2 Benehoanes 3 Fuducieries 4 Transacci ns Enter Tranzactans 5 Cash Transactions B Han Cash Tranzactor 7 Distributions ta Benafic s50000 edit Cina om EEIZ 9 Fair Market Values 800 Diadends Fint j t Capital transaction C Allocated to principal F Allocated te income 10 National Fiduciary Acc E ae 11 Business Reports 12 Miscallanagus Rapa 13 Custom Reports 5 7 14 Accaunt Inqui 15 Fam D Utilis 7 16 creck a 1 B urd Patho l cts Gamay 13 Imp if FATE DOS Ac 20 Existing Enting 21 Biase Modules 22 Trangecton Filter Hide zero bal If you indicated on the inventory screen that BellSouth generates dividend income and if you entered an income descri
14. 22 Tranrcecton Filter Hide zero bal S 1542010 Quat dg didend n Macnsqo t ELANON interes on Fai rcp irc ot Aunt ET FATE Cathe devon on IER E2010 Sena interest rate on 50 000 US Treapary nohs V 1542010 Quat dg didari on Ford Mater Company BALATI Lite on fecil imo mg iro rr BSL EL ua ge dnce ori Hif TALIA 0 merga on Fidelity mones maket sccouni Vy 1542000 Qu st dig didani on Marpsaoft Fr SUL AU Cisi ky dakari in IEM TSW ariel deadend on Fond Minton Lompany AANAND Interest on Fidelity mones market accouni 30H20 Quae dividend on Dalia TRANG obi nr Pedal racrasey ruthie cote TIAS nO Guster dieademd on Hepa TUAN OD inise on Fidelis mones madost account 122010 Quabedg deidend in IDM 12 1 9601 Sarama arbe Ln cn ERO DOC US Tihi reste 12 0 S20 Dumie deadend on Ford Miter Langan 1272172010 niee on Fidelitg mones madost account 1271 2010 Duane derd on D eliauth 12 2 770101 Seal nemen on Magellan T2714 2T Seal deed on Fly Landa Fur 12 21 2010 Giai and Gilet Pasenerd of attorney est 17312011 Interest on Fidelity mrep market account xr 5 201 1 Quartets dividend on Waiu ILU 1 Intel en F iky orate ated accru BUS Outer desdend on IEM MT15 2011 Quarbedg deidend on Fond Motor Compang 3 31 2011 nearen on Fidelity more market aocz unt SIV Uude ideae on Haah AISIT Interest on Pideli money market accouni DALANI Quartedig deicend on cro 5 31 2011 nain on Fidelity more market account 11200 7 33 3500 1 400 00 11200 115 24
15. 250 Certibcabes of Depati 001 100 000 CD wath Farst Hational Bank 14 Account leui 15 Form 1041 Re 002 75 000 CD with Central State Bank Lili REA 260 Debt Instruments 15 Chack Realty 17 6 urA Fane 300 Reidences i adi Ge 310 Other Real Property Q1 X20 acre farm located in Muscatine County Iowa 20 Existing E ntis 002 160 acre farm located in Cedar County kowa 21 State Modules 003 240 acre farm in Muscatine County lewa 2e reese LAC Personal Property 340 Household Goods amp Fumeshings 007 Miscellaneous household fumishings 360 Mise Personal Property DNI Farm eaoment 12 Miscellaneous Repor Hie Ubs Preferences Help Edi Cons Hus Witi Unk val HAM ned 1 General Infermeiban said AN 2000 Ss FAUNE 2 Benehoanes rash Traum titer 3 Fuduciemes 4 Trensachons Enter Tranzactans 5 Cash Transactions 5 Han Cash Transma nn 7 Digtributions ta Banafig B Adjust Garang value 3 Fir Market values Frint 10 Matonal Fiduciary Acc 11 Business Reports 12 Miscellaneous Rapo 13 Custom Reports W I T4 Acard Inqui a 15 Forn 04 Ra a on b Don a 250 001 100 000 CD wah First National Bank EE MO mees zl C Capital transaction C Allocated to principal F Nlocaad to income Ses liliis I6 Chack Wis 1 B Account Rigi 18 Eg Gamay 18 ImpBIFATE DOS Aca Annual meresi payment on 100 000 C
16. Business Repons 12 Miscellaneous Repon 13 Custom Repons W 14 Accaunt Inqui 15 Form Tod Rein elie I oec 1 B urd Pathe 18 Eg cacy 13 impi FATE DIOS Ac 20 Existing E ntis 21 Stene Modules 22 Tran ection Filter Hide zero bal 6 12 Chapter 6 Transactions Dividend Reinvestments SESHEHSEES HELPER Non cash transactions are divided into five classifications Stock Split Stock Dividend Dividend Reinvestment Rollover Exchange Transfers Between Principal Income and Other 6 12 Dividend Reinvestments Assume that on April 30 2011 Bellsouth declares a 200 dividend which the estate elected to reinvest and it received 7 875 additional shares Select transaction type 2 and enter the date and amount of the reinvestment Kile Unies Preferences Heg Edi 1 General Inlemeban 2 Benehecames 3 Faducieres 4 Trensachons Enter Transamctans 5 Cash Trangacticng 6 Han Cash Tranzactor 7 Digtributions ta Banafig B Adjust Garang Value 3 Fair Market Values Prini 10 Hational Fiduciary Acc 11 Business Repons 12 Miscellaneous Repor oii coe 13 Import FATE DIUOS Ang 20 Existing Entibos 21 Siew Modules 22 Tranection Filter Hide zero ball Transnehnn Types 2 Sock Gredend Dw or Int Reimestment 4 20 2001 Income Pccount C Capa amp aliranszction C Allocated to principal 7 Allocated to income SESHEHSEES hu lu ra dn 06 The next data
17. TES ICI 116 82 rz od 121 31 000 S00 114 30 165 00 nm T UD 1140 Eo 1 40000 1510 115 21 TUS DO 1 322 10 EAE Ein 5 000 00 12231 Tz ud 1134 ux 415 00 124 22 Te IE T2495 11200 116 44 15 455 74 15 574 07 15504 DU 17 X407 VITIS 17 554 31 E3 THOVY 31 1813613 VE 248 13 18 263 44 1871944 72 134 44 12252 64 13 417 654 13534 55 TY E46 BS 13765 15 20 118 15 21515 15 7158115 2205 Z2 210 36 23535 4h zZhEmTI Em 20 738 02 fa 1 02 x71 Era 5s i 281 8 ATEN 2131379 zd DS P3 2225 TE ZLA TE 42 Add beraa Acct FF Add Asset Lish F3 Aphabetize F4 Print Seach Note that a now appears to the left of account 130 002 Click on the to collapse the account 53 Chapter 5 Inventories 5 29 Alphabetizing Accounts You can also open and close general accounts Click on the to the left of general account 150 Common Stocks Fiduciary Accours File Ublites Preferences Heip Edi 1 General Informeabon 2 Berehcanes 3 Fuducieres 4 Trensach ns Enter Tranzactans 5 Cash Troneactions 5 Han Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Garang Value J Fair Market values Prini 10 Ha onal Fidacimny Accouriimt Fiaparts 11 Business Repons 12 Miscallananus nts 13 Custom Reports 14 Account Inqui S 15 Fom 04 Re m Utilities o 16 Check As fy ura Poneonciliatian 18 Eg cacy 13 import FATE D
18. the balances of each of the asset and liability accounts are consolidated by deleting the individual transactions in the accounts The closing balances from the previous period become the opening balances in the current period Since GEMA cct permits you to print reports for any period of time commencing with the trust s formation or the decedent s death you are not required to make closing entries or consolidate account balances at the end of each year Select Year End Closing from the Utilities option on the menu bar and GEMAcct displays the following 1 General Informebon 2 Benehoanes 3 Fxducienes 4 Trensachons Enter Transactons 5 Cash Transactions 6 Non Cash Transactons 7 Distributions to Beneficiaries B Adjust Carrying Value 9 Fair Market Values X Prnt 10 National Fiduciary Accooltndy Reports 11 Business Reports 12 Miscellaneous Orts 13 Custom Reports 14 Account ingu 15 Farm 1041 9 A Utilities o 16 Check v 1 Bank Account Reconciliation 18 Gmie Getirwery 13 Imp FATE DOS Accounting 20 Existing Entines 21 State Modules 22 Trensecton Filter Pide zero bal Cash 100 Cath or Hon 110 Checking Accounts x O01 Fest Nord Bark NOW checking scoot 1930 Brokerage Checking Accounts 2 001 Charles Schwab Bick craze Account WARNING This procedure elimmales all hamsactions through the pear end closing dale entered You will not be able to print reports for any period price to the
19. 05 7 06 87 07 7 08 Distributions to Satisfy a Pecuniary Amount Final Distribution Fractional Shares Final Distribution Pick and Choose Fractional Share Editing Distributions Reordering Beneficiaries on Distributions Reports Chapter 8 Printing 8 01 8 02 8 03 8 04 8 05 Introduction National Fiduciary Accounting Reports Business Reports Miscellaneous Reports Custom Reports Chapter 1 Introduction GEMAcct is designed to accommodate both trust and estate accountings and produces reports that comply with the National Fiduciary Accounting Standards GEMA cct also produces business reports and other miscellaneous reports such as a trial balance and a Schedule D report listing short and long term capital gains You can also create custom reports that may meet the specific requirements of your jurisdiction In this training you will become familiar with basic GEMS software functionality Additionally you will look at the major steps in creating an accounting for an estate or trust including customizing the chart of accounts inventorying the assets entering cash receipts and disbursements distributing assets and generating reports There are several other ways to obtain assistance 1 You should use the GEMAcct user manual as a reference guide You can find the manual by opening an accounting file and clicking on Help on the menu bar at the top of the window 2 Youcan call our help line at 1 888 436 7706 ext 2
20. 2 Benehoanes 3 Fuduciemries 4 Trensactons Enter Tranzactans 5 Cash Trangactiong B Han Cash Tranzactang 7 Digtributions ta Baneficiarias B Adjust Garang salua J Fair Market Y alues Print 10 Hational Fiduciary Accounting Reports 11 Business Repons 12 Miscellaneous rte ere 14 Account lnqui 15 Fam Lr Utilis 16 Check Wis Chapter 3 Data Input Menus and Options Seeing Language Custeem Dackcruny General oglions fe ihre spelling mro irs you type B Automatic comect ipei enon as you lp automaticaly corect DUM capitals B Flag repeated wands when checking spelling Whee checking queling aren ff foede m UPPERCASE FX Weds containing pumbert 7 Markup languages HTML SML etc i miem diresse FF Abbiati FF Lins beginning with ary cl tha bakang 7 z SM Other Final Prises Adi reread Acct F 321 041 51 AN 1322430 20 361 827 55 154 530 20 q151251 27 355803 78 200 802 06 313288 00 343 725 00 350075 00 156 255 00 1100215 25 175 000 00 3 06 Utilities You will normally want to show and correct errors as you type Remember the options you select apply to GEMAcct and to all other GEMS modules In other words if you configure the spell checker in GEMAcct those settings will also apply to GEM706 To turn off the spell checker make sure that the first four options are not checked Click the Custom Dictionary tab at the top of the window
21. 35 28 151 251 27 65 813 78 5200 58 Ds sb o6 DU 113 200 QU 345 725 DX VS pns on 1103485 00 1 Beneficiaries This report lists the data entered with respect to each beneficiary 2 Chart of Accounts This report Lists all general accounts and all asset and liability accounts including their account numbers short descriptions consolidation accounts and business numbers 3 Schedule of Assets and Liabilities This report lists all assets and liabilities and their acquisition values 4 Income Statement This report shows income and expenses for the selected period 5 Trial Balance This report lists all transactions affecting any account and current balances in all accounts 6 Cash Receipts Journal This report summarizes all cash receipts 102 10 11 I2 13 14 Chapter 8 Printing 8 05 Custom Reports Cash Disbursements Journal This report summarizes all cash disbursements Non Cash Transactions Journal This report summarizes all non cash transactions including depreciation Cash Account Reconciliation This report shows the beginning balance receipts and disbursements for all accounts in the 100 149 range Chronological Cash Account Reconciliation This report lists the beginning balances in all cash accounts and then lists the cash receipts and disbursements affecting those balances in chronological order Statement of Investments This report lists
22. Chapter 8 Printing 8 04 Miscellaneous Reports 6 Non Cash Transactions Journal This report summarizes non cash transactions affecting business accounts 7 Cash Account Reconciliation This report shows the beginning balance and receipts and disbursements for business accounts in the 100 149 range 8 Chronological Cash Account Reconciliation This report lists the beginning balances in business cash accounts and then lists the cash receipts and disbursements affecting those balances in chronological order 9 Statement of Investments This report lists the assets on hand and their percentage of the total business assets 10 Collection of Accrued Dividends and Accrued Interest This report lists all collections of accrued income which was inventoried with the underlying asset 11 Schedule D Capital Gains and Losses This report details all transactions that involve business assets and that include a credit to the capital gain loss range as identified in the General Information program division For a description of the other options in Print Business Reports window see 8 02 Click Cancel or type F9 to return to the Main Menu and account tree 8 04 Miscellaneous Reports Select option 12 on the Main Menu to print Miscellaneous Reports and GEMAcct displays the following Hie Ubitss Pneeremces Heg Edd 1 General Infommeaton 2 Berehoanes 3 Faducieres 4 Transacci ns Enter Transmct
23. F10 to select the asset sold from the account list Edi 1 General Intormeabon 2 Benehcanes 3 Fuduciemries 4 Trensachons 7 Distributions to Benefic B Adjust Carrying Value 9 Fair Market Values Print 15 Farm 1041 14 Actount gui 2 005 Quad City Bank and Trust 006 Quad City Bank and Trust 007 SEC Cammuornications Inc 003 IBN 10 Microsoft Corp 11 Quad City Bank and Trust 155 Foren Socks 165 Mutual Funds O01 Franklin income Fund 003 Transamerea Index Find 004 Fidelity Contra Fund Double click on Ford Motor Company or highlight it and click Select GEMAcct returns to the transaction screen 63 6 04 g Estate of John P Smith d 1 General lnfommatan 2 Benehcanes 3 Fiducianes WUE eh Pecs Transaction Type 7 Sale Collection of Asset CO Duburbement Cah horou Chapter 6 Transactions Sale Collection of Asset ansen EEJ 7 Distributions to Banafig Amount TOui5 B Adjust Carrying Value 150 002 Ford Motor Company Fr J Fair Market Values InvOw CoBected i JE GarvLoss Account E00 Gains Alocable to Principal Capitaliranzzcion Allocated to principal C Allocated to income ll Amt ct Gaintoss 536 100 00 GEMAcct assumes that the estate sold all of the shares remaining in the account field enter 500 punding Estate of John P Smith d 1 General Intormeabon 2 Benehoanes 3 Fuducie
24. Foeconcilianian Manda 210 Bondi 18 G amp MP E Gateway S UTE 20 000 lara Fines aho 1 2 a 13 268 n 13 Imp FATE DUIS Accounting 3 DOZ 4500000 Carb Lake Bea Urban Parsua 449 725 00 20 Esai Entities 3 3 450 000 wian Health Faiy i 0075 00 fl Sia Modules DH 90 000 U3 Treasury Fi 5 wg 155 285 OU 22 Tranmimchon Filter i Deeb ratrumensts Hide zero bal 250 Cenhcates of Daca Ort 452 00 000 Ci with Frit Haora Bank 1100215 25 x Un 375 000 CD with Central State D anl 175 000 00 260 Debt Instruments Presly 2M Fieber esie 31 Hihat Real Progseily Adi General Act F7 Add Asset Lisb F3 Aghabetize FA Prive Seach The panel on the left is the Main Menu The account tree on the right reflects the estate s assets and liabilities GEM Acct complies with general Windows conventions making it easy to use The majority of GEMAcct s windows are devoted to the entry of the information relating to the entity s inventory and transactions To the extent possible GEMAcct avoids asking questions that based on your previous answers are irrelevant For this reason you may see inactive questions on the screen 3 02 Function Keys and Cursor Control As you navigate throughout the data entry windows various functions keys control cursor movement GEMAcct always displays the active function keys on the screen These keys duplicate typical Windows functionality Since you are not required to manually save data
25. GEM706 your answer to this question instructs GEM706 where to transfer the item GEMA cct assigns each asset and liability by default to a specific schedule As noted in the window above bank accounts are assigned to Schedule C To transfer the account to a different schedule click Z or type F10 to select the desired schedule Assume that you want the asset transferred to Schedule C and advance to the next data field 5 15 Business If the entity operates a trade or business and if you wish to print separate financial statements for that trade or business you must enter business names and identify the assets associated with each business For a detailed discussion of business reports see 4 02 and Chapter 7 of the GEMAcct manual Do not associate this asset with a business and advance to the next data field 5 16 Consolidation Account You can treat this account as subsidiary to a master account When printing the National Fiduciary Accounting reports GEMAcct treats the master and subsidiary accounts as a single account The master account s description appears on the Receipts of Principal and Principal Balance on Hand reports but its balance also reflects the balances in its subsidiary accounts Master and subsidiary accounts are particularly useful when an entity has acquired a single stock or other security on more than one occasion and its basis in each lot differs When you sell all or a portion of those shares GEMAcct permits
26. GEMS Ww T ATXJFAK 1172001 25 PM GEM E Dekio ATX Test AIDFAR 210 200111 0 AM GEME Wilco Cap trans FAR LAVAD AM GIMS Bien Publi ad F Cap tr ns Dther FAR 12 1 20 da PM GEMS You have kcenbed ia Libraries Cap trans Split FAR 114A bb dARPM GEMS a the lolcwing A F Cap translate FAR 1l j 20104 29 PM GEMS bora x F Pile FAR 12 9 2010 7 53 AM GEM Weodand ME Computer F Final FAR 12 22 2000 744 AM GEMS TS F Genencimpart FAR LALO ST AM GENTS a F GillettPublishingl LC FAR DIM We AM GEME imot FAR 11 8 2000 7 36 AM GEMS 4 m b The folder where the displayed data files are stored is shown in the Look In field at the top of the window To open a file simply double click on the file name or highlight the file name and click Open Change the folder by clicking Z to the right of the Look In selection box Genericlmport FAR GillettPublishingL LC FAR l Date modified import FAR 114 407 35 4M GEMS d m b Fiss of type CEAR Chapter 2 Creating and Accessing Data Files 2 07 Editing File Names Typt GEMS GEMS GEA GEME OLS GEMS GEMS GEMS Pbr A 1 14 PM A1 70 2006 3 55 PM MELLI 2 38 PIU 2 10 2001 11 20 AM 11 10 2010 2 27 AM 12 1 2000 4 41 PM 11 4 2000 3 43 PM 11 4 2010 4 59 FM 13 8 0100 7 53 AM GENIS 1223 2010 734 AM GEMS 12 1 2000 8 57 AM GENIS HAMAL 142 AM GEME Cancel Follow general Windows conventions
27. Information and GEMAcct displays the following Fie Ubris Preferences Arie di 1 General Infomebor M00 Cath ori Hand 2 Banehciames 110 Chacho Accoun 3 Fiducanes aj N Fei Hadiri Bark CI cung canit j 431 541 51 4 Transacci ns 130 Brokerage Checking Accounts z IE I hana unh nun t Enter Tr nsactong of uad US 5 Cash Trangnctiogo E 5 Hon Cash Tran 7 Distributions to Bi B Adjust Coursing V 3 Fair Harket alui Fin 10 Hintianal Fid cim 11 Business Repor 12 Miscellaneous A 13 Custom Repos T4 Account iiiu 15 Form 1041 pepe J Unies l creck 17 6 ura Fg 18 oat Cai es 13 impo FATE DIO 20 Existing Entities S Other Final Propesty Add Derea Acct FF Add Asset Lisb F3 Aphabetize F4 Print Seth If the entity operates a trade or business and if you wish to print separate financial statements for that trade or business you must enter a business description in the above window You can also use this feature to print reports for a group of assets For example if the estate has several brokerage accounts you could classify each account as a business and print separate reports for each account This makes it easier to reconcile brokerage statements with your accounting Click Add Business at the bottom of the window to add a business and enter the business name in the field provided 1 General Inlemnelban 2 Banehiciames TW Checking cout 3 Fuducieies aj QI F
28. Menu and account tree 5 24 Printing the Chart of Accounts You can print the accounts and transactions shown on the account tree If you click Print or type F4 GEMAcct prints all of the account information currently displayed on the tree Click to the left of account 110 001 First National Bank NOW Checking Account to show the transactions posted to that account 47 gdi 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Transacci ns Enter Tranzactans 5 Cash Transactions B Han Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Ceerying salua J Fair Market values Fint 10 Ha onal Fiducimny Accouiieg Rapots 11 Business Repons 12 Miscellaneous nts 13 Custom Reports 14 Account Inqui ES 15 For 10 RER he Utilis 16 Chock Wwe fy 17 B ura Poneonciliatian 18 ct cay 13 Import FATE DOS Accounting 20 Existing E ntis 21 Biase Modules 22 Tran ection Filter Hide zero bal E Band 5 25 IH Cash 1 Cases ori Hand ECT Checkrag Autre zj M fuir Hral Fl anke CT cca asiti TUS UTILE Paral bother Tebe bori Coorg bot bevel bl tor des TOV 2010 Payment to Mupc sting Posse and aba ior nal bal for elect WSAD Priest t bora Gas and Diece tor fina bill far naura gat TSS Sear indeed pret on 75 00000 Hoe 3044 12210 Peed a Sharkiy Lei ed Louder bor alfesruey bee 1271 2010 Papert to cepcuter lor executor leet Chapter 5 Inventories Adjusting Carrying Val
29. Petr 18 GEM 13 Impi FATE DOS Acc 20 Existing Entibos 1 Siento Modulos Click Z or type F10 to select the Asset Acquired account 74 Chapter 6 Transactions 6 10 Acquisition of Asset Edi 1 General Intormabon 2 Benehoanes 3 Fuduciemries 4 Trensactons 100 Cash en Hand m 110 Checking Accounts 001 First National Blank NOW checking account 002 Wells Fargo Checking Account B Adjust Carrying Value m 130 Brokerage Checking Accounts 3 Fir Market Values 7 001 Charnes Schwab Brokerage Account 002 Fidelity Brokerage Account 006 Quad City Bank and Trust 007 SEC Cammuornications Inc 003 IBN 010 Micrasoft Corp 11 Quad City Bank and Trust 155 Foren Stocks 165 Mutual Fund O01 Franklin income Fund 002 Vanguard S amp P 500 Index Fund 003 Transamerica Index Find 004 Fidelity Contra Fund 005 Fidelity Magellan Fund There are two options First you can add the new shares to the original Microsoft account in which case you would select account 150 010 and GEMAcct would average the unit values In most cases you should create a separate account for the newly acquired shares and consolidate the two accounts To create a new account highlight 150 Common Stocks or any common stock existing in that general classification and click Add Item or type F7 GEMAcct displays the following d 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Trensachons 3 Fir Market v
30. Support hours are from 8 30 to 4 30 Central time 3 Youcan e mail your question or comments to Support GillettPublishing com For questions concerning your account purchases renewals or invoices contact Sales GillettPublishing com or call 1 888 436 7706 ext 1 Chapter 2 Creating and Accessing Data Files 2 01 Introduction First confirm the location of your GEMS program file Right click on the GEMS icon on your desktop and the following window appears Open Troubleshoot compatibility Open file location Wy Run as administrator Unpin from Taskbar Pin to Start Menu Restore previous versions Send to b Cut Copy Create shortcut Delete Rename Properties Click on Properties at the bottom of the window to display the following P GEMS Target type Application Target location GEMS Target GEMS GEMS exe Start in CAGEMS Shortcut key None Run Normal window x Comment The full GEMS installation path is shown in the Start In field If you have not installed GEMS on the root directory you should note the installation path Close the window to return to your desktop Double click the GEMS icon on your desktop and GEMS displays the introductory Administrator screen Chapter 2 Creating and Accessing Data Files 2 02 Creating Data Files GEMS GillettPublishing com Authorization Updates About al d me eed OEMS CT Tou
31. b Non Cash Tranzacton nu sa on 7 Digtributions ta Banafig ni 5450 00 B Adjust Carrying value 3 Fair Market values Fin m Charged t xm against income 10 Hatianal F iduciony Acc 11 Business Repons gi om 705 Schedule zj 12 Miscellananus Rapo 4 13 Cust m Reports f 14 Account Incuity 15 Far 1041 Repo LOO Cheek No 1005 l hon Expense Account 300 Administration Expenses bilities i 16 Check Wish 1 I7 Bank Account Poco Payment to Gray and Blidgelt for preparation of mcaornme Tax 18 GEMIIE Gatirwey retums P 13 Impe FATED Ag 20 Esai Entities Z1 Stas Modules 22 Transaction Filter gera bal SESS B F13 Macro FHE Fh Recall Pr Memonze F9 Cancel The last data field in the upper portion of the window requests the cash account number GEMAcct prompts you with the last account involved in either a receipt or disbursement If you do not know the account number click 7 or type F10 to access the inquiry screen After you enter the account number GEMAcct displays the account s short description The first data field in the middle portion of the window requests the transaction date When you enter the first cash receipt cash disbursement or non cash transaction for each session GEMAcct defaults this field to the system date Once you have entered a transaction GEMAcct prompts you with the date of the previous transaction The next data field requests the am
32. field requests the account that will receive the new shares If you desire to average the basis of the additional shares with those shares already owned by the entity you should select the account which represents the original shares If you desire to maintain a separate acquisition value for the newly acquired shares you should create a new account As an alternative you can also create a new account that will hold all reinvestment shares averaging the cost basis of just those shares Click Z in the Stock Bond Account data field or type F10 to perform an inquiry 78 Chapter 6 Transactions 6 12 Dividend Reinvestments Edi 1 General Intormabon 2 Benehcanes 3 Fuduciemies 4 Trensachons 7 Distributions to Baneficl B Adjust Carrying Value 1 005 Quad City Bank and Trust 006 Quad City Bank and Trust 007 SHC Communications Inc 009 IBM 010 Mieres Corp 011 Quad City Bank and Trust 013 Microsoft Carp 155 Foreign Socks 165 Mutual Funds 001 Franklin income Fund 002 Vanguard S amp P 500 index Fund 003 Transamerica Index Fund DU Fidelity Contra Fund 005 Fidelity Magellan Fund Borda 00 Federal Noles and Bonds 0071 50 000 US Treasury 210 Murncipal Bonds 007 20 000 irani Finance Autherity 002 50 000 Caner Lake lows Urban Penewal 003 50 000 Wieconsn Health Facdiny F5 Deleg Select Master On T Audi Item To create a new common stock account either highlight 150 Common Stocks or any acc
33. hacks Acorn V3 Brokerage Checking Accounts x QUI Chalet creen li olet gs Accu Di 7 Digtributinna to Bana B Adius J Fork Fini 10 Hatia 11 Busin F fip Gama i 13 impii FATE DOS Ace 20 Exseting Entitios 21 Stene Modules paud Popaj 7 dracone 5 4 2011 TOO First Natonal Bank NOW checking account T 21 041 51 Date all Accoun Desribuned Anon Distributed Accrued income f Check No Beneboary Bequest Amount Gain Lass Account C Camal transaction Allocated t pepa C Allscated to mcme Auman of Gain Logs Diesenpbon 22 Transtector Filter Hee zero bal The distribution number is displayed in the upper right hand corner of the window x UU 20 000 Laer Finds Authority IL 350 DU Casi Loe Renee Ub Fere x UE Yu pcre Hear Foniy OM 1100000 City of Wikon GD bond 1 zA Capii Bess 1271 041 51 7 EIU DI 104151 soon F3 Cancel 200 am 50 1 000 ed qas 100 15 10324 Fa Ex Add Gensel Acct FA Print 5 When you post the distribution GEMAcct assigns this number to the distribution for future reference In the upper left hand corner you must indicate whether the fiduciary has made or is proposing to make the distribution If the distribution is proposed GEMA cct includes the distribution on the Proposed Distribution report but does not make the corresponding journal entries Thus the asset will still appear on the Principal Balance on H
34. number to the first page of that report The next check box gives you the option of deleting all page numbers Print Unit Values The next option permits to print units on the various reports If you check this box the number of units and accrued income associated which each asset is printed as an additional line in the asset s description Your response affects the following reports Receipts of Principal Gains and Losses on Sales and Other Dispositions Information Schedules Distributions of Principal to Beneficiaries Distributions of Income to Beneficiaries Principal Balance on Hand and Proposed Distributions to Beneficiaries Print Check Numbers You can also elect to print the check number as an additional line on the Disbursements of Principal and Disbursements of Income reports Traditional Reporting If the report range includes the decedent s date of death or the trust s date of formation as entered in the General Information program division the Receipts of Principal report includes those assets included in the entity s inventory and supplemental inventories If the report range begins after the entity s creation you have two options with respect to printing the Receipts of Principal report and the Summary of Account If you select the traditional reporting method the Receipts of Principal report continues to reflect those items included in the entity s inventory and supplemental inventories GEMA cct makes appropriate entrie
35. option 1 and GEMAcct displays the following 8 Fiduciary Accounting Estate of John P Smith file Les Preferences Hip Edd 1 General Intormabon 2 Banelicianes t 3 Feducenies a 1 54151 d Transacci ns 17 Eo x Enter Transactans b Ro Peg 5 55 inta 5 Cash Traneections T o Dhen oo adek AE Interact on ihka Seha moni Parcs a 1594632 41 3T v2 ecg TADA Interest on Chaves Schwab money racket account 122438 20 E A TA Fed 433 Ibar on Chwi Sefer iran mek ao 51 21 2001 Flecer Deos nens on Chales Schwab rone market account BOT Bener 23 92 Interest on Charles Schwab money market spount A 723 0011 Beg TU 23 Indeed on Caes Sce rain rorkosd acccunl 127 00 0 B 43072011 EBC aei on Charles Sehwab mony makel account gor on ar 3 gaan l 5319 Interest on haies chayd money makul account PHAT t 101 290 5 00 usted cien on Bakou 24 51000 3121201 SE Guartedy dhvidend on Dellrouth En 12 42m SEXE Gudrie cheviered ina Helles iiaa 1d a 210 52500 Quat dy drenched om HHI Corporate 51000 14 TO Flecer Th 201 Pen IE TAO Hacer MonmMexn Heep VA SS Aagi 13 10 1 2010 Flecpr 2 WSN 1 Bec 2 a Heer 22104200 Pecer VAN Peg Z4 4 1 2001 Fagit 25 108154210 Hecpr w VISA Al Sat By E Ha C De ERDO Quarterly dand om HHI Comorshon tuts EE Lush eremi ors HHI Cerir aie HUM Quat edy deciden on Quid Ciy Dank and Trust TIU Uusiin on Dusd C Bank and Trust 710 00 Cour erg nmi or Quad Cape A ank aed
36. shown above To post the transaction click Post or type F8 and then click Cancel or type F9 to return to the Main Menu and account tree 76 gdi 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Transacci ns Enter Tranzactans 5 Cash Trangacticng B Han Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Ceerying salua 3 Fair Marked values Prini 10 Ha onal Fidecian Accouiieg Rapots 11 Business Repons 12 Miscellaneous ars 13 Custam Repais 14 Account Inqui ES 15 For 10 RER he Usiliies 7 16 Chock Wwe fy ura Reconciliation oii cone FATE DUS Accounting 20 Existing E ntis 21 Siete Modules 6 11 106 Carth gra Hd E Y Checking Accounts ai G Fuss M atonal Fake CI teeing ceca DEG telis Figs Crrscdarsg Astar 130 Brokerage Checking Accounts OO Chated Scheab Dinketage Account a EET Fal Boer age fucco an ge DUI Balioak Long x O02 Fond Motor Company x IH HH Cipori E UOS Quad City Bank andi Trust DOR Quad Cit Dank aridi Trust DT SOC Convnunsestont Ine ra RM 110 Mierasoit op w H1 Quad Cip Bark ard Trust w UT3Hiraselt Loup 155 Foeeign Socks M85 Mutual Fundt DM Franklin Income Fund O02 Vanguand TEP S00 Indes Fund DIS T rari ren Fare OA Ficelly Conia Furl O08 Fidelity Magellan Fund ED Bonds E PU Feodaal Motes and Bonds Qr 355 ODE LS eese m ZI Municipal Bonds DET 20 000 Lora Finance Authority w Oz 4504000 Ca
37. that amount to 24 610 After you have finished close the active window to return to the Main Menu and account tree 5 21 Bonds To inventory a bond first click on the appropriate account classification in the account tree or any item already added to that general account To add a municipal bond click on general account 210 Municipal Bonds and click Add Asset Liab or type F7 GEMAcct displays the following Fige Lies PrneleremcreS Hele Edi 1 General Intormeabon 2 Benehoanes 3 Fiducanes d Transactions go intial M Supplemental Inventory Comenumiy Properly Acq Date Inherited EnmmrTransaceons 4 ventory pae EE inclu if Zero Li 5 Cash Transactions NorCash Tanseco Shori Desenption 7 Distributions to Banefil CUSIP B Adjust Comying Valual Humber is 3 Fnir Marked Values Unit Value Print f Acquisition Value 10 Hational Pideciony ACIE Accrued Income 11 Business Reports 127 Miscellaneous Aapan 13 Custom Reports 7 1 paises 14 Account Inmui iu 15 Fam 1041 Rein income Accoun D aliens Full Description M Gaia 13 impii FATEDS Ag 20 Easting Enters 21 Stee Modules 22 Tramsection Filter Hide zero bal ricas FW FT 484 ien Inventory a 100 000 municipal bond as follows 44 Chapter 5 Inventories 5 22 Real Estate 1 General Intormeabon 2 Benehoanes 3 Pefucienes 4 Trensachons l S
38. the accounts Sort Assets by Classification The next option permits you to group assets on the Receipts of Principal and Principal Balance on Hand reports by categories that you enter in the General Information program division See 5 10 When you inventory or purchase assets you must identify the classification to which that asset belongs Assets that you have not associated with a specific classification are listed at the end of those reports under a generic heading List Inventoried Liabilities You must indicate whether you desire to include inventoried liabilities on the Receipts of Principal and Principal Balance on Hand reports even though the National Fiduciary Accounting Standards appears to make no provisions for the listing of liabilities For a detailed discussion with respect to the treatment of liabilities see 4 34 4 35 of the GEMAcct manual Include Fair market Values The National Fiduciary Accounting Standards require you to list the assets acquisition values and current fair market values on the Principal Balance on Hand report The next check box permits you to indicate whether you desire to prepare the report in accordance with the National Fiduciary Accounting Standards or whether you only want the acquisition values to appear on the Principal Balance on Hand report Print Page Numbers GEMAcct numbers only those pages that you print For example if you print only the Principal Balance on Hand report GEMAcct assigns
39. the assets on hand and their percentage of the entity s total portfolio Collection of Accrued Dividends and Accrued Interest This report lists all collections of accrued dividends and accrued interest Schedule D Capital Gains and Losses This report details all transactions which involve a credit to the capital gain loss range as identified in the General Information program division Consolidated Account Balances This report lists each master account together with each account consolidated with the master account It also shows the balance in each subsidiary account as of the last day specified in the account range For a description of the other options in Print Business Reports window see 8 02 Click Cancel or type F9 to return to the Main Menu and account tree 8 05 Custom Reports GEMAcct permits you to create and print custom reports by selecting option 13 on the Main Menu For a detailed discussion see Chapter 8 of the GEMAcct manual 103
40. the event that you are funding trusts This feature permits you to automatically populate the trust s initial inventory based on the fair market value of the assets distributed to the trust For more information see 6 06 of the GEMAcct manual 7 07 Editing Distributions GEMAcct permits you to edit or delete both proposed and actual distributions Select option 4 on the Main Menu to advance to the Edit Transactions menu Cons Bus Unts Unt Val Balance Eda 1 General Informabon 2 Benehcianes 110 Checking Accounts 3 Fxducienes amp OO Fen Nord Bank NOW checking ooount 21 041 51 4 Trensachons X Wells F aego Chechung Accoant 7 600 O0 1 130 Brokerage Checking Accounts Enter ransactons 00 Charles Schwab Bicketage Account 9 60241 5 Cash Transactions a O02 Fichelty Brokerage Account 122 458 20 100 Cath on Hon xD 2 80 600 00 0 Fad Motor Company 1800 185 33 300 00 UM HN Conorahon 20 M5 105 000 DU US Quad Cty Bank and Trust Matter 3 500 24 25 24 875 00 006 Quad City Bark and Trust 1 1 000 245 24 610 00 007 SBC Comaarnscabons Inc 900 25 75 20 600 00 XI3 tt 150 B 75 823375 00 010 Microsett Com Matter 8 700 224 124 290 QU 011 Quad City Bark and Trust 150 005 1 000 25 25 10 00 012 Microsoft Cor 150 010 100 27 94 2 794 00 ei 4 014 Ralat evesiad ches 150 001 7875 2535825 200 00 3 Information Schedules 4 Capital Transactions Uslities E
41. to add additional words to the dictionary Edi 1 General Intormabon 2 Benehcanes 3 Fuduciemres 4 Trensachons Enter Tranzactans 5 Cash Trangactinng 5 Hon Cash Tranzaceang 7 Digtributions ta Banaficiarias B Adjust Cum ng salua 3 Fair Market nlues Prini 10 Hintinnal Fiducimry Acco Piaparte 11 Business Reports j 12 Miscellaneous ms 13 Custam Repais 14 Account legui 15 Form Lo 1 e TOES 13 Import FATE DIO Antou 20 Exzstini Entities 21 Biase Modulies 22 Trarreection Filter Hide zero bal Spoiling Language Custom Dicere Edit cuion dictionary Dhaan thn garten iichonary Hr Ack rcd words ned Andes onrchorrs SED EIE ed Mods the conhenit of the cutem dehonan Adh juae Conections Exclusion Monde aide bo your custom dechonary wall be consadened z 3M Other Real Property Adi reneral Acct FF Add Atset Lisb F3 Alphabetios F4 Print Seth 300 041 51 aN 122430 20 510 0 11 AT 313288 00 343 725 00 350075 00 156 255 00 1100215 25 175 000 00 If you click Auto Corrections GEMS lists those corrections that it automatically makes You can add additional corrections or delete existing ones If you click Exclusions you can delete words from the dictionary For more information see 2 10 of the GEMAcct manual Click OK or type F9 to return to the Main Menu and account ree 3 06 Utilities Click Utilities on the menu b
42. tree 82 Chapter 6 Transactions 6 16 Editing Transactions from Main Menu 6 16 Editing Transactions from Main Menu You can also review transactions from the Main Menu Select option 4 Transactions Hie Uti Preferences Help di 1 General Inlomiaton 100 aih gra Hara i Benehcianes TM hochr Accardi 3 Fiducianes a DI Fea Haora Bank CPU ccce airi 41 011 51 4 Trensachons QED Wels Fei hehorg Aran 2 EDU LENT V3 Brokerage Checking Accounts Enter Transactone x QUI Charles Sichranb Bike ege Accoun ipea 5 Cash Transactiong aj MUT Fuckelty Brckoerage fusion tu aam E B Non Cash Tranzactang E Stocks 7 Distributions to Bess E aD 50 Common Stocks B Adjust Coming 3 Fair Market T 1 Transactions Print 2 Distiibutions 10 ational Fidaci J edoemetion Schedules 11 Business Repu 4 Capial Transactions 12 Miscellaneous DOR Gusd Cip Dark aed Trust OO SDL Conan sons Inc UES Ii kl IND Hemat Lom E DOT Bellpsurh Coen 1 3 30 0 ORO p O02 Fad Muta Conan P H HHI eros H UOS ugd Cip Bank ged Trust 137 00 QU TOSS DOC OX yug 324 510 00 1 0 050 OQ Tr xm M pres Em OD 1 m Repne 4 n Costo a E 011 Dusi Cip Bank and Trost 825 510 00 Account nuin NN I 012 Microsoft Tap 12 734 00 15 Femi 1041 Repe Dru Baiia rmeseted shares 5 5o Mess 200 on I Liilitins 155 Foreion Stock I Chack 165 Mus Funk DDI Franklin Income Fund L OG 827 55 I
43. 0 FAR 17V IE AM GIMS W Cap trant FAR 11 10 2003 27 AM GEMS w Cap trant Othes FAR 12 2010441PM GEMS Cap trae Spins FAR 114 2010343 PM GEMS Cp Traecl ete FAR 11 4 2110 4 79 PM GMS File Fak 12 5 2110 744 AM GEMS Panel AR Lae Alo I AM GEMS Genericlenpent FAR 121 220857AM GEMS F GilletsPublish ngL LC FAR 1 42011042AM GIMS 1154 2010 7 36 AM T umbo FAKE GEMS i k 2 03 Location of Data Files By default GEMS stores data files inside the GEMA cct folder on your hard drive as shown at the top of the window It is recommended that you create a new folder outside the GEMS program for your data files After you create that folder you can locate it from the Look In field at the top of the window Once you create and open a file from this new location GEMAcct will default to that folder the next time you create a file 2 04 Data File Names GEMAcct asks you to enter the file name to identify the accounting file Although the name does not have to be the same as the name of the trust or estate you should select a name that will permit you to easily identify the file GEMS automatically assigns a program file extension to the data file that associates the file with a specific program module Fiduciary accounting files have a FAR extension after the file name estate tax return files have a FET file extension and gift tax return files have a FGT file extension After you have entered the file name click Ope
44. 00 CD 25764 3044 with Ceniral Sinte Bank 2 99750 35 241 51 1215 2010 Payment to Stanley Lande and Coulter for atiomey fees 4 200 00 31 041 51 12 31 2010 Payment io executor for executor feas 10 000 00 21 041 51 002 Walls Fargo Checking Account 7 600 00 130 Brokerage Checking Accounts 001 Chartes Schwab Brokerage Account 39 85591 O02 Fidelity Brokerage Account 22 438 20 Stocks 150 Common Stocks UO Belsouth Corp 3 100 26 80 600 00 O02 Ferd Motor Company 2 500 18 5 46 250 00 O04 HNI Corporation 2 000 52 5 105 000 00 905 Quad City Bank and Trust Master 4 000 24 25 57 000 00 O06 SAC Communications Inc BJ 2575 520 600 00 009 IBM 1 500 8525 129 375 00 010 M amp roseft Corp B 70Q 224 194 880 00 O11 Quad City Bank and Trust 150 005 1 000 25 91 28 510 00 012 Quad City Bank and Trust 1 1 000 24 5 24 610 00 155 Foreign Sipcks 165 Mutual Funds not Frankin income Fund 18 199 B3 ATT 81 827 55 O02 Vanguard S amp P 500 index Fund 5 234 10 42 54 538 ZB O03 Transamerica Index Fund 17 048 B5 55 153 281 27 O04 Fidelity Contra Fund 1 423 4625 65 81375 O05 Fidelity Magellan Fund 3 123 6822 203 682 06 Close the print preview window to return to the Main Menu and account tree 5 25 Adjusting Carrying Values There are two ways to edit the acquisition values that you originally entered First if you have submitted the reports to the beneficiaries or the court or you otherwise want to track the changes to inventory values you shoul
45. 00 US Tersa 355 255 QU 210 Murau ord x DOT 20 000 Loser Finds Authority BH 113 258 QU x DEC 59 ODE Cubes Lao Bene Ubi Free 45 a Haro UTE S0 000 Wincor Heath Facility 500 100 15 350 575 00 OM 1100000 City of Wikon GD bond 1 1 000 10324 1103405 00 zA Capi Borki T E gm mm mH NE NN NE NNI 7 02 Distribution Descriptions GEMAcct requires you to describe the dispositive provisions of the trust or will This permits you to easily and consistently classify distributions In many situations a single description can apply to more than one distribution or beneficiary For example a description of the residuary bequest can pertain to all residuary beneficiaries GEMAcct permits you enter a list of various distribution descriptions and you can then reference the descriptions as you enter information relating to each specific distribution You can add descriptions by selecting option on the Distributions to Beneficiaries menu or while you are entering distributions Click option 1 on the Distributions to Beneficiaries menu to enter the descriptions GEMAcct displays the following 89 7 02 Edi 1 General Infermerean 2 Benehcanes 3 Fiducienies m DOT Piet Manso Bs Ha checking conn 4 Trensachons DEG telis Figs Crrscdarag ccnl 130 Brokerage Checking Accounts Delete Desorption ww QUE 20 UU Sed Fines Surent fe EE EGEL ODE Crus Lo Reeves Ub Fleur f UO SOLODU wieeonmm Health Facit O04 33100 000 City
46. 000 US Treasury ZH Muracpul Eras x DOT 20 000 Laer Fines Authority XI wi 1271 541 51 A ABI Sh X2 3244 01 25 241 51 3 1 51 200 5 Taw 14 200 0c 10 000 00 E em Fl 122 408 20 qal La HS 204 UU 1105 000 00 137 200 QU 1 70 ef orn 1123 3 5 DX 3124 000 00 125 31 0 QU ga eO o AT 365 827 55 Tadi 154 538 z Bu T5315 27 355 813 05 2070 88 06 Le ps2 W253 BH Adi reneral Acct F7 Add Atset Lush F3 Aphabenze F4 Print Note that the balance in the BellSouth account has been updated to reflect the revised unit value 5 26 Fair Market Values GEMAcct maintains two separate values for each asset An asset s acquisition value is the unifying element used to measure an account s starting and closing balances Although an asset s original acquisition value normally reflects its fair market value at the time of the trust s formation or the decedent s death the acquisition value is not adjusted during administration to reflect increases or decreases in the asset s fair market value To track and update the fair market values as of a specific valuation date select option 9 on the Main Menu GEMAcct displays the following window 5 Chapter 5 Inventories 5 26 Fair Market Values 1 General Intormabon 2 Benehoanes 3 Fiducanes 100151 4 Trensactions 4 Stocks m t AGI 6l Comman Stocks ard 2 b i15n O01 Bealisouth Corp 1231 2010 25 150 002 Fo
47. 0000 You can make any desired changes and then click Post or type F8 to post the revised distribution To change a proposed distribution to an actual distribution merely click the appropriate radio button in the upper left hand portion of the window and enter the correct date To delete the transaction click Delete or type F5 Click Cancel or type F9 to return to the selection window without changing the distribution and then type F9 to return to the Main Menu and account tree 7 08 Reordering Beneficiaries on Distributions Reports When printing the National Fiduciary Accounting principal and income distribution reports GEMAcct sorts all distributions as follows 1 GEMAcct separates distributions of principal and income 96 Chapter 7 Distributions 7 08 Reordering Beneficiaries on Distributions Reports 2 GEMAcct then sorts distributions by the beneficiary s relative position in the beneficiary table 3 GEMAcct then sorts distributions to the same beneficiary by the number corresponding to the distribution description and 4 GEMAcct then sorts all distributions to the same beneficiary that share the same description by date If a distribution does not have a description or beneficiary associated with it GEMA cct includes the distribution in a miscellaneous category There are two ways to change a beneficiary s relative location in the beneficiary table Select option 2 on the Main Menu to advance to the Beneficiarie
48. 14 and complete the screen as follows 86 tue Unites Preferences Help d 1 General Intormabon 2 Benehoanes 3 Fuduciemries 4 Trensactons Enter Tranzactans 5 Cash Trangactiong B Han Cash Tranzactang 7 Digtributions ta Baneficiarias B Adjust Garang salua Cash TOD Cith ior Harai TT CEescburag uccssunid i QN Fuse M sors Bene IC emen iocari TEL wells F eigo haeckarag Acotar V3 Beokerage Checking Accounts x DUI Chars Geha Dioketege Account X KL Fela Hrskoerage fusca Stocks Wa Corman Stocks a DOT Belloueh Coan 3 Fir Market values Print 10 Hintional Fiduciary Accouris 11 Business Repons 12 Miscellaneous ons 13 Custom Repons 14 Account leui 15 Bina Bein 16 Chock ty r Sj a Accion Inigain Parad Covered by inguin 110 Through 54 2011 h E rdiet EU rM 20 Existing Enting 21 Stee Modulos 22 Trarreection Filter Hide zero bal 200 Fedeial Noter and Bondr Ur 350 000 US Treasury ZH Muracqul Eras x OT UCD Lor Frane ethos IL 250 000 Casi Laie Bees Ub Pere UU 450 4000 wimeonm Heal Face OM 2100000 City ol Wikon D bond ZA L eipsorabe Bess r Friel remia nne T C PELIS Tr Print transaction units 11253 eod gast Ton 18 10324 Adi beraa Acct F4 Print Chapter 6 Transactions 6 17 Account Inquiries 1271 541 51 an 5912 41 122 A38 2 E 1 600 ORO 137 200 QU T105 OUO OO wey
49. 20 Eating Entitbos 21 Stene Modules 22 Tranrgecton Filter Hide zero bal M illl P ONEEGMALUL LLLULLIULULUuG T Inventory Ome M include if Zero E 7 T m Full Description UL 8129305 00 154 360 00 1253110 0 1514827 55 154 538 28 T1535 27 125 813 75 32522 412 Ub 113228 00 543 725 00 150 075 0 qyoh zh DU 100 215 35 x75 5n on GEMAcct always adds the new item after the existing items in that general classification assigning it the next available number The active questions depend on the general account classification You can use the Tab Shift Tab and Enter keys to advance through the fields 5 06 Initial Inventory Supplemental Inventory Notice that Initial Inventory is selected by default in the upper left corner of the window You will normally enter all assets as part of the initial inventory After filing the inventory the fiduciary may discover additional assets or may receive additional contributions to principal These assets should usually be included in a supplemental inventory Depending on your jurisdiction s 36 Chapter 5 Inventories 5 08 Include if Zero accounting requirements you may elect to include an asset as supplemental inventory in the following circumstances 1 Ifyou should have included the asset in the initial inventory and you have already filed your first accounting with the court 2 If by reason of litigation or otherwise an ent
50. 285 00 XE Care aas of ides DM 359 00 000 CT wath Pint National Bank 1100215 25 m O02 475000 CD wath Cantal State Dank 175 000 00 20 Dett Instruments I Bes Sii Pica E M Other Real Property Add Deria Acct If you indicate that the executor is a beneficiary you can enter the beneficiary number If you do not know the number click Zl to drop down the selection list Edi 1 General Inlemneban t Benehoanes 3 Faducieries 4 Transacci ns 7 Distributions to Banaficiaras Lawrence w Smith Liras iky ofl khaani Feratit B Adjust Carrying value 3 Foie Markel Values ee Frin 10 Hational Fiduciary Acca Raportis 11 Business Reports 12 Miscallananus is 13 Custom Repani 14 Account Inqui 15 For 10 eb Select Kathleen T Smith by highlighting her name and clicking Select Bene or by double clicking her name Her information populates the fiduciary window 29 Chapter 4 General Data Entry 4 04 Fiduciaries Edi 1 General Informmebor 100 Cath ce Hand 2 Berseliciemers E TM Checks Auer 3 Fiduciamnes aj DI Fut Horal Bank CN chang asoini 001 51 4 Trensachons 13 Brokerage Checking Accounts a DM Charter Schssb Diokerge Account Tus M Enter Transactons x DUZ Fidelty lirckerage Account Cash Transactions Stocks b Hon Cash Tranzactang TET 7 Distributions ta Banaficinrias B Adjust Garang salua 4 Fair Market Values Lu Yes C Mo l
51. 324 510 00 1 0 050 Uf Past 00 7S mm LOCI 525 510 00 12 734 QU Hii 11 327 55 154 538 28 g153261 27 165 813 78 POA yos oes D 113 20 OU g53 7725 DU yeu ou 3100485 00 At the top of the window you can elect to print the transaction numbers and check numbers on the report in addition to the other information You must then enter the period to be covered by the inquiry The last question requests the account for which you desire to perform the inquiry If you do not know the account number click or type F10 to access the inquiry screen After completing the data fields click Print or type F4 to display and print the account inquiry a da it me Page d q e B zespurw ACCOUNT INQUIRY Estate of John P Smith For Penod 5 1 2010 Through 5 4 2011 Account Tite Description 130 0040 Charles Schwab Brokerage Account Ending Balance 46 587 97 515 67 Accrued Interest Beginning Balance 5 1587 Accrued Interest 26 351 59 B1 2040 Semi annual interest payment on 50 000 Wisconsin Health Facility band 8 30 2010 Quarterty dividend on HMI Corporation 8 30 2010 Dividend on Vanguard S amp P 500 Fund 10 1 2010 Quarterty dividend on Bellsouth 10 1 2010 Quarterty dividend on Ford Motor Company 10 1 2010 Dividend on Transamerica Index Fund 10 15 2010 Interest on Franklin Income Fund T 31 2010 Interest on Charles Schwab money market account 10 31 2010 Cuarterty dividend on SBC Communications 11 30 2010 Interest on Cha
52. 5006 212500 28T5U ale of Sist of Quad Cay Bank and Trust 5 Han Cash Tranzacton 7 Digtributions to B B Adjust Cuming Y 3 Fnir Marke Val I Pit 10 Mational Fidacin 11 Business Repod 12 Miscellaneous A 13 Custom Repind 14 Account Intquing ess 15 Form 1 041 ui Unilities yp 16 Check ript 17 Bank Account Furconal TE crt 2888 18 G MTUE Genny 13 Impi FATE DOS Aci 20 Easting Entities 21 Stee Modules 22 Tranrgecton Filter Hide zero bel EEEE Eg s 28 As indicated at the bottom of the screen you can sort the transactions by item number or date You can also view each transaction by advancing to the desired transaction and clicking Show Transaction You are not permitted to edit the transaction from this screen Also remember that a lot sale may generate more than one entry in the above table In the right column GEMAcct displays whether the transaction is currently treated as short or long term You can make any desired changes If you subsequently edit the transaction GEMAcct reclassifies the transaction based on the default rules Click OK or type F9 to return to the Transactions menu and close that window to return to the Main Menu and account tree 6 17 Account Inquiries Option 14 on the Main Menu permits you to print or display an account s beginning balance and all transactions posted to that account during a selected period of time Select option
53. 7 B unt Eeconciliation D S Vanguard S UP SOC Des Fur 53 454 538 28 18 Gatiwey DUS T racc ea un T E g153251 27 13 Import FATE DOS Accounting 20 Existing Entis 21 Ste Modules Howe OO Fidelity Contes Fund t 165 813 75 O05 Fidelity Magellan Fur 1 PHA 2z Tramsmcuon Filter 00 Federal Motes and Bonds Hide zero bal GO PSS Tegau P5255 On ZH Muracqul Gores OO 20000 Lev Fina Authority 113 2 80 00 x DEL 2500000 Coches Ligue Bee Urbs Herma a 975 UU DOS Ya uwieeonmm Hear Fees Tan 1s eum p OM 2700000 City of Wikon D bond 10324 1103 405 00 ZA Capii Berke T Adi beraa Acct F4 Print Option 1 permits you to edit cash receipts cash disbursements and non cash transactions entered by selecting options 5 and 6 on the Main Menu It also permits you to edit adjustments to carrying values entered by selecting option 8 on the Main Menu Option 2 permits you to edit previously posted distributions of principal and income to the beneficiaries The third option permits you to identify transactions that appear on the Information Schedules part of the National Fiduciary Accounting reports See 5 26 of the GEMAcct manual The last option permits you to change the classification of short and long term transactions on the Schedule D Capital Gains and Losses report Transactions Option 1 on the Transactions menu permits you to edit cash receipts cash disbursements non cash transactions and adjustments to carrying values Select
54. 75 00 E 154 000 00 125 310 00 FALETI OI 46182255 1 154 Sa vo 153 281 27 465 13 75 200 002 06 455 265 00 115 286 00 5453 725 0 150 075 00 Nis 100 215 35 575 DOC Ot Nd Deria Acct F7 Add Asset Lisb F3 Alphabetize F4 Print You can elect to alphabetize all asset and liability accounts or only the common stocks in general account 150 In addition you can direct GEMAcct to alphabetize based on either the first character or the first letter in the short description GEMAcct reorders and renumbers the accounts based on their new relative positions GEMAcct also permits you to alphabetize accounts on the National Fiduciary Accounting reports if you prefer not to change their internal account numbers See 8 02 Click Cancel to return to the Main Menu and account tree without alphabetizing the accounts 54 5 30 Moving and Merging Accounts You can use GEMAcct s drag and drop feature on the account tree to move assets liabilities and income and expense accounts Accounts may be moved freely within the same account classification In other words a bank account can only be moved to a general account in the 100 149 range However GEMAcct does permit you to move a stock or bond account to any general account in the 150 249 range Moving Accounts 5 30 Chapter 5 Inventories Moving and Merging Accounts To move account 110 012 Quad City Bank and Trust left click on that account and while
55. 9 350 399 400 449 Account Classification Cash Stocks Bonds Certificates of Deposit and Notes Real Property Personal Property Other Assets Since the questions relating to particular assets differ depending on the type of asset each asset must be added to an account in the correct range For example if you are adding a security under common stocks you will see data fields for units unit value and CUSIP If you are entering data for a cash account those fields will be inactivate 35 5 05 Cash Accounts Chapter 5 Inventories 5 06 Initial Inventory Supplemental Inventory To inventory a cash account click on the appropriate account classification in the account tree or any item already added to that general account To add a checking account click on general account 110 Checking Accounts oY Fiduciary Accounting Pile Ublitws Preferences Help gdi 1 General Intormabon 2 Benehoanes 3 Faducieries 4 Trensachons Enter Transmctons 5 Cash Trangacticng 6 Han Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Cemying Value 4 Fair Market v nluas Prini 10 Hational Fiduciary Accourtima Reports 11 Business Repons 12 Miscellaneous ons 13 Custom Repris 14 Account Inqui E 15 Fom 04 Re T Utiliios e 16 Chock uf Y 17 6 unt Fonconciliation 18 Eg Gamay 13 impii FATE DICIS Accounting 20 Existing Entibos 21 Sies Modules 22 Tranection Filter Hide zer
56. Account E EE IU 14 cnt lnquiity k Cash Account Reconciliation Milone no Faris r 125 510 00 s AA Pa c s mer z 2794 00 15 Ferm 1 041 Report re Chroncogecal Cash Account Hecancistion t0 00 Statement of resterna is Fr i Collection of Accrued Deidends and 16 Chock Wig da k Accrued indorsed x 6127 55 17 Bapliz comn Paconclielion 7 Schedule D Capital Gains and Losses 154 538 28 18 GE MPIE Gabinwesy r pa 13 impii FATE DOS Accounting 1 5 813 75 20 Exerci Entities WWabanmask I 06 21 Slaw Modules 22 Trancecton Filter ide zero bal Print Business Report 434 s e E Lili Jj un eb ce DU 13 2208 QU 345 725 DIU Teu m Select All Cancel 1103485 00 To print all the reports click Select All Select All also selects all of the business in the right portion of the window You can also individually select the businesses and any of the following reports 1 Schedule of Assets and Liabilities This report lists business assets and liabilities and their acquisition and current fair market values 2 Income Statement This report shows business income and expenses 3 Trial Balance This report lists all transactions affecting any business account and the current balances in business accounts 4 Cash Receipts Journal This report summarizes receipts deposited in business bank accounts 5 Cash Disbursements Journal This report summarizes disbursements from business bank accounts 101
57. Acct automatically generates a disbursement of principal representing the amount of the principal payment on the debt For a full discussion see 4 34 of the GEMAcct manual Assume that the decedent had a 150 000 mortgage on the Muscatine County farm Click on general account 450 Mortgages and click Add Asset Liab or type F7 GEMAcct displays the following 46 Edi 1 General Intormeabon 2 Benehoanes 3 Fuducieries 4 Trensactions Enter Tranzactans 5 Cash Traneecions Edi 1 General Intormeabon 2 Benehoanes 3 Fuduciemes 4 Trensachons Enter Tranzactans 5 Cash Transactions Chapter 5 Inventories 5 24 Printing the Chart of Accounts 00 Federal Noter and Bonds n rh E Fem TO6 Schedule E Debts of Decedert Steet z Income Actou M d Full Description income Descmplion Fedai Motes and Bands Pipe eerie LIS j jay mal Supplemental Inventory D Commursty Property Acq Date Inhented Inventory ate M inchate il Zero a 7 Short Descnption Mortgage on Muscatine County farm cUsIP Mumberc Unzs I mmc With respect to the mortgage note the following l 2 3 It will be transferred to Schedule K Part 1 of Form 706 The mortgage has been associated with Willowbrook Farms Since liabilities do not generate income the Income Account and Income Description data fields are After you have finished close the active window to return to the Main
58. Amount 15 Check Wri E san eke accoa 1 Bank Account Pao 18 GEMIIE Gatmwemy 228 I ii 2828 1 GM B amo 537 000 00 13 impo FATE DOS Acl Oom of iain i O ZU Erir Entries Bold 21 Sene Modules 22 Tranrgechon Filter Fa ancl ide zero bal Eb x QUT RANDO Leer Finde Authority ud te dM 13 2208 QU x UL 35 DU Coss Lado Bene Ub Ferme XI q3 55 345 725 DX UU 50D wieeonmm Heath Fach DX Ts eus p O04 33100 000 City of wilkon D bond 1 1 000 10324 3100 485 00 zA L eipsorabe Bess Add Genes Asd F4 Print Seach The third data field in the middle portion of the window requests the amount of the distribution GEMAcct defaults this field to the asset s current balance If the asset is a stock or bond GEMAcct displays the current number of units in the Amount Distributed field and displays the acquisition value immediately to the right If the trust or estate distributed only a portion of the stock you should enter the correct number of units distributed In the Amount Distributed field enter 200 If you distribute an asset containing accrued income that has not yet been collected such as a stock account with an accrued dividend or a bond account with accrued interest GEMA cct requests the amount of accrued income distributed GEMAcct defaults this field to the accrued income balance in the account as of the date of the distribution If the entity distributed only a portion of the accrued incom
59. BO Dividends from Charles Schwab B10 Interest E20 Tax Exempt Interesi 830 Rantal Income B40 Other incinme B5 Gains Allozabla to Income BED Losses Allacable t Income Chapter 6 Transactions Collection of Accrued Income Since gain on the sale of a principal asset is normally allocated to principal you should select an account in the Receipts of Principal range 600 699 Furthermore if you select an account in the principal gain loss range by default 600 619 the sale will appear on the Gains and Losses on Sales and Other Dispositions report and on the Schedule D Capital Gains and Losses report You identify the capital gain loss range in the General Information program division See 4 02 Enter account 600 as the Gain Loss Account indicating that it is a capital gain allocable to principal When GEMAcct returns to the transaction screen enter an appropriate description Fue Unies d 1 General Intormeabon 2 Benehoanes 3 Fiducanes 4 Trensachons Enter Tranzactans 5 Cash Transactions 5 Han Cash Tranzactar Distributions to Banatic imr B Adjust Carang salua 3 Fnir Market values Fint f Hacpl Dhiura CachiAccount Asset Sold Portion Sold Transaction Type 7 Sala Collactian of Asset 130 001 Chares Schwab Brokerage Account S011 10 150 00 150 002 Ford Motor Company S00 3 250 00 ena 10 National Fiduciary Acs GarvLoss Account E00 Gains Allocabla
60. CUSIP B Adjust Garang Value Humber of Uns 3 Fair Market values Unit Value Print Acquisition Value 10 Hintianal Fiduciary Aci 11 Business Reports e E 3 Motes and Cath 12 Miscellaneous Rapai m o eh 13 Cust m Repos 5 a 14 Accountlnquigg c Consoldation Acct TO TO O 1 7 15 Far 1041 Reper Income Accom x Wilii 7 i Full Description 16 Check Sioi V Bank Account Fuoco 18 GEMPIB Gaterwey 13 Import FATE DOS Ag 20 Easting Ents 21 Slat Moduli 22 Trancecton Filter ide zero bal Long Hus Unis Accrued Income income Descnplion FTO Maere PTP FT Sed tem Qe FS Exi Add Genia Acct F7 Add Ascet Lisb F3 Akhabetise FA Print Daath If an item represents community property you generally would only inventory the decedent s ownership interest or one half As a result selecting Community Property does not affect the inventory value or the accounting However if you subsequently transfer the asset to GEM706 GEMS doubles its value and by subtracting out the surviving spouse s interest on the appropriate schedule reaches the same inventory value entered in GEMAcct Assume that the bank account does not represent community property and leave the Community Property box unchecked 5 08 Include if Zero If an account balance is zero GEMAcct assumes that the entity no longer owns the asset or liability If you check Include if Zero at the top of the window GEMA
61. Coates Laue herrea Ursa Herm UI 5r Sy ies Heal Fri DOM 43100 0000 City of won GO bond 1 ZA Capiti Berle Delete Desenptesn When you are done click or type F9 to close the active window 7 03 Distributions of Specific Accounts Chapter 7 Distributions Distributions of Specific Accounts Wi 1271 041 51 Sa EIU DX AES 4 x S ZU LI EO 2 Od XI a qag 775 DX Suu 100 15 gu nns m 1 000 103 24 1103 45 00 Seach Option 2 on the Distributions to Beneficiaries menu permits you to enter distributions of cash or specific assets You can also use this option to distribute a single asset to a beneficiary in satisfaction of a pecuniary bequest based on that asset s fair market value at the time of distribution If you are distributing more than one asset to satisfy a pecuniary bequest you should select option 3 in the Distributions to Beneficiaries selection window Assume that Mary has agreed to accept 200ss of Ford Motor in satisfaction of a 10 000 distribution Select option 2 and GEMAcct displays the following n Fiduciary Accounting Estate of John P th Hle Unites Preferences Hele Edi 1 General Intormabon 2 Benehcanes 3 Fuducieres 4 Transacci ns Enter Transactans 5 Cash Transactions B Han Cash Traneactor Cash TOD Cith ors Harai TT Chahra Acura a DEI Fact M toed Banks Pa thee tani TEL weis F eig
62. EMAcct combines the number of units in both accounts and computes a revised average unit value Click cancel to return to the Main Menu and account tree without moving or merging the accounts Creating Master and Subsidiary Accounts You can also create a master and subsidiary account relationship on the account tree Left click on the intended subsidiary account account 150 011 and while continuing to depress the mouse button drag the account to the master account account 150 005 GEMAcct displays the following 56 Chapter 5 Inventories 5 31 Existing Entities Edi 1 General Infermeton x 2 Benehoanes E Shki 3 Fiducanes 150 Common Stock 4 Trensactons OEM Bobot Comp Enter Tranzactans a en peel 5 Cash Traneectons WE Dumi Carp Bleek al Tiit 5 Hon Cash Traneectone IE Gus Cale Bank ard Trust 7 Digtributions ta Baneficiarias B Adjust Camying Value a hs J Foo Market Values iren on pim nae 250000 Pees Hi ii m a mt 10 National Fiducimry Accourtimm Reports 11 Business Reports 110755 C Mine la neu location baiam 53 por Fe CEDE En soa i 4851175 15 Fm 1041 Re ie Select target item en master account Ulins gt 16 Check Wf Ont 50 000 45526500 1B ili i ag i ULE 20 5 315 288 00 13 GR s OX S000 T T parai 450 075 00 3100 485 DO 12 Miscellaneous ns N2 Va ua M ica seca r DS Traean 7 Mowe t new ication ater Os ee r 4153 281 27 20 Bond uia
63. EMS GEM GEMS Select Copy and then place the cursor at the end of your file list right click again and select Paste to create a copy of the file in the same folder You can also click 71 to the right of the Look In field to drop down the selection list and navigate to a different folder following general Windows conventions 2 07 Editing File Names To edit a name after you have created the file right click on a file name and select Rename 10 Chapter 2 Creating and Accessing Data Files 2 07 Editing File Names GIllettPublishing com Date modified d 1 J05 200 1 14 PM GEMS T Arnet hening FAR 4 25 2006 2 36 PM GEMS B OATXEAR 1 21 4331 238PM GEMS ATS Tes DIOFAR 110 0011 110 AM GEMS f Cap tran FAR 11 00 20002 27 AM GEMS Cap trant Othes FAR 12 200441PM GIMS Cap tran Split FAR 114 2000343 PM GEMS 79 Cap drei es FAR 11442010478 PM GEMS Fie FAR 12 4 2010 73d AM GEMIS Panel PAR Lae A0 14 OM GEMS S Genericlmpen FAR 114 20108 AM GEMS GillettPublishingLLC FAR 2 2011042 AM GIMS imwon FAR i 114 2000736 AM GEMS 7 Fle rame ucc Bester Cb FAR Reade rem rj Cancel As you enter the new name you must leave FAR extension in place Type Enter or click anywhere on the screen to save the changes 11 Chapter 3 Data Input Menus and Options 3 01 Introduction This chapter describes basic input procedures a
64. O K27538255 5 with First Mational Bank 20 Existing Enting 21 Stene Modules 22 Tramection Filter Hide zero bal GEMAcct defaults both the income account and the transaction description with the information entered when you initially inventoried the certificate of deposit See 5 17 You can make any desired changes In the Portion Collected data field GEMA cct displays the amount of interest inventoried with the underlying asset that is still uncollected This balance is also displayed in the right portion of the window Normally this is the correct amount although you can reduce it if the full amount was not collected The excess of the deposit over the Portion Collected 194 65 in this example will be treated as income earned during administration and will be posted to account 810 Interest Click Post or type F8 to post the transaction 6 06 Lot Sale The fourth type of cash receipt involves a lot sale As discussed in 5 16 you can create a master and subsidiary relationship between two or more accounts This 1s particularly useful when you have shares of stock with different carrying values In this example you inventoried 4 000ss of Quad City Bank and Trust at 24 25 per share and in January 2011 you purchased an additional 1 000ss at 25 91 per share Later in June the estate sold 500ss for 30 per share Select Transaction Type 4 Lot Sale and GEMAcct displays the following 67 Chapter 6 Transactions 6 06
65. OS Accounting 20 Existing Entibos 21 Biase Modules 22 Tramection Filter Hide zero ball IETE Chaka Schianh Bink ene ecm a D Fidelity Brokerage Account tlk s 155 Foreign Socks 165 Muba Funds OO Franklin nesme Fund D L Waren SP SOD des Fur OD Tiare rera Farid OO Fidelity Contes Fund CES Fidelity Magellan Fur Bond 200 Peder Notes and Bonds Ur 350 000 US Treasury ZH Muracqul Eras x QUT 230000 Lov Frane Authority x ULP UD Ces Lon Bene Ub Fred 2 US PS 0 av meonrmm Heal Fandi OM 3 300 000 City of Wikon GD bond zA Caina Berads XI Bond Muhas Funds Deb beirut 290 Lerhicabes of De DOT 300 000 CO with Frit National Dank ur 75 000 00 var Central State Bank 290 Debi Inzfnumerni y esky AU Peace 3n Other Pinal Property DEN SA ees batt behead on Mori Lourndhy Verve UC 1513 nere Fam lecabed im Cedar County Ines DOI 240 gore ban ini Humare County bows Prior Piciga 750 Houpehokd Good b Funnishings UIT Miscellaneous household harira Gh Mri Petona Propesty afr 161 827 55 154 538 28 au gaama ES nam B5 22 PAL D E qos oes D 13 20 QU 185 7725 00 5n ars og 3100 485 00 100 215 25 75 000 00 31 258 DIUI DT T 20 000 OU 1 050 000 00 15 000 OU T12400000 GEMAcct has hidden the individual common stocks Click to the left of general account 150 to redisplay the stocks 5 29 Alphabetizing Accounts GEMAcct also gives you the option of alphabetizing a
66. SSSESESEES Cain on the sale of 1 0033 of Bell South Rog sae S This 1s the sale transaction that we previously posted You can make any necessary changes To post the changes click Post or type FS Return to the Main Menu and account tree without posting the transaction by clicking Cancel or typing F9 Transaction Filter To limit the transactions that appear on the account tree select option 22 on the Main Menu to enter a filter 9f Fiduciary Accounting Estate of John P Smith Kile Unies Preferences Heg Erdi 1 General Informabon 2 Benehcanes 3 Faducieres 4 Trensachons Enter Transactams 5 Cash Trangacticng 6 Non Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Garang Value Cash TO Cath ears nd TT Chachra uersu i x QT Fut M sous Aen IC crimen itai TEL edis F ae es harbor Acron 130 Brokerage Checking Accounts DUI Chats Schwab lioet epe Mccourd X Ur Fesi Frclojrae iori Stocks 150 Corman Stock z D Belou Cp bathe 3 Fair Market values lw 321041 51 Tan 15353241 4122 438 70 A nin On 8080000 Xr DUO Or Prini 10 Hational Fiduciary Accourtimg Reports 11 Business Repons j 12 Miscellaneous 105 000 00 l 484 A75 O0 124 610 00 ALE EXI 129 378 00 4124 800 00 425 910 00 T2754 00 san on Lime displayed transactions to the following dates Through arte 13 Cust m Fieports 14 Acc
67. T rat 12200 Quarterly dreidend on SEC Communscationr TASUD duiiie erexferud ori BL Derriere ri 12200 Quarterly deii on SC Coma sont ETIO Quarterly dividend on Ford Motor Company KAD Douche cowie ors Fond Mater Laeger ETOO Quartedy dider cn Fond Motor Company S300 Interest on Franklin Income Fund FADD Lote oon Finder brc Puraj 12 724 QU Hii dd te SS 154 538 25 p151251 27 155 813 78 3200 682 Do y55 255 UU 13 20 QU 345 7 DIU yours og 4100 485 0 To help you locate the desired transaction you can sort the transactions either by date or by transaction number Each transaction is assigned a number that represents the order in which you entered the transactions 83 6 16 Chapter 6 Transactions Editing Transactions from Main Menu You can also limit the transactions which appear on the above screen Click Filter Transactions in the lower right portion of the window and GEMAcct displays the following AIF Fiduciary Accounting Estee of John P Senith File Unites Preferences Arig Edi 1 General Informabon 2 Berehcanes 3 Feducenes 4 Trengachons Enter Transactans 5 Cash TrangBctiong 10 Hatianal Fidacir im nu ipts Foeceipt of Income Sale Collecbon of Asset Collection of Accrued income ipis Lot Sala Other Cath Disbursements Payment of Expense Cath Cisbasements Payment of Liability Key words nr phrases Enter nne key word or phrase par line Case sentire search F
68. achons Supplemental Inventory Comenunky Property Acq Date inherited Enter Transactans Inventory Date include if Zero Li 5 E aT mcum 51 060 000 00 Fom T06 Schedule A Restuse x p 2 Willowteook Farms Income Account 19 Renta op 3 Full Description 240 acre tarm in Muscatime County Iowa Eg cacy 13 impit FATE DOS Ac 20 Existing E ntis 21 tete Modules NI pone Annual rant recesed on Muscatine County farm With respect to the farm note the following l The Farm has been associated with the business Willowbrook Farms 45 Chapter 5 Inventories 5 23 Liabilities 2 GEMAcct has defaulted the income account to 830 Rental Income After you have finished close the active window to return to the Main Menu and account tree File Liis Preferences Help Edi Cons Hus M Uni val ace 1 General Infomnerbari ca xd Corm 3 2 pate j 2 Benehcianes x Ul Qusd Cty Dank ard Truit 150 005 a 425 5000 3 Fedecenes O13 Dua Carp Blank anii True f 25 124 510 06 4 Trendachons 155 Foreign Stocks Enter Transactans DOT Franklin Incar Fund reri 51 827 55 1 Cash Transactions DOCE V aigu S UP GOD des Fur 5123 2 154 538 28 b Han Cash T ransmctang TELS T harrier Dewi Furl r O B 153 251 27 7 Distributions to Baneficianas 14 Fidelity Contes Fund E E 2 5 01375 B Adjust Carrying Walue DIS Fidelity Magellan Fund IX 2 PAR D 9 Fair Market Values i Conds io 200 Federal Hoe and Bond Pr
69. air Markei Values frin 10 Mational Fiducimny Acc 11 Business Reports 12 Miscellaneous Rapar 13 Custom Repons S773 14 Account lnquigy C 15 Farm 1041 Rep bte lilt 16 Chock With 17 Blank Accdunt Roconci 18 GEMP E Gatewmy 13 impi FATE DOS Aci HE 288288 28 miu 21 Stew Modules 20 Eerste Entities J 22 Transecton Filter n 5 888 8 F Recall Pr Miemonze Fo Cancel Add General Acct F7 Add Asset Lisb F3 Alphabetios F4 Print Seach To view the Transaction Type options click 7l or type F10 59 File Utlitses Preferences Help Eda 1 Gusmirel Irdometion 2 Hana ciias 3 Fiducianas 4 Transactions Enter Transactons amp Cash Transactions 6 Han Cash Transactionz 7 Distributors to Beneficial e 8 Adjust Canning Value 8 Fiir Marka valuas Print 10 Matona Fiduciery Acco 11 Business Poppet 17 Miscellaneous Fasports 13 Custom Fiaparis 14 Account Ingay i Utilities 15 Chack Writi 16 GEM7UE G 17 Import FA SOC 13 Simie 70 Form 1041 Gaiewsy 21 Toit Filter zem bal Cath 100 Caah on Hand TID Checking Accounts er TX Brokerage Checking Accounts ODN heirs Sifra Bile igen Puccini ODD Fade Biia cun Tiareschon Type 1 mim ein ae O Dhsburnemeni Cash fucbouni 1 Hec e of Incomelmeipal 1 nate Amauri Producing Asset 2 Sale Colle
70. alues Prini 14 Account lequi 15 Form 1041 Complete this screen as follows 75 Chapter 6 Transactions 6 10 Acquisition of Asset 1 General Intormabon 2 Benehoanes 3 Fuducieries 4 Trensactons Enter Tranzactans DEM cE A Ffin 10 Hintianal Fiducimny 4c Vi Elea ri oii coe 13 Import FATE DOS Ag 20 Existing Enting 21 Biase Modules Because you are purchasing the asset the Number of Units and Unit Value fields are inactive You will enter this information when you return to the transaction window To consolidate this account enter the existing Microsoft account number in the Consolidation Acct data field If you do not know the number click 7 or type F10 to perform an inquiry It is not necessary to complete the Income Account and Income Description data fields since this information has been entered for the master account When you are done click OK or type F9 to return to the transaction screen which you should complete as follows 1 General Intormeabon 2 Benehoanes 3 Fuduciemes 4 Trensachons Enter Tranzactans 5 Cash Transactions B Han Cash Tranzactor 3TTETT 7 Distributions in Banefid 5400 B Adjust Carrying Value 9 3 Fnir Marked Values Print 10 Matonal Fiduciary Acc 11 Business Repons Purchase of 10033 of Miucrasclt Corp GEMAcct computes the unit value by dividing the purchase price by the number of shares Enter the values
71. am Report 14 Account Ingqui 15 Form 1041 Utilitios 16 Check Wis ura Poneonciliatian E Eg Gamay 13 impii FATE DICIS Accounting 20 Existing Entitbos 21 Stew Moduli ipts Receipt of income Sale Collecbon of Asset Collection of Accrued income ipis Lot Sala s Cher Cath Disbursements Payment of Expense Cath Disbursements Payment of Liability Case sensi search F OK To apply the filter click OK or type F9 84 3210041 51 32 EDO OI 3592 41 322438 20 E Ao 237 000 00 105 Cr Ox guam 324 510 00 220 600 00 125 375 I 325 3 n og 32 734 QU aih d dil 327 55 354 538 28 5125127 165 813 78 ZOLL EE Of 355 265 00 1153 2 00 343 725 350 075 00 03 405 on Chapter 6 Transactions 6 16 Editing Transactions from Main Menu Fue Utiles Eru di 1 General Intormabon 2 Benehoanes 3 3 Feducenies 331541 51 4 Trensactions 2 Eni or pm diosa Enter Transmceans TAS leet G00 Seder on Gund Cap iak and Tru 359532 41 5 Cash Transactions lecpt 322438 20 E B Han Cash Tranzactans Distributions ta B7 Ano 1237000 00 got Dor rd gem 324510 00 520 500 00 12 Miscellaneous R E 13 Custom Reports 14 Account ingui p 15 Form 1041 200 00 Usilities 16 Check 17 6 unt Penconciliation a 154 538 28 l Eg Gamay p527 13 impii FATE DOS Accounting 355 813 78 20 Ex
72. and report You can subsequently indicate that the trust or estate has actually made the proposed distribution by editing the distribution checking the Actual radio button entering the date of the actual distribution and posting the change Since you are entering an actual distribution leave the Actual radio button checked 9 Chapter 7 Distributions 7 03 Distributions of Specific Accounts GEMAcct also asks in the upper portion of the window whether it is a distribution of principal or income Principal distributions reduce the principal balance on hand and income distributions reduce the income balance In addition GEMAcct lists principal and income distributions on different schedules You must carefully classify each distribution Leave the radio button in the default selection for a Principal distribution The last check box in the top portion of the window requests whether the trust or estate is distributing the asset in satisfaction of a pecuniary bequest If you check this box GEMAcct activates additional questions in the lower portion of the window You should only check this box if the estate 1s distributing an asset to satisfy a pecuniary bequest or if for some other reason you want to report gain or loss on the distribution This check box is active only if you are distributing a noncash asset Since GEMA cct defaults the Account Distributed to the estate s first cash account the Pecuniary Bequest check box is currently inactive T
73. ans 5 Cash Trangacticng 5 Han Cash Tranzamctang 7 Digtributions ta Banaficiarias B Adjust Cemnying Value 3 Fair Market Values Chal F L 1 10 Mational Fiduciary Accou 11 Business Reports 12 Miscallanaaus Figparts 13 Custam Fiepaie M I4 Azemar kiui 15 Fem 1041 Report Usilits y 16 Check Writing v 17 Bank Account Forconcilistion 13 G MPIE Gatima 13 Import FATE DOS Accouriim i 20 Existina Entitos 21 Sene Modules 22 Tramection Filter Hide zero bal Penod Covered by Reports EII2010 Through Account Mange for Trial Balance Bae 100 Then sgh uus Benelicianes 2 M Chart of Accounts T Schedule of Assets and Liabditees income Statement Thal Balance Cash Receipts Jounal M Cash Disbursements Jounal I Man GCash Transactions Jaurnal Cash Account Reconciliation Chrenological Cash Account ecanciation Stabement of Irvestments m Collection of Accrued Omdends and Ated kiate Schedule D Capital Gains and Losses D Consolidated Account Balances Extra lines at top of page Print transaction numbers Fant check numbers Pont tansachon unis Wabermark Report Footer Select All GEMaAcct permits you to print the following miscellaneous reports 1271 041 51 Sa EIU EXT 153512 41 T22 A8 i E 1 600 OO 123 200 QU T1065 DOO OX peux p 324 510 00 12 400 QU T1753 35500 FI Sal 325500 00 12 724 QU 1200 00 151 927 55 154 5
74. ant to enter an actual tab in the word processor you must type CTRL Tab 5 19 Income Description GEMAcct permits you to assign an income description to each asset If you enter a transaction representing the receipt of income and the producing asset s account number GEMAcct defaults the transaction description to that asset s income description Since this is an interest bearing account enter the following income description 41 di 1 General Intormeabon 2 Benehoanes 3 Fosducituies 4 Trensactions py broil F Supplemental Inventory Community Properly Acq Date inherited Inventory pa END inctuse if Zero a C Accrued noame Form T06 Schedule C Mortgages Notes and Canh 2 Business Note Value includes interest accrued as of the decedants death Iri arast on Valls Fargo chacking account Fiir Flew Cancel i Chapter 5 Inventories 5 20 Stocks When you have finished entering the income description click OK or type F9 to return to the Main Menu and account tree GEMAcct will display the new account 5 20 Stocks To inventory a stock first click on the appropriate account classification in the account tree or any item already added to that general account To add the first stock click on general account 150 Common Stock and click Add Asset Liab or type F7 GEMAcct displays the following Edi 1 General Inlemneban Benehciames 3 Fa
75. apter 4 General Data Entry ash V Carth iri Hara Mary L Ent Sutan T seite Lawrence W amit Lirimet ol EI babere F ureters Mary L Sonst Mantel Trust Eithin T Smith 7004 Shady Lane Hame Address City Musicale Taxpayer ID 11143 1234 Spouse C Yes Ne Relabonshap Cousin State lA Tip 52761 1271 041 51 133 565 0 122430 20 450 500 00 3445 250 O0 3105000 Gd 337 EXC Or Feu OU 1123375 04 3124 1000 QU 125 30 fd 3651 127 55 154 220 al 3153 2751 77 geh 513 Ph 200 882 06 915 758 D 143 725 00 350 05 O0 155 2505 O0 1100215 25 75 00 QU 4 04 Fiduciaries To add another beneficiary click Add or type F7 Assuming that this is the last beneficiary click OK or type F9 to return to the selection window New beneficiaries are always added at the end of the list To delete a beneficiary highlight that beneficiary in the selection window and click Delete Bene at the bottom of the window Note you cannot delete a beneficiary if the trust or estate has already made a distribution to that beneficiary Deleting a beneficiary does not affect the other beneficiary numbers Beneficiaries appear on the distribution reports in the order in which you enter them There are two ways to change a beneficiary s location in the table You can left click on a beneficiary s name and while continuing to depress the mouse button drag the beneficiary to its new location GEMA cct inserts the beneficiary before the locati
76. ar and GEMAcct displays several options 18 fiduciary Acco Enbez Echt Maeres Edit Stanclaed Chart of Account EVE Pricing Interface Year End Closing Import FPS Accounting Import Quicken Assets Impert Quicken Tranecactieen yi Test File Import 11 Business Reports 12 Miscellaneous s 13 Custam Reports 14 Account lnqui 15 Form 1041 Rel Vilis 16 Check Edit Enter Macros Chapter 3 Data Input Menus and Options EST Chachra Ancara mj HE Feen Maaral Fan CT checa aciut 30 Brokerage Checking Accounts pe DOT Charles Schwab Dick erege Account 5 DOD Fidelity Drokersge Account E Shocks 150 Common Shocks E D Belicuth Conn DOZ Ferd Meter Companys x UM HH Corporatun TEES Desa Cabe Bas eai Tru DOE S BI Commurse sion Inc Dra qnd 010 Hierasolt Carp 5 UTI Duos Cabe ne an Tru 1865 Muba Fundt DN Franklin Income Fund DIZ Vanguard 5 BP 500 Ides Fur DES T Lon rien Fa IH Fidelity Contes Fund OUS Fidelity Magellan Fund E Band E Zu Bonds fe DTE EA Denn Free Poil buco fe DOZ 450 000 Corte Laos Bea Urban Farsal e DO L wienn Health Facility OM 350 000 US Teese f Debt lratrumenitz 250 Cathie of D isceodit Dirt 459 00 000 CT wath Firat ational Bank 1100215 05 m DO 75 000 CD vat Contra State Dank 375 000 00 0 Debt Instruments H Resy Sii Pucca E S10 Other Foal Properly Adi General Acct FF Add Atset Lisb F3 Alphabetios 3 06 Utilities The macro feature is a wor
77. as of the decedent s Fin EH death 10 Hintianal Fidacimny Aci 11 Business Repons HESSEERE 13 Custom Repos 14 Accoun Inmui 15 Ferm 1041 oii coe 18 Import FATE DS Au 20 Existing E ntitbos 21 Biase Modules 22 Transaction Filter Hide zero bal maus EELEE For a full discussion of the features see 2 09 2 17 of the GEMAcct manual Close the word processor window to return to the inventory window Kile Unies Preferences Heg 1 General Informeabon 2 Benehcanes 3 Faducieries d Trensachions p ial Supplemental Inventory Comenunty Properly Acq Date inherited Enter Transactans M Inventory Date Ineluda if Zera i 70 5 Cash Trangnctiong amp Non Cash Transnc ad Short Description Wells Farge Checking Account 7 Digtributions ta Bane B Adjust Carrying valu 3 Fir Market values Prini 10 National Fiduciary Ac n Business Reports Ferm TOS Schedule c E Mortgages Motes and Cah 12 Miscellananus Rapo ike T 14 Account Inqui Consolidation Acet ew 15 Fom 10 Re incomeAccom BlO nteest i Full Description Wells Fargo Checking Account 81433 4385 PAN Note Value includes interest accrued as of the decedent s ad death 13 Import FATE DOS Ag 20 Existing Enteng d Siete Modules Note that GEMAcct has inserted the revised description into the Full Description box Advance into the Income Description box by typing Tab If w
78. at account to the target account the account you desire to remain on the account tree When you release the left mouse button GEMAccet displays the following 55 Hle Unies Preferences Hele Eru di 1 General Intormabon 2 Benehoanes 3 Fuduciemries 4 Trensactons Enter Tranzactans 5 Cash Transactions B Han Cash Trantectone 7 Distributions ta Banaficinrias B Adjust Garang salua J Fair Market values Frint a 10 National Fiduciary Accouriim Reports 11 Business Reports j 12 Miscellananus Papiars 13 Custom Reports i 14 Ageman Inquing 15 Form 1041 M Utilities 16 Check Wf ty 17 Blank Account Fonconciliation 18 Eg cacy 13 Import FATE DOS Accounting 20 Existing Enting 21 Bisse Modules 22 Trarreection Filter Hide zero bal 5 30 III Chaka Sehanh Bink euge Arcor a D Fidelity Brokerage Account lick s 150 Common Stock EIE Belin Leia O02 Fond Motor Compare w M HH Cameraben fies Dusi Cap Bank nid Trott EE uz Lady Bank aud Tut OO SBC Communscahions Ine OOS da 10 Microsoft Cara PMc io new location beiun C7 Mire to nay location ster r Select target ban aq marber account Lu jo ee x EL X32 ORI 002 450 000 Wisconsin Hes DOM 100 000 City of wien GD bod 7A Laponie Honds 270 Bond Mutual Funds Debt riiai 75 Catia of D g QO 300 000 CO vath Frit Hator lank UL 75 000 CD vats Denial Slate Bak soU Distt neta
79. atically completed the corresponding debits and credits by debiting increasing the balance in each asset account and crediting increasing account 500 Inventory account 5 23 Liabilities You should generally inventory the decedent s liabilities in accounts 450 499 GEMAcct provides two options with respect to generating the National Fiduciary Accounting reports You can elect to include or exclude the inventoried liabilities on the Receipts of Principal and Principal Balance on Hand reports See 8 02 When the fiduciary pays liabilities included in the initial inventory you will credit reduce the bank account from which the liability was paid and debit reduce the liability account You should enter this transaction as a Cash Disbursement Payment of Liability See 6 09 If you elect to have inventoried liabilities appear on the Receipts of Principal and Principal Balance on Hand reports the National Fiduciary Accounting reports automatically remain in balance The reduction in the principal resulting from the reduced value of the cash account is offset by the reduction in the liability leaving the principal account unchanged However the result is different if you elect not to list the liabilities on the Receipts of Principal and Principal Balance on Hand reports The cash account will be reduced but since the liability does not appear on the reports the cash reduction is not offset by a reduction in the liability In this case GEM
80. butions Reports Cash mE 1 THAM1 Actus Prod Hy rrr ee o c M P nm 540 00 Charitable git made puriumnt bo Article 5 of the will F161 Prcurasy hqaesls make garnet hodak d ol Bei 2 124 200 Actus Principal Univatcty of Oklahoma Fon 3 SVAN Actual mepi Loeweren Ww Sarath e 100 Cash on Hand TiO Checking Accounts 130 Brokerage Checking amp ccountr 000 Chains Seen Brokerage ccu e COG Febo Bigkver age Accord Shockoy E 190 Common Stocks You can sort the distributions by distribution number date or beneficiary If you sort the distributions by beneficiary a distribution to more than one beneficiary is listed under the first beneficiary Double click the distribution to Mary and GEMAcct displays the transaction Edd 1 General Informeabon 2 Benehoanes 3 Fiducanes 4 Transacci ns Enter Tranzactans 5 Cash Trangacticng MORE Accourt Distributed 20 Existing Entons 21 Siete Modules gi Accruedincome gM Check Ma Beneboary A Bequest Amount M Gain Lass Account RU aay 13 ImpalfFATE DOS Acc Amaunt af Gain Logs Diesenpbon 7 dracone 4 2011 150 002 Ford Motor Campar 200 1700 00 mme 1 aryl Smm 10 000 00 600 Gems Allocable to Principal Cap sibransachon C Allocated to pencipal C Allocated to income 36 300 00 F Pecuniary bequest made purguantio Aricia 4 of fe will x 2000 1 600 137 000 00 23113
81. by displaying 12 000 in red After you enter an appropriate description click Post or type F8 to post the transaction When a blank transaction screen appears click Cancel or type F9 to return to the Main Menu and account tree 6 14 Editing Transactions GEMAcct provides two convenient ways to edit transactions that you have already posted You can access transactions from the account tree and from option 4 on the Main Menu If you edit a transaction that changes an asset s carrying value and if you already have entered subsequent transactions that affect that account s balance GEMAcct prompts you to review those transactions to make necessary changes If you review the transactions GEMAcct proceeds chronologically through subsequent transactions that you have already posted to the account For a full discussion see 5 25 above and 5 06 and 5 27 of the GEMAcct manual 6 15 Editing Transactions from Account Tree You can access most transaction directly from the account tree If an account has transactions posted to it GEMAcct displays directly to the left of the account name To access the transactions posted to an account click H or highlight the account name and press the key Click directly to the left of account 150 001 BellSouth GEMAcct displays the following kW Fiduciary Accounting E File Liers Prneeremees Hep Eda 1 General Intomebor 2 Banehiciamers 3 Peivoenes 4 Transactions E
82. by entering their respective numbers Click Add Bene at the bottom of the window to enter another beneficiary and GEMAcct displays the following Edi 1 General Informeabon 2 Benehcanes 3 Fiducanes 4 Trengachons Suan T Seat Liremnersce w Smith Liraya il blahiores Fourdoor 7 Digtributions ta Beneficiaries Man L Sos Mansi Trust B Adjust Carrying Value 3 Fair Market Values i Pii i 10 Hintianal Fiduciary Acco Reports 11 Business Repons 12 Miscellanegus E 13 Custom Reports 14 Aceari irigui 15 For Lo F mstnig Entities EM Genes 18 Imp FATE DICIS Accounting You must enter the beneficiary s name before you can advance to the other data fields Enter Kathleen T Smith and the other identifying information All of the questions are self explanatory The data entry will look as follows 27 Hie Uti Preferences Help di 1 General Intormabon 2 Benehoanes 3 Fuduciemries 4 Trensactons Enter Tranzactans 5 Cash Traneecions B Han Cash Tranzactang 7 Digtributions ta Baneficiarias B Adjust Garang salua J Fair Market values me Print 10 Matonal Fiduciary Accouris 11 Business Repons 12 Miscellaneous ons 13 Custom Repons 14 Account leui 15 Bina oe 16 Chock Mihi ty h E ca Reports EU oe MN 20 Existing Enting 21 Stee Modulos 22 Transecton Filter Hide zero bal Ch
83. cbon of Asset TED 3 Collection of Accrued Income 2212011 T bet See 5 Other 7 Capital transaction UC Alocatad to pnneipal C Algocsted to income Chapter 6 Transactions 6 03 Receipt of Income fuk Danara Hort FE udi Pocos Lash F3 Alpin NENNEN Bi GEMAcct has predefined the first four transaction types Receipt of Income Principal Sale Collection of Asset Collection of Accrued Income and Lot Sale The final transaction type Other permits you to enter specific credits to offset the debit to the cash account representing the deposit This option is useful for example if you receive funds that should be apportioned between principal and income 6 03 Receipt of Income Assume the estate receives a 500 check representing interest earned after the decedent s death and that check is deposited into the estate checking account To enter the transaction select transaction type 1 Receipts of Income Principal File Uti Preferences Arie d 1 General Intormabon 2 Benehcanes 3 Fuducieres 4 Trensactons Enter Tranzactans 5 Cash Transactions B Han Cash Tranzactor 7 Distributions to Banafig B Adjust Carrying Value 3 Pow Market values Prini 10 National Fiduciary Acc 11 Business Repons 12 Miscellaneous Repon 13 Cust m Repons W 14 Fem T Ra 15 Fom 04 Re Lalas 16 oec R cli t adi een me 20 Existing Entons 21 Stene Modules 22 Tramection Filte
84. cct includes the account on the various reports even though it has a zero balance The account will also appear on the account tree and when you perform an account inquiry If you want the asset to appear on the various reports regardless of its balance such as a worthless stock you should check Include if Zero 37 Chapter 5 Inventories 5 11 Short and Full Descriptions 5 09 Acquisition Date and Inherited GEMAcct permits you to enter an acquisition date for all assets other than cash accounts in the 100 149 range GEMAcct uses this date to classify transactions as short or long term for purposes of generating the Schedule D Capital Gains and Losses report To print this report select option 12 on the Main Menu If you leave this data field blank GEMAcct applies default rules to determine the asset s holding period as described in 4 19 of the GEMAcct manual To the right of the acquisition date data field you can indicate that the asset was inherited and thus automatically entitled to long term capital gain treatment If you check this box GEMAcct inserts Inherit as the date acquired on the Schedule D Capital Gains and Losses report 5 10 Asset Classification The Asset Classification data field permits you to group assets on the Receipts of Principal and Principal Balance on Hand reports by categories You must first enter the categories in the General Information program division See 4 02 Open the dr
85. continuing to depress the mouse button drag the account to its new location in this case over the first Quad City account account 110 005 Then release the mouse button GEMAcct displays the following Eda Enter Transactans Hie Ube Preferences Heip ET L hates Schn Bink ene Arcor 1 General Inkomen x I Fidelity Brokerage Account 2 Benehciames 3 Fuiducierigs 4 Trensachons O02 Fond Motor Compare DU HH Copons Tis Dusi Carp Bark red T ruit IKE SBE Daornerearecahors Irc 5 Cash Trangacticng B Han Cash Tranzactans 7 Distributions to Banaficiarias Dom UO Hieraseft Caig x UT Dus Cty Bank arci Truit B Adjust Carrying salua J Fair Market values Fint 10 Hational Fiduciary Accouriini Finparts 11 Business Reporis j 12 Miscellaneous Raporns 13 Custom Reports i 14 Account Inmui 3 15 Fama 1041 C Morse la nen location beiun Mines to new location after UC Menge iinta vai Lage bem M Seleci target item aa maje account 16 Chack Cancal 17 Bank Accdunt Fueconcilition ond l cts Gamay En 13 Import FATE DOS Accounting Terr P Fac w 20 Existing Enting DOA 100 000 City of wiiten GO bond 1 Sisto Modules 2 Compensie Bonds 2z Tramsmchon Filter 20 Bond Hubs Fundr Hide zero bal Debt lrdtruvents 44 Catia of Dept OO 400 000 CO eath Frit Hasen Dank DEL 5 ODE ET vals Denial Slate Bak 20 Disb iia Res AN Headers iilis
86. count Poe l cts cae 13 impi FATE DOS Ac 20 Existing Enting 21 Biase Modules 22 Trangecton Filter Hide zero bal 52888888888 Description Rewrvesbed dradend The fourth data field requests the number of additional shares received as a result of the transaction and the next data field requests the producing asset The producing asset is normally the account representing the original shares in the corporation Again if you do not know the account number click or type F10 to perform an inquiry The last data field requests you to identify the type of revenue by entering the appropriate income account This receipt is allocable to income and the account number should be in the 800 899 range Finally you must enter an appropriate description Click Post or type F6 to post the transaction 6 13 Other The transaction types 1 through 4 provide you with predefined data entry fields to handle specific types of transactions The Other transaction type is essentially a blank slate which allows you the flexibility to enter all other types of transactions Assume that you want to depreciate the farm equipment for 2010 Select transaction type 5 and complete the screen as follows 49 Fiduciary Accounting Estate of John P Smith Hie Uis Preferences Help di 1 General Intormabon 2 Benehoanes 3 Fuducieres 4 Transacci ns Enter Tranzactans 5 Cash Transactions B Han Cash Tranzactor _ 7 D
87. d select option 8 on the main menu to adjust an asset s carrying value Select option 8 to adjust a carrying value 48 Chapter 5 Inventories 5 25 Adjusting Carrying Values 1 General Inlormeion F rac Cash on Hand 2 Benehcanes a 110 Checking Accounts 3 Fadecienes COE Fact Morus Bark C chung cata ant 1001 51 4 Trensachons TASAA Pirit Va Wilbon Tees Corr het rl ball bee bee 32 ABI Sh 10 5 2000 0 Payment to Mupcastne Poser and w aber Bor final bal for elect i X532 Enter Transactons 10 5 2010 Payment t laeva Gas and Electric for nal bal Far natural gas i 220 5 Cash Trangactipng i EP 2040 arial bees pun x75 non inre f 3a n0 55 241 51 B Han Cash Trantectone lura arr UE ir 2 0051 7 Distributions to Baneficiarias LL i HANT B Adjust Carrying Walue 700 00 J Fair Market values Lu Frint li ism m 4a 10 Hintianal Fiduciary Accouriim Repo 11 Business Repons 12 Miscellaneous Fhaports ioa TORO 13 Custom Report a 5o pma 14 Aceount Inqu 437 000 00 15 Form 1041 120 600 00 E nuum 194 000 00 12530 0 00 1461000 oii coe 13 Import FATE DOS Accounting 20 Existing Enting 21 Siew Modules 154 538 28 i Delete Cancel B 153 251 27 355 813 78 O05 Fidelity Megalis Furl ij p522 T2052 06 2 Bonds 200 Federal Hotes and Bondr O 55 000 U Torgau a W283 355 265 00 TM Muracqual Bore x DOT 200000 Loser Fire Authority Fett H 7I Nl beraa Acct FF Add Atset Lisb F3
88. d processing function that allows you to create and save text you may wish to use repeatedly The use of macros also gives your reports a more consistent appearance Select Enter Edit Macros and GEMAcct displays the following 1 General Inlemnaban 2 Barsehiciames 3 Faducienes 4 Trensachons Enter Tranzactans 5 Cash Traneectons 6 Non Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Garang value 3 Pow Market Values Prin 10 National Fiduciary Acco 11 Business Repons 12 Miscellaneous ms 13 Custom Piepenets 14 Account Inmui 15 For 10 Rel chal soy 18 Import FATE DOS Acca 20 Existing Entibos 21 Siew Moduli 22 Transaction Filter Mice zero bal Liria Late ap Hord E ochar AL E T T NEN d The dona tranifened cach bo the Trust nabsect in a noncumulstmes poser by yth held by i el the common shock of alu To enter a new macro click Add at the bottom of the window 19 1 General Intormabon 2 Benehoanes 3 Fuduciemries 4 Trensactions Enter Tranzactans 5 Cash Trangacticng B Han Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Garang salua 3 Fir Market values Print 10 Hntional Fiducimny Accourfiet 11 Business Repons 12 Miscellaneous Repons 13 Custam Repons 14 Account leui 15 For 10 eb LUslitins 15 Check Wis 17 B ura Poneonciliatian 1 dg Gay 13 Imp FATE DOS Accauriiri 20 Existing E ntis 21 Siet
89. death that is not reflected in its fair market value For example at the time of the decedent s death a company may have declared a dividend that has not yet been paid If the date of death is after the record date the fair market value of the decedent s shares will not reflect the value of the dividend that the estate will receive You can inventory accrued income with Cash accounts in the 100 149 range Stocks accounts in the 150 199 range Bonds accounts in the 200 249 range and Debt Instruments 39 Chapter 5 Inventories 5 18 Full Description accounts in the 250 299 range Rather than associating accrued income with the underlying asset you also can elect to treat accrued interest as a separate asset If an asset has accrued income GEMA cct adds that amount to the acquisition value to obtain the total acquisition value As a result the accrued income that 1s associated with a stock or bond does not affect the asset s per unit acquisition value For a detailed discussion of accrued interest see of GEMAcct manual In most cases the accrued interest for cash accounts will be included in the account s acquisition value and will not be separately stated Leave the Accrued Income field blank and advance to the Acquisition Value field 5 14 Form 706 Schedule The next data field requests the schedule on which the item should appear on the federal estate tax return Form 706 If you are using GEMAcct in conjunction with
90. ducieres 4 Tremsachons amp Supplemental Inventory Comenuraty Praperty Acq Date Inherted include if Zara m Y 14 Account iiipin 15 Fo 101 eb To include 1 000ss of Quad City Bank and Trust in the inventory enter the following information 42 Chapter 5 Inventories 5 20 Stocks Thao i i i Eda 1 General Informabon 2 Benehoanes 3 Fxducienes 4 Trensachons z tial Supplemental Inventory Comenursty Property Acq Date inherited Asset Classification Enter Transactons Inventory pa TT include if Zero m 5 Cash Transactions SSS 6 Non Cash Transacta Short Descnption Quad Cay Bank and Trust 7 Distributions to Benefil CUSIP B Adjust Carrying Value Number of Units 1 000 9 Fair Market Values Unit Value 215 Print Acquisition Value 24 500 00 10 National Fiduciary Ac Accrued Income 110 00 11 Business Reports e B Stocks and Bond 12 Miscellaneous Rapa i 13 Custom Repons l 14 Account lequity Consolidation Acct 15 Form 1041 Report income Accoum 800 Dendends 1 Morgan Stanley Account Utili os Full Description 16 Check foh Quad City Bank and Trust 1 Bank Account Reo 18 G MT B Gateway 13 Impi FATE DOS Ac 20 Existing Entites 4 au E 4 Quarterly divdend on Quad Cay Bank and Trust F9 OK ancel F7 Add tem Add Genesi Acct F7 Add Ass
91. e you should enter the correct amount In this example the data field is inactive since there is no accrued income If you are entering an actual distribution and the account distributed is a cash account GEMAcct permits you to enter the check number GEMAcct defaults this field to the next available check number for the cash account entered You must identify the beneficiary in the next data field Click 7 or type F10 to access the selection list 92 Edd 1 General Inlemneiean 2 Benehoanes 3 Fuducieries 4 Trensachons Enter Tranzactang 5 Cash Transactions p Chapter 7 Distributions 7 03 Distributions of Specific Accounts Lawrence Ww Smith Lieni ly of Cochran Forsan Hayk Soit Hantal Tiit b Kahieen T Sah 371 541 51 83700000 E 33 300 00 If the beneficiary is not listed in the table click Add Bene at the bottom of the window and enter the relevant information Double click on Mary L Smith or highlight her name and click Select Bene In this case Mary was entitled to receive 10 000 from the decedent s estate and agreed to accept an asset valued at 10 000 Since the estate should recognize gain or loss on the transaction click Pecuniary Bequest at the top of the window and enter the amount of the bequest Edi 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Trensachons Enter Transactans 5 Cash Transactions oii coe 13 Impi FATE DCHS Agi 20 Existing E
92. e Modules Chapter 3 Data Input Menus and Options 301 541 51 T9653 1322430 20 380 600 00 346 250 00 i500 00 137 Dr Or 4123 375 00 3154 0600 Q0 3253100 00 351 897 55 354 00 2 415325127 355813 75 03 502 06 313288 0 143 725 00 3504075 00 156 255 00 100 215 35 175 000 00 3 06 You must first identify the macro by entering a code at the top of the window and then enter the text You can recall and use macros by clicking Macro below the word processor or typing F10 in various parts of the program After you select a macro GEMA cct inserts the text into the word processor beginning at the cursor s current location Although you can enter new macros as you are entering descriptions you must return to Utilities on the Menu bar to edit existing macros Click Cancel to return to the first window and then click or type F9 to return to the Main Menu and account tree Edit Standard Chart of Accounts Utilities You have two options with regard to modifying the standard chart of accounts Select Edit Standard Chart of Accounts from the Utilities option on the menu bar to design a custom chart of accounts 1 General Inlemnaban MALE 2 Banelicianes Edit Stan 3 Fuducierigs dit Standard Chart o 4 Transactions m Restore Datu nter Transactans 5 Cash Trangnctiong 6 Non Cash Transactong 7 Digtributions ta Banaficiarias B Adjust Cerrying Value
93. e at end penod 1 155205 00 paman 20 Eating 004 100 000 Cay of witan GO bond 21 Siew Modulos 280 Lorporaie Bonds 22 Tramtmchon Filter 290 Bond Hubs Funds Hide zero bal i Debt brinut Qt 100000 CD with Frit National lank Hos a UC 75 000 CD vales Central Slate Bank 5 000 O0 sz Dust iiaa ual Fist 33 Fesser Adi Deria Acct FF Add Asset Lisb F3 Alphabetios F4 Print Ji Certi cl Depia You must enter the last day of the previous accounting period and the undistributed income balance at the end of the previous accounting period Click OK or type F9 to return to the Main Menu and account tree You will then inventory assets and liabilities existing at the close of the previous period in the same manner you would enter an initial inventory The values that you enter for each asset should be the balance or carrying value in the account as of the last day of the previous accounting period 57 Chapter 6 Transactions 6 01 Introduction GEMAcct utilizes a double entry accounting system which means that for every debit there must be a corresponding credit for the account to balance A debit or credit is not necessarily synonymous with an increase or decrease It depends on the type of account being affected by the transaction In most cases GEMAcct enables you to enter and post transactions without requiring you to designate or even understand a debit or a credit For a detailed di
94. e inquiry screen by clicking Z or typing F10 Edi 1 General Inlemnaban 2 Benehecianmes 3 Faduciemes 4 Transacci ns Enter Tranzactans r B00 Gains Allacable to Principal 5 Cash Trangactions 610 Losses Allocabla to Principal 6 Han Cash Tranzactans mp Receipts of Income 7 Distributions ta Banaficiarias BOO Dir dands B Adjust Garang value 210 In arast 9 Fair Harket Values W E20 Tax Exempt Interest ind BM Rental Income 10 Notional Fiduciary Accounting Fap oe oe 11 Business Repons B50 Gains Allocable t Incorms 12 Miscellaneous ris B60 Losses Allocabla to Income 13 Cust m Repons Yo 14 Account kipu 15 Form T eb Gabe 18 impi FA 442 725 00 20 Existing Entitios 45 0075 00 21 Sie Modules 156 255 00 2 Transaction Filter Hide zero bal 1100215 5 175 000 00 33 Chapter 5 Inventories 5 02 Changing General Accounts for Individual Data Files GEMAcct displays all of the income accounts including the principal accounts Select Dividends by double clicking account 800 or highlighting that account and clicking Select and GEMAcct assumes that assets in general account 155 produce dividend income After you have completed the Add General Account window click OK or type F9 to return to the Main Menu and account tree The new general account has been added to the tree di 1 General Infommetan 2 Banehcianas 3 Fuducieies aj N Fuss Mato Lane CI heey ect 0051 4 Trensachon
95. e x 165 Hua Fundt 13 Ci mA j i FREH Bupi DOT Franklin Income Fund ES 7 451527 55 a E DO Vanguard SUP S00 Inde Fund 23 154 50 20 15 Fam 1041 DS T riw Mee Fred l 5035157 Liiga EH Fiehedity Contes Fure AZ wana 16 Chack n s DO Fidelis Magellan Fund 2 a 200 A 06 um 17 Bank Account Forconcilistion De Si 210 Bench 18 G amp MPUE Geatirweny O00 0 000 Leva France Sad horily 19 288 00 1 impii FATE DOS Accounting DOC 450 000 Carter Lake kowa Urban Pervert 149 725 00 20 Exiting Enting x 003 SOLD Winton Health Facitu i 350 05 00 21 Sene Modules 004 350 000 US Diay 5 155 285 00 2z Transaction Filter Debt lratrumeniz Hide zero bal 250 Lehcates of D epssit Dort 4700000 CD wath First National Dank 1100215 5 x UU 375000 CD wih Central Stine Dane r 175 000 QU 31 Dither Rial Prpseily Adi General Acct FF Add Atset Lisb F3 Alphabets F4 Print The Main Menu guides you through data entry report printing and utilities You will begin by accessing the General Information program division to identify the entity type and to enter the entity s name and other miscellaneous information You will then enter the entity s beneficiaries and fiduciaries Many of the questions in these program divisions are self explanatory 4 02 General Information Select option 1 General Information and GEMAcct displays the following 23 428 Fiduciary Accounting Estate of John P Smith Hie Ubiw
96. emental inventory 13 Custom Reporte 14 Account Inquity 15 Form 1041 REAY Uila 16 cre 17 8 Cound Fo 18 oli alins 13 impii FATE DO 20 Existing Entons 21 Ste Modules 22 Transecton Filia fide rere bel FS Exi Enter account number in Net Worth Prmcipal range 500 545 to which destnibutions of prmcipal to benehciames will be posted 620 Distributions of Princspal Enter account number in Het Worth income range 550 599 to whech destnibuliens of income bo beneficianes will Be pasid 5D Dieiributeons of Income Enter range of account numbers in Receipts of Precipal range 500 899 bo which gains and losses on sales and isgesnions wil be posted From 600 Through 618 0 Other Find Propeidy Nd Deria Acct FF Add Atset Lisb F3 Alphabetios F4 Tasih Print The above questions provide important information relating to the identification of key accounts Before entering assets and liabilities in the entity s inventory and before processing transactions you must answer all questions in 24 Chapter 4 General Data Entry 4 00 General Information the above window In most cases the defaults that GEMA cct provides will suffice For more information see 3 04 of the GEMAcct manual Businesses Associating assets with a business allows you to print separate business reports that 1solate the transactional information for that specific entity Click the Businesses tab under General
97. eneral Infor General Information System Accounts Businesses Asset Classifications Description Willowbrook Farms Schwab Brokerage Account Fidelity Brokerage Account 12 Miscellaneous A 13 Custom Reports 14 Account nauis 15 Form 1041 Reps Utilibes 16 Check 1 Bank Account Fi 8 i atirwat 13 Impdit FATE DO 20 Exitng Entites 21 State Modules 22 Transaction Filt Pide zero ball Delete Class amp cation Add Ciasshcation In addition to entering asset classifications in the above window you must associate individual assets with each class when you inventory or acquire those assets See 5 10 If you create Asset Classifications and you associate individual assets with those classifications you have the option on National Fiduciary Accounting reports to group assets by classification See 8 02 Click or type F9 to close the active window and return to the Main Menu and account tree 4 03 Beneficiaries Select option 2 Beneficiaries to enter the beneficiaries GEMAcct displays the beneficiaries that you have already entered 26 Chapter 4 General Data Entry 4 03 Beneficiaries 7 Distributions to Beneficiaries B Adjust Carrying Value 9 Foire Market Values Pin 10 National Fiduciary Accountiag Reports 11 Business Reports 12 Miscollaneous Reports 13 Custom Repors Q GEMAccet assigns each beneficiary a number In other parts of the program you refer to beneficiaries
98. es Allocable io Principal Sa 2E Receipts of Income B00 Dividends Bo Dividends from Charles Schwab B10 In arast B20 Tax Exempt Interest R30 Rantal Inc ma R40 Other Inzoma BSD Gains Allocabla to Income BED Losses Alloacable 1a ingame 37 000 00 3130000 icm 13 impii FATE DCUS Ar 20 Existing E ntis 21 Sie Modules 22 Trangecton Filter x 15 208 00 43 775 DI 750 078 00 gio 00 Most transactions giving rise to gain or loss are allocable to principal As a result you should normally select an account in the 600 699 range If the account is in the principal gain loss range the default accounts are in the 600 619 range the transaction will appear on the Gains and Losses on Sales or Other Dispositions and the Schedule D Capital Gains and Losses reports If you enter an account in the 600 699 range which is outside the principal gain loss range the transaction will appear on the Other Receipts Allocable to Principal report If the gain or loss 1s allocable to income you should enter an account in the 800 899 range Double click on account 600 or highlight that account and click Select Complete the remainder of the distribution screen as follows GP Fiduciary Accounting Estate of John P Seth He Unites Preferences Hele Edi 1 General Inlemneban 2 Benehoanes 3 Faducieres TOD Cith iori Harai TUU Chath raj Aitari a DEI Fei Hara Banks HP they aari 71 41 51 4 Transacci n
99. es against the account such as bank service fees If the disbursement results from a distribution of income or principal to beneficiaries you should enter information with regard to the distribution by selecting option 7 on the Main Menu See Chapter 7 Select option 5 on the Main Menu to enter a cash disbursement and GEMAcct displays the following 1 General Inlemneban 2 Benehoanes 3 Fuducieres 4 Trensach ns Enter Transmctans 5 ee 7 Distributions ta Benef B Adjust Garang Value 3 Fair Market Values Fin a t Capra transaction T Allocated to principal T Allocated t income 10 National Fiduciary Acc 11 Business Repons 14 Account leui 15 Form 1041 Lilia l oec e 1 B urd Patho 18 Eg Gamay 13 impii FATE DUOS Ag 20 Existing Entis 21 Sie Modules 22 Trancecton Filter Hide zero bal Click the Disbursement radio button in the top left portion of the window and then click in the Transaction Type data field or type F10 to view the predefined classifications Kile Unites Preferences Hep di 1 General Intormabon 2 Benehoanes 3 Fiducanes rix C Recept Tneashon type Enter Transactans Dibra Cash Account p Payment of Expense 5 Cash Traneeciona 2 Payment of Liability 5 Han Cash Traneecbor Ire 3 Aoquiarbon of Asset Date sare 7 Distributions to Banafid l 4 Other B Adjust Garang Value D FoirMorket Volues jy Check No Expense Account
100. et Lisb F3 Alphabetize F4 Pree Search Note that the stock is included in the estate s initial inventory As a result GEMAcct treats it as Inherited for purposed of determining its holding period and its sale will automatically give rise to long term gain or loss Itis not necessary to click the Inherited box at the top of window For a discussion of the data fields at the top of the window see 5 05 5 08 The following discussion focuses on those data fields that require additional explanation CUSIP You can also enter the security s CUSIP number GEMAcct uses this information to obtain current and historic pricing information when interfacing with Estate Valuation amp Pricing Systems Inc a third party vendor Care must be taken to accurately enter the CUSIP number CUSIP numbers that you obtain from actual stock certificates often contain an extra digit or letter at the end of the symbol If EVP indicates that a stock is not quoted you probably entered an incorrect CUSIP number You can also use a stock s ticker symbol to obtain pricing information However CUSIP numbers are more accurate If you elect to use ticker symbols to obtain pricing information from EVP you must carefully review the values to determine whether they are correct You can enter the CUSIP number or ticker symbol at the time you inventory the stock or bond or at any subsequent time by editing that account Number of Units GEMAcct requests the nu
101. ge numbers 15 Check Wri T Disburtenante of income i Print unit values 17 Blank Account Pieconciliatian Distributions of Income to Benefirianes D Print check numbers 18 GEMIIE Gatirwey Proposed Distributions to Beneficianes Traditional reporting 13 Import FATE DOS Accounting lv Pred balance belore ekstirbutien 4E5 813 75 20 Existing Entieos Watermark 200 012 06 fl Sia Modules ee Trarreemcton Filter mro i Sch t Information Schedules E Include fair market value sb o5 DU Report Footer 115 258 00 145 725 Of m 350 075 Q0 Select All Cancel 100 405 00 Add renes al Acct Fa Print Seach You can select all of the reports by clicking Select All or you can choose individual reports The following discusses the various options shown above Although a discussion is helpful you are urged to experiment using the various options to determine what combination best suits your reporting needs Period Covered by Reports You must enter the period to be covered by the reports GEMAcct can prepare reports for any period of time Normally you will want to print reports for the fiduciary accounting year However if you are only required to account to the court every three years you can prepare a single accounting covering that three year period Your through date must be after the from date and the from date cannot be before the decedent s death or trust s formation as entered in the Ge
102. ge their relative positions on the distribution reports Close the active window to return to the Main Menu and account tree 97 Chapter 8 Printing 8 01 Introduction In addition to printing reports that comply with the National Fiduciary Accounting Standards GEMAcct prints miscellaneous reports business reports and custom reports GEMAcct always displays a preview of the report which appears as follows d Tuam 44b Page fi dA A m B zoom fos M RECEIPTS OF PRINCIPAL Estate of John P Smith AS ater B1 Fiduciary Assets Listed in inventory Acquisition valued as of date of death Value Checking Accounts First Natonal Bank NOW checking account Brokerage Checking Accounts iharies Schwab Brokerage Aecount 25 351 55 15 67 Accrued Interest Fidelity Brokerage Account 15 244 7 4 Common stocks Bersoulncorn 106 600 00 4 100 Units Ford Motor Company 45225000 2 OD Unis ANI Corporation 105 455 0C 2000 Units 455 00 Accrued Dividend IAM 178 37500 4 500 Linas Mx rosoft Corp 1504 BED 00 8 700 Unis Quad City Bank and Trust S7 00009 4 CU Units SBC Communications Inc 20500 00 BOO Units Mutual Furids FideimycantraFurnd 55 513 73 To send the form to your printer click amp in the menu bar Click T to create a PDF file that you can electronically transfer to the fiduciaries beneficiaries and other interested parties You can also elect to print the formatted reports to a Word or Excel file which permits you to make
103. have Bcenped GEMS foc ure al n s Loco elhost Woo FEDERAL GUT Tax RETURNS Hami Woodland Park This window displays your firm information in the left pane and is your gateway to the three main program modules GEM706 GEMAcct and GEM709 There are three additional tabs at the top 1 Click About to find your program versions installed your customer ID number your most recent authorization codes and sales and support contact information 2 Click Update to set your automatic update intervals and to instantly obtain the most recent GEMS updates 3 Click Authorization to enter new authorization codes 2 02 Creating Data Files To create a new data file click Fiduciary Accountings on the Administrator window GEMS displays the following Ciesa Hew Lipan E xr Fard Fiat CGEM S GE MAp JohnS rih AFAA GEMS GE Manga T Ted Ai FAA CAGEMS GDHAcc 4G Flaate FAR CAGEMS ODHA oiii Pubin ILC FATI CAGEMS GEMAcct Perkin FAR AREMS GEMA Tt PAR x WE MS OE Mifc T ect FAR If this is your first client file your Recent Files list will not be populated Click Create New and GEMAcct displays the following Chapter 2 Creating and Accessing Data Files 2 04 Data File Names GIllettPublishing com cr ES Date modified 1 16 2010 1 14 PM Hime Acett Boosbir Club FAR Type GEMS T Areesti hedig AH 2 28 2008 22588 PM GEMS WJATLFAR 1 22 00 2338 M GEMS E oP ATX Tess 201
104. he first data field in the middle portion of the window requests the distribution date When you enter the first distribution for each session GEMAcct defaults this field to the system date Once you have entered a distribution GEMAcct prompts you with the date of the previous distribution Enter the date 2 3 2008 The next data field requests the account number for the asset or liability which the fiduciary distributed or is proposing to distribute If you do not know the account number click 7 or type F10 to display the account inquiry screen Type in account number 150 002 or select the Ford Motor Company from the inquiry screen GEMAcct displays both the current balance on the Account Distributed line and the balance after the distribution on the Amount Distributed line f Fiduciary Accounting Estate of John P Smith Mie Ublbes Preeremces Hele Cons Hus Edi 1 General Infermeton VOD Cahors Hn e Benehcianes VI achira Scenes 3 Fxduciemes a DEI Fact M teed Banks CPV cumin aaar 4 frensachons IL wells F age hong faxa 7 EIXI DNI V Beokerage Checking Accounts Enter Transactans x QUI Charles Sichranb Dickatage Account 153 522 41 5 Cash Transactinns gee TEE 6 Non Cash Tranzaceon Distributions of Specific Acct Atel SEE 5 4 2011 a Artou Destribuned 150 00 Ford Moit Compar ba 2000 37 000 00 rua Amount Distibuind SET 37 000 00 sun lg Arccned Income BM Check Na M Benebesar Bequest
105. he transaction to display it 81 Cong Bus Uis 3 100 E 100 A56 DOGLOC 2 EDI 185 525 Hsi 150 005 iS E 150 On att XI 500 100 15 1 000 Tr 24 F4 Print 1271 041 51 Sa EIU DX PE A 1224348 20 E 3 56 5000 0 0 e Gd 37 DOO DUO 105 00M OU 134 A75 o0 T2410 QU TA LC DX 129 375 00 1124 500 00 125 31 0 QU 12 754 O0 210 DU 151 aay 55 154 5 38 2H 1153261 27 365 813 75 ToU e b 355 265 00 15 25 DX 145 725 00 150 075 00 HOw Seach Chapter 6 Transactions 6 15 Editing Transactions from Account Tree Fue Utis d 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Transactions 3 Sala Collaction of Assat 130 001 Chartes Schwab Brokerage Account Enter Tranzactans 5 Cash Transactions b Hon Cash Tranznaci 2n 7 Distributions to Banafig B Adjust Cum ng salua 3 Fnir Market values Print 10 Matonal Fiduciary Acc 11 Business Repons 12 Miscellaneous Repon 13 Custom Repons W Ami of GainLoss 14 Accaunt Inqui 15 Fam T Ra Utilis 7 16 cre 1 B urd Patho 18 Eg Gene 13 impi FATE DOS Ac 20 Existing E ntis 21 Stene Modules 22 Trarreection Filter Hide zero bal 31 000 00 150 001 Belisouth Corp 1 000 26 000 00 Asset Sold Portion Sold Gam LessAccount 600 Gans Aleate to Prop Capital iranzacion Allocated to principal M Allocated to income 58 000 00 BE
106. hocks x O01 Belicuth Conn DOE Feed Mater Company x DH HH Dorporaton TEES Does Cabe Bas erai Tru UUE S BC Commurse sion Ine Drs qna 010 Hierasolt Casp 3 UTI usd Cp flne ani Tus 385 Mut Funds DN Franklin Income Fund DIZ Vanguard TEP 500 Ides Fund DES T Linc ren Fal EHE Ficedity Contes Fund OUS Fidelity Hasgellan Fund a 003 50 000 iain Halte Facility di 350 000 US Tissu f Debt lratrumenitz 250 Caties of Dapit DM 4100 000 CO wath Frit National Bank x O02 75 000 CD vat Central State Dank 16 Fie Edt View Document Comments Form Tool Advanced Window Help x fu 3 05 1100215 25 175 000 00 156 285 00 1100215 25 Preferences The table of contents shows in the left bar You can click on any section to access it directly You can also search for key words by the Find field Click to close the active window and return to the Main Menu and account 20 Existing Entisos Hie Ube Preeremees Hep mc i Cash Chapter 3 Data Input Menus and Options Conk Bus 1 General Infomeabon VM Carth or Hd 2 Benehoanes TV Crece cx r E aas 3 Fuduciemries 4 Trensactons Enter Tranzactans E 5 Cash Transactipns Account Grouping E Non Cash Tranznctans Mamericalby 7 Digtributions ta Baneficiarias P Master Sub B Adjust Garang salua 3 Fir Market values I Print F 10 National Fiduciary Accoun Reports 11 Business Repos j 12 Miscellaneous Figports 13 Custom Repo
107. i H Stocks 3 Pow Market values l 150 Comman Stocks Frin 160 Prefered Stacks O00 Cash on Hand 10 Hintianal Fiducimny Accouriimt Foaports 170 Closely Hald Corporations 11 Business Repons j 180 Mutual Funds 12 Miscellaneous ris 13 Custom Fuego 200 Federal Hates and Bonds 14 Account beetyui 210 Municipal Bonds 15 Ferm 1041 220 Corporate Bonds 110 Chaclong Accounts 120 Savings Accounts 130 Manay Market Accounts e 230 Bond Mutual Funds Debt Instruments 250 Certificates of Deposit EC sey 13 Import FATE DUS Accounting EpL 20 Exretiri Entities 21 Stet Modules Personal Property 350 Household Goods amp Furnishings 360 Misc Personal Property 400 Refunds Fa OK The changes that you make will be reflected only in new data files that you create in the future For more information see 10 12 10 14 of the GEMAcct manual You can also make changes directly on the account tree for individual trusts and estates For more K 321 041 51 T9065 M 322 430 20 480500 00 345 250 00 1105 000 00 3255 0 0 361827 55 154 220 20 150251 97 sen ima 8 203 502 06 312288 00 143 725 00 350075 00 156 255 00 1100215 25 information see 5 02 Close the active window to return to the Main Menu and account tree by clicking OK or typing F9 20 Year End Closing Chapter 3 Data Input Menus and Options 3 06 Utilities When you perform a year end closing
108. icng B Han Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Carrying salua 9 Fair Market values Frint 10 Hintianal Fiduciary Acco 11 Business Repons 12 Miscellananus ats 13 Custom Fieqenets 14 Account lnquia 15 Fom 1041 abo e ilies 16 Check aye fy Aceon Poconciliatian 18 cts cacy 13 Import FATE DOS Accounting 20 Existing E ntis 21 Biase Modulies 22 Transecton Filter Hide zero bal Cash TOO Cath ors Harai TT CEescburag Acura CIT Fate Macr Flere IC cmn intct and THU UTILE Psoriasis Laon Fo nd bl for de 10 5 2010 Famen io Mupcstne Power and w aber Bor final bll For elect 10 5 2010 Parent l lia Gs and Electme Lor nal bll for ritual gas TUAANA Somme nt d tered rune n E275 DOD CD Hh n8 sd 1291210 Pagel be Sharkey Lies acad Goudie loe altceirae Hee 1271 2010 Pasar 1o menia lor executor ipe OO wells Fago Checking Account TX Brokerage Caching Arema x IETI hores etaa Biogr Puce lt 4 O02 Fidelity Brokerage Account ima Raportis Sikes 154 Cariri Shock 4 DUE ET Loan IRL Ford Mote Logona a DA HHI Copos WE Dusd City Dark and Truit figs SAL Cornirarec ware Eres rs IB 010 Microsoft Cos x UT Dusad Ciy Dark and Trust 017 Gusi Cap Berk ae Tutt 155 Fesi Socks 16S Muna Funds OO Franki Incr Fund OO Vanguard SF DU rein Furri EIS Vidette iren Furl Ua Fidelity Contes Fund O06 Fidelity hagais Pund Hired 200 Fede Noter and Bonds Ur 350
109. ing Entibos ij 143 725 00 1 Ste Modules s n a Propesty 150 075 00 22 Tramsechon Filter FERGNA Fropeny LU ges T d Il Hide zero bal 340 Household Goods amp Furnishings 360 Misc Personal Property Ciher Assaig 1100215 35 400 Ra amp snda E55 DUCI EXE e 0 Debt instruments F MTS 250 Certificates of Deposit 2 203 612 06 FT Add Account To edit an account name double click on that account To add a new account click Add Account at the bottom of the active window or type F7 The procedure is the generally the same as described in 5 02 above Close the active window to return to the Main Menu and account tree 5 04 Inventorying Assets The fiduciary s first responsibility is to prepare the entity s initial inventory You can enter the assets and liabilities manually or you can import data using one of the following methods 1 From an EstateVal out file see 10 17 of the GEMAcct manual 2 From a FAS import file FastTax see 10 19 of the GEMAcct manual 3 From a previously created GEM706 data file see 10 09 of the GEMAcct manual 4 Froma FATE DOS accounting file see 10 10 of the GEMAcct manual or 5 From a Quicken export file see 10 22 of the GEMAcct manual Regardless of whether you elect to use GEMAcct s standard chart of accounts or establish your own chart of accounts the general accounts for assets are classified as follows Account Number 100 149 150 199 200 249 250 299 300 34
110. ing entries Remaining Import Options The remaining options under Utilities permit you to import data from other programs and data files directly into GEMAcct For more information with respect to each import option see 10 19 10 23 of the GEMAcct manual 21 Chapter 4 General Data Entry 4 01 Introduction You will generally start an accounting by entering general information with respect to the estate and its beneficiaries When you create a new data file or when you edit an existing data file GEMAcct displays a split screen with the Main Menu on the left and the account tree on the right Fiduciary Accounting Es fie Ubies Preferences Heip Eru i 1 General Infommeaton 2 Banehiciames TEET 3 Fiducanes aj II Fuit Hara Bank CP ccn airi 21 541 51 4 Trensactions 130 Droberage Checking Accounts x DI Charen Schwab Biokeege Account 1365 41 Enter Transactons UU Fidelity Brokerage Account 122420 20 5 Cash Traneacions Sincks B Han Cash Tranzactang 150 Commen Stocks 7 Distributions ta Bana icianas xi DOT Bellrouth Com 1 420 200 00 B Adjust Cerying value O02 Fad Moter Cigare k 1465 250 00 Jj Fir Market Values X DH HH Capitar i J 1105 000 QU CLES Lud Cab EL ni oi Tas MO ar DOC EX Frint QUE SBC Commureestions Ine 1 E 20 500 il 10 Matonal Fiduciary Accoun Raportis Gaspar 2 J 2 1122 375 00 12 Mincellengous Reports a N Dus Clg He idi Tui 15 0S J FT x25 3n Ur Het
111. ini i DOT FOE Treasury 396 268 00 10 Hintianal Fiducimny Accouriimm Rapoart 710 Murscpal Boris 11 Busines Fieporiz C j w UI E20 DOO Leva Francs Authority zi 15 290 DU 1 Miscallanacus Repons 4 EL 354 DIEI Ci Lb Reno Lbs Fred 5 T3 45 1459 775 DI qu DOE IDEO mecnm Heak Face 15 ge os DIU etis pur X 004 4106 00 City of Wilton 5D bond 100 405 00 i zA Capii Bardi ig Le 15 Pam 1T agr h ZR Bond Mutual Funch Utilis F E E E D bit krius l 16 Check Wis p 250 Ceritcates of Deps on DOT 300 000 CO with Frit National Dank a dd 475 000 CD wih Canal Scan D 260 Debt Instruments 17 Bank Accduel Paconciliation 18 G MPIE Gatowery 13 impii FATE DUS Accounting Realy Zu Erima Erias 3X Fleurs fl zem Modules 7A Other Aes Property i TrenschonFiter ITE LATE ais dna ebd ri Mute Land Vene 1 2531 OF EXIT zen ULE 1E sere Hem located m Ledy Lognhy Ives Li yurd y hoang Paiste Pipes 390 Houpehold Good b Furnithing UIT Miscellaneous household haniihings 1500 OX 3h Mir Paana Property DDI Faure s peret Naw Add Genera Acct FF Add Asset Lisb F3 Alphabetios F4 Print Tagih GEMAcct displays the information for each asset you have entered on the account tree including whether the asset has been consolidated its business number the units and unit values for securities and the account balance which includes accrued income GEMAcct has autom
112. initial inventory and enter an appropriate description Fue Utims Preferences Hep gdi 1 General Intormabon 2 Benehoanes 3 Faducieres 4 Transacci ns Im Enter Transnctans 5 Cash Trangacticng 6 Han Cash Tanten B Adjust Garang Value 3 Fair Market Values Frint 10 Ha ional Fiducimny A 11 Business Repons 14 Account Inqui 15 Fom 04 Ra Usiiies 16 creck a 17 8 uri 18 Eg Gamay 13 Impia FATE DOS Ac 20 Existing Entibos 21 Sies Moduli 22 Trangecton Filter Hide zero bal Receipt Transaction Type 4 Lot Sale Dibare Cah ioco 130 001 Chartes Schwab Brokerage Account Dale 622011 7 Digtributions ta Banafic umount 15 000 00 T Master Acer Sold 150 005 Quad City Bank and Trust Gani Loss Account EU Gains Allacable te Principal c Capa tanci C Allocated to principal Allocated to income M Amt ofGainloss 2575 00 130 005 Quad Oy Bank and Trust 150 011 Quad Gay Bank and Trust Sale of 5003 of Quad Cay Bank and Trust F10 Macro Fnawe F Recall FT Memeorize Note that the sale will result in 2 875 of long term capital gain 69 L Click Post or type F8 to post the transaction Chapter 6 Transactions 6 07 Cash Disbursements 6 07 Cash Disbursements All transactions which decrease the balance in a bank account other than distributions to beneficiaries are cash disbursements This includes all direct charg
113. interest income GEMAcct defaults the income account to 810 Interest If you want to change the income account click 7 or type F10 to access the inquiry screen Accept 810 as the income account and advance to the Full Description 5 18 Full Description The full description is initially defaulted to the short description but you may edit the full description as desired When printing the National Fiduciary Accounting reports and the other miscellaneous reports you can elect to use the short or full description If you are using GEMAcct in conjunction with GEM706 an asset s full description is transferred to the federal estate tax return In this case the full description should approximate the description you intend to use for federal estate tax purposes 40 Chapter 5 Inventories 5 19 Income Description To recall a macro while entering a description click Macro at the bottom of the word processor window or type F10 GEMAcct displays the macros that you have already defined After you select a macro GEMAcct inserts the text into the word processor beginning at the cursor s current location Access the more extensive word processor by clicking WP or typing F11 and enter the following description Edd 1 General Intormabon 2 Berehcanes 3 Fiducianes 4 Trengachons j Fla bda Ver Fomnat Took nter Transman j DAT iem n a B7 UP EES 5 e raa 4 Fair Market Values Nota Malus incluidas interest accrued
114. ion Wier Set END gt 12 Miscellaneous FI Date of death SE 13 Custom Piepenets i gum Taxpa identific ati n i 14 Account Ingquity pays cation number 15 Farms 1041 Re 3 Uiips 16 Chock Wilting 17 Bank Acciunt Fi 18 GE MPIE Gane T 13 impi FATED 20 Eating Entenas T 21 Sia Modules T 22 Trarr amp ecton Filly lie Dene bal 31 Dike Real Properly Add General Acct F7 Add Atset Lish F3 Aphabetize FA Print Seach The first data field requests the decedent s first name and middle initial You must abbreviate your answer in the event that it is longer than the field length GEMAcct sometimes scrolls your response and displays only the first portion when you exit the data field To edit a data field position the cursor using the mouse or the and lt keys In addition Ctrl Advances to the next word 14 Chapter 3 Data Input Menus and Options 3 04 Help Ctrl Returns to the previous word End advances to the end of the data field Home returns to the beginning of the data field Click Wi or type F9 to close the active window and return to the Main Menu and account tree Dollar amounts GEMAcct places the decimal point immediately to the right of the last digit that you entered Thus you may enter 1 125 00 by typing any of the following strings 1 125 1 125 00 1 4125 1 125 00 1125 1125 00 You can enter a negative number by typing a minus sign or by enclo
115. ion and clicking Select 73 d 1 General Inlemneiean 2 Benehoanes 3 Fuduciemies 4 Trensactions Enter Transactans 6 Non Cash Trans actor Distributions ta Banafic B Adjust Carang salua J Fair Harket values 6 10 C Recept Transaction Tyee 7 Payment of Liability o Dibisa Canh Account Date Eneng Check No 1007 Liability Account 450 001 First National Bank morgage on decedent s residence i S175 427 70 S175 191 40 Portion Discharged 223630 CM Expense Account 920 Interest Expense C Allocated lo pencips Allocaled to income ak Amt fExpense 1 288 45 Form 706 Schedule Description Monthly payment on morgage on decedens pnricipal Chapter 6 Transactions Acquisition of Asset You can now make any necessary changes such as the date and the portion discharged Click Post or type F8 to post the second mortgage payment 6 10 Acquisition of Asset Assume that the estate purchased an additional 100ss of Microsoft stock at 27 94 per share for a total disbursement of 2 794 Select Transaction Type 3 Acquisition of Asset and complete the first portion of the screen as follows 1 General Inlemneban 2 Banseheciames 3 Fuducienes 4 Trensach ns 8 Adjani Carrying Valve 9 Pow Market Values Print 10 Hatianal Fidacimny Acc 11 Business Repons 14 Account Inqui 15 Fo 10 Re Unilin 16 oec hys 17 Ba ura
116. isting E ntis 3200 682 06 21 Stee Modulos 22 Transecton Filner Hide cere bal 355 265 00 313 260 00 343 725 00 venons o 3100 45 00 Double click the transaction you desire to edit and you can make any desired changes Click or type F9 to return to the Transactions menu Distributions You must select the second option on the Transactions menu to edit distributions For a full discussion see 6 07 of the GEMAcct manual Information Schedules The National Fiduciary Accounting Standards require you to detail new investments and changes in investment holdings made during the reporting period GEMAcct prepares the information schedule detailing the new investments by including on that schedule all transactions that resulted in a new asset account being created GEMAcct prepares the information schedule detailing the changes in investment holdings by including on that schedule all transactions that affected the balance in existing asset accounts except cash accounts in the 100 149 range Select option 3 on the Transactions menu to add transactions to or remove transactions from the information schedules GEMAcct displays the following Erdi 1 General Inlemeban 2 Benehoanes 3 Faducieres 4 Transacci ns Enter Transac ans 13 A ET 455 00 Chaser dividend on HMI Coepet ation 5 Cash Trangnctipns 4 122 2000 57 55 Semanas interest pagent on FALOJ lows Finance Authority bond amp Non Cash Tranzac
117. isting one However if you are valuing all of the assets it is more efficient to use option 9 on the Main Menu Close the Fair Mark Value window and the asset window to return to the Main Menu and account tree 5 27 Additional Account Tree Features GEMAcct displays all general accounts and all asset and liability accounts with a nonzero balance on the account tree In addition to showing the current accounts the account tree also permits you to reorder accounts and to access transactions 5 28 Opening and Collapsing Accounts When H appears to the left of an asset liability or income or expense account you can click on the symbol to access the transactions posted to the account Click to the left of account 130 002 Fidelity Brokerage Account Fiduciary Accoun Pie Ublies Preferences Help Edi 1 General Inlermeban 2 Bernseheianmes unt val III Chak Schanh Bink euge enue FHSS a O02 Fidelity Brokerage Account 122 430 20 3 Faducieres 4 Transacci ns nter Transactans 5 Cash Trangnctiong 5 Non Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Cening Value J Fair Market values Prin 10 Ha onal Fiducimny Accouriimt Foaports 11 Business Repons 12 Miscellaneous ae 13 Custom Repat 14 Account Inqui E 15 Fom 04 Re a e Lln 16 Check As Ty 17 8 unt Poneonciliatian 18 Eg cacy 13 Import FATE DOS Accounting 20 Existing Entibos 21 Stene Modules
118. istributions ta Banafig B Adjust Coming Value T 3 Fir Market values Prin 10 Hational Fidacimny Acc 11 Business Reports 12 Miscellaneous Repon 13 Custom Reports W Non Cash Transactic Transaction Type s Other a3 010 E288888888 rna n es a JJ IP 360 001 Farm equipment 2010 depretiaieon on farm equipment E F1 Macro Pile F Recall 14 Accoant Inui 15 Form Tod Rein alin I cre e 17 B cour Fan 18 dg cacy 13 impii FATE DUOS Ag 20 Existing Enteos 21 tene Modules 22 Traneection Filter Hide zero bal Since it 1s the depreciation for 2010 you should enter 12 31 2010 as the transaction date You should only complete the Producing Asset data field if the transaction generates income posted to an account in the 600 699 or 800 899 ranges 80 Chapter 6 Transactions 6 15 Editing Transactions from Account Tree In the Debits window you should enter the depreciation expense account Since you are allocating the depreciation against income it should be in the 900 999 range A debit to an expense account increases the balance in that account which GEMAcct indicates by displaying 12 000 in black In the Credits window you should enter the asset account that you are depreciating If you do not know the account number click or type F10 to perform an inquiry A credit to an asset account reduces the balance in that account which GEMAcct indicates
119. ity acquires an asset that it did not have at the beginning of administration 3 Inthe case of a trust if the settlor or a third person makes an additional contribution after the trust s formation or 4 Inthe case of an estate if the estate receives property as beneficiary of a trust or another estate GEMAcct adds items included in a supplemental inventory to items in the initial inventory to determine the total receipts of principal For purposes of processing transaction that affect supplemental inventory items GEMAcct does not treat it as an asset of the estate until the supplemental inventory date Thus if you attempt to sell or distribute an item included in a supplemental inventory before the supplemental inventory date GEMAcct indicates that it has a zero balance If this is a supplemental inventory item you must enter the date Assume that the item is included in the initial inventory 5 07 Community Property If this item represents community property click the corresponding check box at the top of the window Sii Fiduciary Accounting Estate of John P Smith Hie Ubis Preferences Heip Edi 1 General Infommeaton Benehciamas fx 3 Faiduciemies 4 Trensachons a D Supplemental Inventory Fe Community Properly Acq Date inherited Asset Classification Enter Transactans Dae 59 M Include if Zera I r 5 Cash Trangactibns z amp Mon Cash Tranzmceag Short Desempion 7 Distributions ta Banafif
120. l the trust has been funded As a result the date of the trust s formation is not necessarily the same as the date of an inter vivos trust agreement or the date of death with respect to a testamentary trust If the trust has not yet received its taxpayer identification number you can enter Applied for or any other alpha numeric string in the available space If you are preparing the accounting for an estate GEMAcct requests the decedent s name and date of death Identifying this entity as an estate and enter John P Smith as the decedent s and 5 1 2010 as the date of death System Accounts Click the System Accounts tab under General Information and GEMAcct displays the following Edi Cons Bua Waits 1 General Intormeabon 2 Benehoanes 3 Fiducianes 4 Transacci ns Enter Transactans f 5 Cash Transaction ME 6 Non Cash Transl General Information System Accounts Businesses Asset Classifications 7 Distributions to B B Adjust Carrying V 9 Fair Market alul IME 10 National Fiducin 11 Business Repo 12 Miscellaneous A VC ace ors Hn TT Chery Aiari a DEI Fact Md toed Fn CPU cumin rta 13 Brokerage Checking Acoounds zx Dir hee ee ee sc Enter account number in Het Warih Principal range 500 545 to which initial imveriory will be posted BON irstial inary Enter account number in Met Worth Precipal range 500 545 to which supplemental smeentory vell be posted 510 Suppl
121. ll of the accounts on the tree or just accounts within a specific general account range Highlight general account 150 or any stock included in that account and click Alphabetize or type F3 E Fiduciary Accounting Estate of John P 5 th Hie Unies Preferences Heg di 1 General Intormabon 2 Benehoanes 3 Fuducieres 4 Transacci ns Enter Transactans 5 Cash Transactions B Han Cash Tranzamctans 7 Digtributions ta Banaficiarias B Adjust Carang Value J Fair Market values Prin 10 Ha onal Fiducimny Accouriimt Fiap rts 11 Business Reports 12 Miscellaneous ons 13 Custom Reports 14 Account Inqui 15 Fom 04 Re Lslitins 1 amp Chock ffs fy unt Fenconciliation Eg cacy 13 Import FATE DUS Accounting 20 Existing Entitbos 21 Siew Modules 22 Tranrgecton Filter Hide zer ball ET L hates Scheah Bink enge amp rcouni x D02 Fidelity Brokerage Account tlneks 150 Common Stocks IE Beliulh Log O02 Ford Motor Compara mz uas be automatically pevessed Select 155 Foesign ancel io exit without alphabetizing Alphabetize 7 Bl epp ond labdity accounta C Orp iter in account 150 Alphatel accounts babed orc amp Fai character in shot description Fine bathe in ihor dedeiiplion tae TCE wath Fett Harara fl aed UE 000 CD vh Corina Slate Bank soU Distt Instat Res 3X Acair SERA a 122 400 20 Sor En D 345 250 00 105 000 00 497 000 00 71 ESO DI 129 3
122. mber of units and unit value for each stock and bond GEMAcct prints the number of units immediately after the item s description on the Receipts of Principal and Principal Balance on Hand reports Since the number of units can change during administration you generally should not include that number in the short description For stocks you should enter the number of shares in this case 1 000 This is also true with regard to limited partnerships and similar holdings that are publicly traded Since bonds other than zero coupon bonds are priced at a value per 100 the number of units is the face value of the bond at maturity divided by 100 For example a government bond with a face value of 10 000 is 100 units 10 000 100 If it were trading at 105 its fair market value would be 10 500 which is the number of units 100 times its unit value 105 Mortgage backed securities for example interests in GNMA s frequently make principal distributions in addition to interest payments As in the case of other bonds you should express the number of units as a multiple of 100 since these securities are priced at a value per 100 Zero coupon bonds are priced at a percentage of face value As a result a zero coupon bond s unit value is its face value at maturity For example a zero coupon bond that has a face value of 10 000 on December 31 2005 is 10 000 units If it were trading at 25 percent of face its value would be 2 500 which is the
123. mes n Hen ET f Hac Transaction Type 7 Sale Collection of Asset 7 Dibere CenhAccount 130 001 Schwab Brokerage Account z m mj In the Portion Sold data i UES EZA 7 Distibutions to Bena id aa B Adjust Camying Value 150 002 Ford Motor Company Fr J Fair Market Values 500 9 250 00 Frint A nw Collected JE GarvlossAccount El cana AlocabletoPrncpal im Capial iranzsc on C Allocated to principal C Allocated to income Sl Amt of GainvLoss 900 00 14 Account kii 15 For 10 eb Balance In the right portion of the window GEMAcct shows the balance in the account both before and after the sale GEMAcct also calculates and displays the gain Click or type F10 to select the appropriate income account for the Gain Loss Account data field 64 d 1 General Intormabon 2 Benehoanes 3 Fuduciemries 4 Trensactons Enter Tranzactans 5 Cash Transactions 5 Han Cash Transmeta 7 Distributions to Banafic B Adjust Carrying Value unt 9 FoirMarketVelues 555 Sold Prini 10 Mational Fiducimny Acc 11 Business Repons i 12 Miscellaneous Rapor 13 Custom Repons sj 14 Account Inqui 15 Form T Ra l Uili ns F I cre 1 B urd Panic l cts Gamay 13 impii FATE DCUS Arg 20 Existing E ntis 21 Biase Modules 22 Trarreection Filter Hide zero ball 6 05 Receipts of Income Bon Diidands
124. minor changes with those programs The options in the print preview menu bar follow general Windows conventions 8 02 National Fiduciary Accounting Reports To print the National Fiduciary Accounting reports select option 10 on the Main Menu and GEMAcct displays the following print menu 98 Chapter 8 Printing 8 02 National Fiduciary Accounting Reports 0 Fiduciary Accounting Estate of John P Smith File Liias Preferences Help i Eda Con Hus 1 General Infomeabon 2 Benehoanes 3 Fiducanes durin 41 oh pacman Penod Covered by Reports Desenption Enter Transactans AA Through 5 4 2011 E Short t Full 159632 41 5 Cash Trangactong 122 438 zi E AO 6 Non Cash Transectons I Summary of Account List Cash Transactions 7 Distributions ta Banaficiarias A s E By account C By date B Adjust Carrying Value T Receipts of Principal 180 600 00 9 Pow Marked values 7 Gans and Losses on Sales and Other 3 l 123 30 QU md in Dispositions 2 Exira lines af top of page 1 O00 10 National Fiduciary Accoun Fx Other Receipts Allocable to Principal 2 MWem page break langth spicing 11 Business Repos Disbursements of Principal 120500 00 TUR I zoe J I Distibsiana of Principal ic Bameliclarias E List assets in alphabet beds po xr Ol 13 Custom Repos 7 Principal Balance on Hand D Son assets by classi amp cation FMLA Vi ein RON List invenlosied Rallies UE 15 Fara 1041 Repo 200 00 Uditaa I ines of Income e Pret pa
125. msachons Supplemental Imeenbory Cemenursty Properly Acq Date Inherited Enter Transactans BENED r incede if Zero L 5 Cash Trangnctionsg 6 Non Cash Tranzacta 7 Digtributions ta Bane B Adjust Carrying valu 3 Fair Market values Prin 10 National Fiducimny Ag 11 Business Repons 12 Miscellaneous Repa 14 Aceari bigui 15 Fom 04 Ra Paco Unit value M t Number of units 13 adi Game u Exchange 20 Existing Entibos 21 Ste Moduli EOM acne i Quarterly dadend on Bellsouth 7 FIO Mare FIAP Cancel L t Bellscuth Corp Click FMV History at the bottom of the window 52 Chapter 5 Inventories 5 28 Opening and Collapsing Accounts Fie LUtires d 1 General Intormabon 2 Benehoanes 3 Fuducieries 4 Trensactions Enter Tranzactans 5 Cash Trangacticng 5 Han Cash Transmeta 7 Distributions ta Banefit B Adjust Ceerying salua 3 Pow Market Values Print 10 National Fiducimny Aci 11 Business Repons 12 Miscellaneous Raponi 13 Custom Reports W 14 Account Inqui 15 Forn 04 Ra i ni F 6 Cc i 17 8 ura Poncond 8 ame T8 ImpaifFATE DOS Ac 20 Existing Enting 21 Stene Modules 22 Trarreection Filter Hide zero bal SESHESSsa M RASEN 2 In this example the fair market value of the stock has only been entered once on December 31 2010 Note also that you can add a new fair market value for this asset or delete an ex
126. n iliii 15 Check Wis 17 Blank Account Arcani 18 Eg Gene 13 Impia FATE DOS Aci 20 Existing E ntis 21 Stene Modules 22 Transaction Filter Hide zero bal On February 18 the estate so Main Menu and account tree Fue Utlitees Review Transactions 1 Tranzachon Tope 7 5ala Collaction af Asset 130 001 Chartes Schwab Brokerage Account F Recepi Dibra Cath Account 2182011 531 000 00 150 001 Eelisouth Corp 26 000 00 InL Div Collected GarvLoss Account E00 Gains Allecabla te Principal iT Capia iranzsc on C Allocated to principal C Allocated to income Amt of Gain Loss 5 000 00 Date Amount Asset Sold Gan on the gale of 1 0034 of Dell South Chapter 5 Inventories 5 26 Fair Market Values ESSHESSRE Id 1 000 shares of BellSouth Since you changed the unit value of the stock GEMaAcct has recomputed the Portion Sold and Amt of Gain Loss based on the revised amount Note that the values that have changed are bold To view the transaction as originally posted click View Original You can also make any other desired changes to the sale transaction After you are satisfied click Accept Changes to post the revised sale transaction Since that was the only transaction posted to account 150 001 GEMAcct returns to the Preferences Heip d 1 General Intormeabon 2 Benehcanes 3 Fuduciemes 4 Trensactions Enter Tranzactans 5 Cash Trangact
127. n and GEMAcct displays the Main Menu and account tree Fe Ubhisi Peedenemwes Hep Eda 1 General Infcemahlion 2 Barsehesenes 3 Fiduciemers d Trenszecbons 110 Deeg Assur 120 Song Appui 130 Morey Markit Account Tiki 150 Dorrian Sitk THD Preemie Slick 170 Clonely Held Corporation 1200 Hubai Fursdt Emer Transactions 5 Cash Transactions 6 NormCash Transaction 7 Disiibutons to Baneticianas Lili 8 Adjust Cameng value 3 Far Merkel Values Print la 10 Ma onm ce Reports 11 Business Reports J 12 Miscellangpus prs 13 Custom Repons 14 Account ingui 15 Form tod Reit e 16 Chack Wint v 17 Biapk Account Reconciliation 18 G Ginterwmy 13 Import FATE DOS Accounting 20 Existing Enies 21 Sinig Modules 22 Transaction Filter E Bonds AE Fexkeial Holes aed Birati 210 Muricipal Bonds 220 Copas Bonds Z3 ond Mutual Fundi Debt rotii 280 Lerheales of Dap 280 Desi Inatrumerty Feat WO Pecan e 710 Othe Heo Propely Perronal Property 350 Household Goods amp Furnihingz JG Huc Fesser Prapety Har Accede 210 Hairi A10 Accrued Income 420 Hucelanescus Property Lanka AU Hohe Piya EDD Notes Pascale ATO libana T aes Pegs ABO cca Lasts A390 Liia Labitur Net Worth Fimea OD Lead lirira 510 Supplemental Imren Add Geral Acct F7 Add Atcat Liab Fd Alghabetas FA Pent Search Click in the top right corner of the windo
128. nd provides a general overview of many of the options on the GEMA cct Main Menu After you access an existing data file GEMAcct displays the Main Menu and account tree in a split screen format I Fue Utirwes Preferences Heip Eda Cons Hus Witi 1 General Intormeteon TOO Cath ora Harel 2 Bereahici mers VM CFescurag Acids 3 Fuducienes 3 E Feu Hara FL ICI crimen cote 1271 541 51 4 Trensacheans 13 Brokerage Checking Acoounts x D0 Charles Schwab Brok eee Arogun 1365 41 Enter Transactong x DO Fidelity Drokerage Account 2 122 420 20 5 Cash Trangnctiona Sineks b Han Cash Transmcbang 150 Common Shocks 7 Digiributions ta Banaficiarias DOT Belloute Comp i X 190 500 00 B Adjust Cuming Value O02 Fond Mater Company 2 TT 44r 250 00 J Fair Market lues x AHHH Corporation i 5 HE j ILES Lud Cab EL n oi Tus at L 24 i gar DUI EXE Print UE SHC Commune ahons Inc L oo 20 EDU DO 10 National Fiduciary A amp ccauriim Fiaparts OO 2 Fs 1123375 00 11 Business Repons 10 Microsoft Care z a a 1124 XR QU 12 Miszcallananus Rapor z a MAT Que Cab hark n Trad 1 1 5 1275 3 EXE 155 Mutual Funds FEE ue O01 Frankin Income Fund i 153 ATI 451 827 55 E b O02 Vanguard SEP DOO Indes Fund 1 523 az 154 30 20 15 Fem 1141 Rapo Fs BS T retia rus Fund EMETLUT rt H55 Uiiig E 04 Ficlelty Cortes Fund 2 7 i ses 513 78 16 Chock Wid My O06 Fidelity Magellan Furg z AZ Eri 200 802 06 I7 Bank Account
129. neral Information program division If you are preparing an accounting for an existing entity the from date cannot be before the date entered in option 20 on the Main Menu Existing Entities See 5 31 Watermark and Report Footer In the lower left portion of the window you can enter text that will appear as a watermark diagonally across each page For example if you are sending the accounting to the beneficiaries for review you can print Draft or Review Copy Only as a watermark You can also enter a footer that GEMAcct will print on each page If you want the footer to appear only on certain reports you should print those reports separately You can format the footer by including control codes in the text string For more information on footers see 9 02 of the GEMAcct manual Description In the upper right portion of the window you have the option of using either the short or full descriptions of the assets and liabilities on the Receipts of Principal Principal Balance on Hand and Information Schedules reports List Cash Transactions You must also indicate whether you wish to list cash receipts and disbursements by account or in chronological order The National Fiduciary Accounting Standards require that all receipts and disbursements of principal and income be listed by account classification In other words all interest transactions may be listed first in chronological order followed by all dividend transactions GEMAcc
130. ng Estate of John P Smith Kile Utims Preeremees Hep Eru di 1 General Intormeabon 2 Benehoanes 3 Fuducieres 4 Trensachons Enter Tranzactans ll 5 Cash Transactions B Han Cash Tranzacta 7 Distributions to Banaficl 8 Adjust Carrying Value J Foie Markei Values NS Liability Account 175 664 00 Portion Discharged 175 A2T 70 1 Mational Fiduciary aui se Account d 11 Business Repos expe 12 Miscellaneous Repor 13 Custom Repong 14 Account bigui Fom 705 Schedule 15 Form 4h Rein Lelie 16 cre Description 17 8 urd HAGGI Menihihy pu wine l Eg cacy B 18 impii FATE DOS Acci 20 Existing Entons 21 Sie Modules 22 Tranrgecton Filter Hide zero ball Enter an appropriate description such as Monthly mortgage payment on residence and click OK or type F9 When you return to the transaction screen click Post or type F8 GEMAcct shows another blank disbursement screen 72 Chapter 6 Transactions 6 09 Payment of Liability C Recep Transaction Tyge 2 Payment of Liability Dubursemerk Cath Account 130 001 Schwab Brokerage Account C Allocated to principal Allocated to income Amt of Expense Fo m 706 Schede i 19 20 Form 1041 Gateway 21 Trensechon Filter Hide zero ball FS Delete In this example there is only one memorized transaction Select that transaction by double clicking the description or highlighting the descript
131. ns S7 14 Account ingui 15 Fam 1041 Repo Utiliins f 2e 16 Check Wing V 17 Bank Account Fuconciliation 18 GM Gaterwey 13 Impi FATE DOS Accounting 21 Stee Modules 22 Trarreection Filter ide zero bal irii or Ea Dates Print moethe days as entered j g een Add leading to monthadaye fag 01 04 2010 Receipts of Principal Disbursements of Principal Receipts af Incarme Diburserents of income SS Finca dera 3T Dither Rial Progseily Add General Acct FF Add Atset Lisb F3 Alphabets F4 Print Seth 3 05 1271 041 51 133 565 0 122430 20 380 500 00 34 250 00 1125 000 QU Far DO DIO FALE ED 1123375 00 1124 13 QU T5 5n D 351 827 55 154 20 a 3153 251 77 geh 513 Ph 200 882 06 15 25H DX 143 725 00 350 05 O0 155 255 0 1100215 25 73 000 OU Preferences Account Grouping permits you to list assets in each general account numerically or by master and subsidiary accounts If you list accounts by master and subsidiary accounts GEMA cct first lists the master account followed by all of its subsidiary accounts in numeric order This permits you to more easily associate these accounts on the account tree Note that GEMAcct does not renumber the accounts To be grouped together the master account must be in the same general classification as the subsidiary account In other words GEMAcct will not group the two accounts together if the maste
132. nter Transactans 5 Cash Traneections B Han Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Caring Value 3 Fnir Market Values d Ss Print C1 10 Ha onal Fidacimny Accouriimt Fiap rts 11 Business Repons O 12 Miscallananus prow 13 Custom Repons S 14 Accoont beet 15 For 1 41 pus 5 Fs lilinis S 15 Check Wiot v 1 Bank Account Paeconcilisnan 18 GRMPIE Ganwe 13 Import FATE DCUS Accuniimg 21 Evang Enies i 71 Sis Modules 22 Trarmechon Filter Hide zero bal Bond Add Genes Acct TOD Cith ors Harai YT preg ae i a DEI Fei M toed Banks Pa aira rta IEL wells F aede Lh rsckargg Acii V30 Brokerage Checking Accounts x pui T puc X DKL Fela Hrskoerage Zuscuang Stocks 150 Cormen Stocks Dn Belisum Coe UT Ga an on e de ol 1 00er od ell South x DED Fond Moles Laegparg UM HH Corporal a DS Dusd City Bark asd Trait its usd City Dark and Truitt II SHE Dornreanmcsd anii Hc Ira IB MO Microsoft Coen x UT Quad Ciy Dark and Trust x 1S beet Cap Ma BellSoum red shares 155 Forman Piki TES Mul F ursi ee Fd TEL V nad SP SO eee Fred OOF Tranesmerie a Indes Fund DO Fidelity Contes Fund OOS Fade Magasin Fur 200 Fede Moles and handi 150 000 WS Tiesu 211 Murecall Bire x DIETE 270 000 Dosen F riarah Sahiy URL 5LDUUDU Lares Laos boas Urban Aircel x D 450 DOO wio Health Fact UCM 100 000 City of Wion GO Bond Double click on t
133. ntis 21 Stene Modules 22 Traneection Filter Hide zero bal aj M Fuit Hral Bank CT checa aotar 130 Brokerage Checking Accounts w DUI Chats chess iik epe Account Pancipal Pecuniay i Inexene ur 5 4 2011 150 002 Ford moror Company s 26 200 1700 00 seme 3 Peary Smm l 10 000 00 I C Camal transaction C Allocated io pancipal C Allocated to income w QUT 2000 laeva Finance Authority OCC 500 00 Contes Ladue Bev Urbs Fiai O03 950 000 wiconnm Health Facit O04 3 31 00 000 City of Wilko D bond 22 esque Bonds 2000 1 800 321 041 51 25 Eni ar 37 000 00 s 13130000 IP The amount of gain or loss is equal to the difference between the amount of the bequest in this example 10 000 and the acquisition value of the asset distributed in satisfaction of that bequest If you are entering a pecuniary distribution you must identify the account to which the gain loss will be credited Click Z to access the inquiry screen 93 Chapter 7 Distributions 7 03 Distributions of Specific Accounts 49 Fiduciary Accounting Estate of John P Senith Hle Unies Preferences Hele Edd 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Trensachons Enter Tranzactans 5 Cash Trangacticng B Han Cash Tranzacta 7 Digtribulicna bound B A diu 9 Fair Prini 10 Matin 11 Busini 1271 041 51 Sa EIU DX 153452 41 B10 Loss
134. nts see 5 17 34 Chapter 5 Inventories 5 04 Inventorying Assets 5 03 Changing General Accounts Globally You can also define a custom chart of accounts that will be incorporated into every new data file that you create Click Utilities on the menu bar at the top of the window and then click Edit Standard Chart of Accounts GEMAccet displays the following fie Ublbes Preferences Heip Edi 1 General Inleimnelban 2 Benehganes Edit Standard Chart of Are 3 Faducieries 4 Transactions Fonero Restore Datu TOU Cash an Hamd 710 Checking Accounts 120 Savings Accounts 130 Monay Market Accounts Enter Transmctans 5 Cash Trangacticng 5 Han Cash Tranzmctans 7 Digtributions ta Banaficiarias B Adjust Carrying value TI StDc kB 3 Fair Market Values ul ur 150 Common Stocks 24 2 37 Dn ou Frin 160 Prefered Stocks oot FALE DI 10 Hintianal Fiduciary Accauriiem Foaports 170 Closely Held Corperabons 2 3123375 00 11 Business Reports 180 Mutual Funds 124 00 00 5 kun i 3 125 3 Or 12 Miscellaneous Fyaparts Benda 13 Custom Repons kai 200 Fedaral Notes and Bonds A ACCOUNT Mui us 210 Municipal Bonds 7 61 327 55 15 Rom 1041 Rep h 220 Corporate Bonds 154 538 28d Ulps 230 Bond Mutual Funds as 98325127 16 Check Writing 17 Bi amp nk Account Farooncilishon 18 MIB Gati y 260 Dati ingtrumants 1 Imp FATE DOS Accounting 3 Realty 119208 00 A E 3 j 300 Residences 20 Er
135. number of units 10 000 times the unit value 0 25 If you enter the number of units and unit value GEMAcct automatically computes and displays the stock s acquisition value If you enter the number of units and acquisition value GEMAcct automatically computes and displays the unit value 43 Chapter 5 Inventories 5 21 Bonds Unit Value Each security must have a unit value to permit GEMAcct to maintain accurate records The unit value for a stock reflects it value per share If you will be interfacing with Estate Valuation amp Pricing Systems Inc a third party vendor to obtain this information you can leave this data field blank Securities listed as a single item in a general account must share the same per unit acquisition value If the entity purchases additional shares during administration you should establish a separate account for the newly acquired shares If you indicate that the new account is subsidiary to the original account by completing the Account Consolidation data field GEMAcct will combine the balances in the two accounts on the various reports For more information see 5 16 Accrued Income Quad City Bank and Trust was trading ex dividend at the death of death The 110 of accrued income is not added to the acquisition value shown in the above window However when you return to the Main Menu and account tree and when you print reports it will be included in the asset s total acquisition value increasing
136. o ball 0 Fiduciary Accounting Estate of John P Smith Kile Unites Preenemees Hele d 1 General Intormeabon 2 Benehoanes 3 Fuducieres Add hem 118 002 Che Cash TO Cath iri Harai Cri x QU Feit Hral Bank CPU crimen ra T3 Brokerage Checking Acoounds x DOT Charen Schwab Dikau ccount x DUZ Fidelity Drokerage Account Siocks 150 Common Shocks rl Bebpouts Com x UM AM Capri TES Quad Cae Bank ana T rust UE SBC Commorsc son Inc Drama 010 Hierasolt Caig 3 TT Duos Calp Fn n T rut 155 Fossin Dki 105 Muhsal Fureli DOI Frankin nesme Fured D Vara S UP BOD Erde Fured W Teea levies F une DOM Fidelity Contes Fund OOS Fidelity Magellan Fured Bord 210 Bonds DOT 420 000 Lora France Authority a DO QUOD Caris Lio Bose Liban Fl ste a 002 350 000 Wincor Heath Facility Ix S000 LIS Tiiti Deli kriu 25 Contiszates ii Dapa DOT 4 100 000 O with Fett Hatana nk x IEEE 5 DOE CDS vh Central S Late Ban 4 Trenaachions p intial D Supplemental Inventory Community Property Acq Date Inherited Enter Tranzactans 5 Cash Transactions B Han Cash Tranzactd 7 Digtributions ta Banal B Adjust Cuming valu 3 Fair Market Values Prini 10 Hntianal Fidacimny An 11 Business Repons 12 Miscellaneous Repon 13 Custom Reports W 14 Account Inmui Business 15 Ferm 1041 idomi Account Ikili 16 Check Wis 17 Blank Account Pomoz 18 dg cay 13 Import FATE DOS Ac
137. o the right of the window clicking and holding the up or down arrow on the scroll bar or typing the 1 and keys 3l Chapter 5 Inventories 5 02 Changing General Accounts for Individual Data Files 5 02 Changing General Accounts for Individual Data Files GEMAcct permits you to edit a general account title or to add new general accounts to the account tree Changes that you make on the account tree will only be reflected in the current data file Double click on any name on the chart of accounts to edit or rename an existing account and GEMAcct displays a screen similar to the following punting Estate of John P Smith Erdi 1 General Inlemneban 2 Bhersehiciames 3 Fuducieres 4 Transacci ns 7 Digtributions ta Banaficiarias B Adjust Garang value 9 Fiir Market Values LY Prini 10 National Fiduciary Accaurtim Fa 11 Business Repons 12 Miscallananus ms 13 Custom Reports 14 Account Inquit 15 Fo 10 eb oii coe 13 impo FATE DIOS Accounting Sind Enf 1100215 25 175 000 00 You cannot change the account number nor can you change the account classification from Cash After you make desired changes to the account name click OK or type F9 to return to the updated account tree To add a new general account click Add General Account at the bottom of the account tree and GEMAcct displays the following Eddi 1 General Informeabon Benehciames 3 Faducieries 4 Trensachons
138. of wilkon D bond OR Corporate Bonds pg MY Fus Piste Lane CP cesar cerca DEL Wels Fatigo Chang Actiuni e 130 Brokerage Chescking Accounts Delete Diesenpleian a6 DEC 0 00 Castes Lace ln Ut Fierin E UO S00 wienn Health Facit DO4 33100 000 City of Wikon D bond 221 oparit Bonds Chapter 7 Distributions Distribution Descriptions GEMAcct assigns the new description the next number in numeric order and provides space to enter your text Add the following distribution descriptions 90 File Liias Preenemees Hele 7 03 420 Fiduciary Accounting Estate of John P Smith Edi 2 Benehoanes 3 Fuducieries 4 Trensachons B Adius J Fa Pint 10 Natio 11 Busin 21 Stene Modules Hide zero bal 1 General Intormabon Enter Tranzactans 5 Cash Trangacticng B Han Cash Tranzactid 7 Digtributinna tn Bana ads on 18 Impi FATE DOS Ad 20 Existing Enting 22 Transaction Filter Cons Hus Cash VOU Cith ors Harai TT Deep Ads Xj DEI Fact M teed Banks Pa ite rcnt ELA wells F age Lh sckarag Acii Vx Beskerage Checking Accounts VITE REN emer NETS n Descnplion Rasiduary git made pursuant to Article 6 of ihe will 2 Pecuniary aquest made pursuant to Areale 4 of the wall 3 Chantable qui made pursuant to Aricle 3 of hte wall Add Descmplian Sr DUI EANO eeri Finance Authonb x DEL 200 00
139. ogram it returns to the previous account or data input window F4 On the account tree allows you to print the tree In other portions of the program it advances to the next account or data input window F5 Deletes information on the screen in certain situations as displayed on the screen F6 Recalls memorized transactions F7 Adds a specific item to a general account and memorizes transactions F8 Posts all transactions F9 Closes active windows F10 Permits you to recall a macro in word processor F11 Accesses the full word processor when you are in the basic word processor window Data Fields Generally A data field 1s the available space for an answer to a specific question When you are on the Main Menu and account tree select option I by either typing the number I or clicking on General Information to display the following 4 Fiduciary Accounting Estate of John P Smith Mie Ublbes Preeremces Hele Unit Unit Val m Cash 1 General Intormabon ABO Cash os Hee 2 Benehcianes VII heckra Ace ours 3 Fxduciemes Xj DEI Fact M teed Banks AP thee aaar 4 Trensactons 130 Brokerage Checking amp ccountz DOT Phases Shen Puck sc Enter Transactions f 5 Cash Transactiogpe 6 Non Cash Transi General Information System Accounts Businesses Asset Classifications 7 Distributions to By B AdjustCmmying E E 3 EE C Enae C Tus Fin ree 10 National Fiducie Enber the followeng decedent informat
140. on Hand 2 Benoliciarias 110 Checking Account 3 Fiducianez 120 Servings Accounts 4 f rengsecbons 130 Morey Markit Account Stocks enun Trentectionm 150 Common Slocks E Cash Transactions 163 Prefered Stocks 5 Hon Cash Transactions 170 Closely Held Corpoestiona i Disinbutons bo Buenehcimes 180 Mutual Fund B Adjust Ganyang Value Bonds 3 Fair Market Values 0 Federal Kotex and Bends 210 Huricigal Bonds Print i 220 Copea Bond 10 Matora Fiducia Accouritmt Reports 230 Bond Mutual Fund 11 Busimaess Reports T Debi Inatrumeni 12 Miscellaneous Reports 290 Cortiicater of Daporit 13 Custom Fuepaets e ee oy 4 Acre fe see pe Pa 300 Residences a Form TAT aget m 310 Other leal Property i Farana Property Tg A ul Q0 350 Household Goods amp Foamabiesgs 16 Check Wie v Pu 350 Mac Penor Property 17 Bank Account Fieconabkahton Dives Jorge ma Asset 1h GEHT R Gateway MY Flesdureds 13 Impart FATE DIOS Accounting HO Accrued Income Liles 20 Exreting Erie 21 Slate Modules ee Dransactian Filter oy EET Nites Pssable AU income T ases Payable SHD Accniesgd Linbh UD ther Linhares Hei cath Pimeys DOC riia Irmeertory 910 rape ad irai uk irsi all fuel Assets are listed in accounts 100 449 liabilities in accounts 450 499 and net worth in accounts 500 599 The default chart of accounts is further broken down into several common categories within each classification You cannot post transactions to an a
141. on mortgage on decedent s prricipal residence RARE Gahway FATE DOS Acc 20 Existing E ntis 21 Stene Modules 22 TremsectonFiter Mice zero bal gees E First enter the date and the amount of the payment As explained in 6 08 you may enter an identifying check number for the transaction The next data field requests the account representing the liability If you do not know the account number click or type F10 to perform an inquiry Select account number 450 001 In the Portion Discharged field you should enter the principal payment on the mortgage The difference between the total disbursement and the principal discharged is usually interest You must identify an expense account and since interest is normally charged against income it usually is an account in the 900 999 range Select account 450 001 GEMAcct displays the amount of the interest 1 289 45 Since the Form 706 Schedule data field is blank this transaction will not be transferred to Form 706 when you perform a gateway Finally you must also enter an appropriate description which will be used both in conjunction with the liability account that was reduced and the expense account that was increased Memorizing and Recalling Transactions Since this transaction will be entered regularly you should store the transaction for recall Before you post the transaction click Memorize or type F7 GEMAcct displays the following iP Fiduciary Accounti
142. on where you dropped the name You can also left click on the beneficiary s name to highlight it and then click the up or down arrow to the right of the beneficiary table Even though GEMAcct does not change the beneficiaries numbers when you reorder them it does change their relative positions on the distribution reports Click or type F9 to return to the Main Menu and account tree 4 04 Fiduciaries A fiduciary is normally a trustee for a trust and an executor administrator or personal representative for an estate Although GEMAcct does not use fiduciary information you can transfer this information to GEM706 The process of entering information relating to fiduciaries is the same regardless of whether you are preparing an accounting for a trust or an estate Select option 3 on the Main Menu to identify the fiduciaries tue Lire Preferences HHE Edi 1 General Informabon 2 Benehoanes 3 Faducienes d Transacci ns Enter Transactans 5 Cash Troneactions 6 Han Cash Tranzactang 7 Digtributions ta Banaficiarias B Adjust Garang Value J Fair Market Y alues w Prini 10 ational Fiducimny Accouri 11 Business Repos C 12 Miscallananus e 13 Custam Repone Z 14 Account Inmui 15 Fam 1041 d Reports omen S 16 Chock thi fy hs cdi periit i EU oe M 20 Existing E ntibos 21 tene Modules 22 Transaction Filter Hide zero bal Cash VC Carth ors Harai TT Chiiir uscrs
143. op down selection list to display the categories already entered E Fiduciary Accounting Estase of John P Smith Hg Lirses Preleremers Hep E E Edi Jus 1 General Inleimeiean 2 Berehciames 3 Fuducierigs 4 Trensachons wal Supplemental Inventory Comenurety Properly Acq Date Inhented Ascot Classification Enter Transnctans Inventor Date M Include if Zera Ir 5 Cash Traneections eT aire tie Feng 6 Non Cash Transmceai Shori Desenption E 7 Distributions to Benafif CUSIP B Adjust Cmrang Value Humber of Unis 3 Foie Market Values Unit Value Frin Acquetion Value 10 Notional Fiduciory Adii Accrued Income 11 Business Reports 12 Miscellanenus Rapa 13 Custom Reports WT l4 Account kaui cor kh 15 iors 1041 Repon haab Hik fuser riip Eich rong Pesce Utilins 7 Full Description 1 amp Check foh T 17 Blapk Account Foro 13 G MPIE Gatewery 13 impii FATE DOS Ad 2 Existing Enting 21 Seno Modules SEEN RES income Descmplian 22 Tramsecuon Filter fide zero bal FTD Macr FIR Cancel FT Ai bo 0 Fa End Adi enes Acct F7 Add Asset Liab Fa Alphabetize F4 Print Seach Select the classification that describes this asset In addition to entering asset classifications in General Information and associating individual assets with each class when you inventory or acquire those assets y
144. orts GEMAcct permits you to generate reports with regard to individual businesses that the entity operates If the assets are properly identified and all cash transactions are processed through a separate checking account GEMAcct can prepare reports that display information pertaining only to an individual business For a complete discussion of business reporting see Chapter 7 of the GEMAcct manual Select option 11 on the Main Menu to print Business Reports and GEMAcct displays the following SF Fiduciary Accounting Estate of John P Smith Fue Unites Preeremces Hep E E M Edi Cana Hus Witi 1 General Inleimnelban 2 Benehoanes 3 Faducieres z 1 541 51 4 Trensachons Penod Covered by Reports Account Range for Trial Balance Pe Enter Transactons alba Through 4 2071 L row eua 153622 41 5 Cash Trangacticng 122 438 20 E 6 Non Cash Transscbons E Extra lines at top of page 7 Distributions ta Banaficiaras r 8 Adjust Caerying Value I Schedule of Assets and Liabities 80 600 00 J Fair Market Values Print transaction numbers 123 300 0 T Income Statement F Prin eae sux oon on z p sm n EEH nu n has dl Fri C3 M Trial Balance me 4875 00 10 National Fiducinry Accourtits Fia Cash Receipts Joumal Pnnt transaction units 24 10 00 us nea esi a Cash Disbursements Jounal Businesses eem Miscellaneous Fiaparts ut aem 13 Custom Reports va Non Cash Transactions Jounal Morgan Stanley
145. ou must also indicate that you want to group assets by classification when you print the National Fiduciary Accounting reports See 8 02 5 11 Short and Full Descriptions You must enter a short description for each asset GEMA cct displays an asset s short description on the account tree and in other portions of the program In addition you can elect to use either the short or full description when printing reports For this bank account enter Wells Fargo Checking Account as the short description 38 Chapter 5 Inventories 5 12 Accrued Income Fue Uti Preferences Arig Eda 1 General Infeimmerban 2 Beneficiaries Add ltem 110 002 Chec 3 Fuiducierigs 4 Transactions intial Supplemental Inventory Community Properly Acq Date Inharied EmerTrensactons I ventory ome M riciu tzero r 5 Cash Traneecions 6 Non Cash Traneectag Shed Description Wells Fargo Checking Account 7 Distributions to Bane B Adjust Ceumrying valu 3 Fair Market Values Prini 10 National Fiduacimny Ac 11 Business Reports 12 Miscellananus Rapor 13 Custom Reports V 14 Account Inu 15 Form 1041p Unis 1 oec e 1 B urd Humor l Eg cacy 13 Import PA TEGO Ag 20 Existing Enting 21 Sie Modules 22 Tranrgecton Filter Hide zero bal After you enter the short description GEMAcct automatically populates the full description with the short description 5 12 Acqui
146. ount Incui 15 Fom 1041 Re E Utiliies e 16 Check uf WY 17 6 ura Fweconcilistion 1 dg Gamay 13 Impi FATE DOS Accounting 20 Existing Entons d Fidelity r 21 Biase Modules O05 Fuels Magellan Furid 4151 07 55 Yo gn zn 1153261 27 36555810375 iind ed O6 Bondi 200 Fede Moles and handi OO 4500000 WS Tesu 210 Mureopel Borah of UETE A 0 Leer Fraires lao i OO SUDO Care Laos leave Urban Pare o 00 250000 coni Health Facts 500 10015 DH 100 000 City of won GO Bond L V03 24 l Adi Deria Acct i anus TA 22 Trancecton Filter Hide zero bal 455 265 00 Eu 7345 35298 0 323 725 00 450 075 00 NOMA Sesch You can enter a date range to make it easier to access and edit transactions on the account tree If an account has a zero balance and you have checked the Include if Zero flag for that asset the account will always appear on the account tree and when you perform an account inquiry The last check box permits you to hide other zero balance accounts If you want to access these accounts later for example to check the Include if Zero flag you must uncheck your response in the above window It is important to remember that when you set this filter GEM lt Acct eliminates transactions outside the date range from your view on the account tree You can eliminate the filter to view all transactions posted to each account Close the Transaction Filter window to return to the Main Menu and account
147. ount currently under that general account and click Add Item or type F7 Complete the next screen as follows Edi 1 General Intormeabon 2 Benehoanes 3 Fuduciemies 4 Trensachons Intig z ow Fr Include if Zero 14 Account Inqui 15 For 1041 Note that you are creating a single account to hold all of the reinvestment shares and that you have consolidated this account with the original BellSouth account Click OK or type F9 to return to the transaction screen and then complete the remainder of the screen as follows 79 Chapter 6 Transactions 6 13 Other Hie Ubs Preferences Help d 1 General Intormabon 2 Benehoanes 3 Fuducieries 4 Transacci ns Enter Tranzactans 5 Cash Transactions 5 Han Cash Tranzactor 7 Digtributions ta Banafig B Adjust Garang Value 3 Fnir Market values Prini 10 National Fidacimny Acc 11 Business Repons Non fash Transaction M Transachon Types 2 Rock Disdend Dey or Int Reeimestment Dale 4 29 2001 Aout S200 00 Siock Bond Accaunt 150 014 BellSouth rewrersted shares Number of Unite 7 875 Producing Assel 158 014 BellSouth reimmstad shares Income Account 800 Dradends m C Cap amp al transaction 7 Allocated to principal F T 12 Miscellaneous Report Capital transaction Allocated to principa Allocated io income 13 Custom Reports W 14 Accaunt Inqui 15 Form Tod Rein iili Ve Check Wis 17 8 Ac
148. ount of the disbursement If you are using the Check Writing module each disbursement should be entered as a separate transaction Regardless of the transaction type you may enter an identifying check number for the transaction After you identify the cash account GEMA cct defaults this data field with the next check number for that cash account You must then enter an expense account If the disbursement is charged against principal it should be an account in the 700 799 range If the expense is charged against income the account should be in the 900 999 range If you do not know the account number click 7 or type F10 to access the inquiry screen The last data field requests the schedule on which the transaction should appear on Form 706 If you associate a disbursement with a specific schedule on Form 706 the disbursement will be transferred to that schedule when you perform a gateway In this example the transaction will appear on Schedule J Part 2 Administration Expenses An expenditure will only be transferred to GEM706 if you complete the Form 706 Schedule data field If you do not want to transfer the expenditure to Form 706 you should leave this data field blank In all cases you must enter a full description for each transaction If the transaction results in a credit or debit to more than one account GEMAcct uses the same description for each portion of the transaction As a result the description should reflect all aspects of the
149. pear end closing date You should retain a backup copy of the Wust easiele pin tv puleming the year end clove This is the first year end closing for thes estate Year end closing date Account to which met mcome should be posted Eu Account to which net principal should be posted 93 45 100 15 11253 F9 Cancel 310 Other Real Property Add General Acct F7 Add Ascet Liab F3 Alphabetize FA Pret Search 21 041 51 15065 122 430 20 t 20 600 00 46 250 00 105 000 00 37 O00 00 20 600 00 122 75 00 154 900 00 425 810 00 61 27 55 54 30 20 153251 27 55 513 75 203 502 06 13 288 00 43 725 00 50 075 00 156 265 00 100 215 35 75 000 00 There is one major advantage of performing a closing For very large files it sometimes takes a while to recalculate balances on the account tree and to print reports Unless this presents a problem in an individual data file you generally should NOT make closing entries If you make closing entries the warning in red print reminds you of its significance and advises you to make and retain a backup copy of the data file prior to closing GEMAcct also displays the date of the last year end closing After you have completed all of the data fields click Post or type F8 to post the closing entries For more information see 10 18 of the GEMAcct manual Click Cancel or type F9 to return to the Main Menu and account tree without making clos
150. ption GEMAcct completes the remainder of the screen automatically You can change either one of these entries if necessary Otherwise you must manually enter the income account and transaction description Since the income account is in the 800 899 range this receipt 1s allocable to income Click Post or type F8 to post the transaction GEMAcct shows another transaction screen defaulting the date to the date of the last transaction 1 General Intormeabon 2 Benehoanes 3 Fiducanes 4 Trensachons Enter Tranzactans 5 Cash Traneecions B5 Han Cash Tranzacta 7 Gisiributions to Banafic B Adjust Ceumying value 3 Fnir Market values Fint C Capital transactian C Allocated to principal C Allocated t income 10 Notional Fiduciary Acc ES iis 11 Business Reports 12 Miscellananus Rapo 13 Custom Reporte W 14 Account Inqui 15 For 10 eb cts cacy 13 impii FATE DUOS A 20 Existing E ntis 21 Stene Modulies 22 Tran ection Filter Hide zero bal 6 04 Sale Collection of Asset Assume now that the estate sold 500ss of Ford Motor When you select transaction type 2 Sale Collection of Asset GEMAcct displays the following 62 Chapter 6 Transactions 6 04 Sale Collection of Asset Eudi 1 General Intormeabon 2 Benehoanes 3 Fuducieries re 4 Tremsachons E Racapt Tenet Type 2 SalafZollaction of Asset Enter 10 150 in the Amount data field Click Z or type
151. r Hide zero bal C Capta transaction Allocated to principal T Allocated t income pa an 288828888 If you have already posted a cash receipt this window will remain open for the next entry Click the Receipt radio button in the top left corner of the window GEMAcct defaults to Cash Receipt when you first access Cash Transaction In the Transaction Type field choose option 1 for Receipt of Income Principal GEMAcct defaults the Cash Account to the last account used in either a cash receipt or 60 EAE gees E Chapter 6 Transactions 6 03 Receipt of Income disbursement You can change this account if necessary Enter 1 25 2011 as the transaction date and 500 in the Amount field 1 General Inlemneban Benehciames 3 Faducieries 4 Trensachons 7 Digtributions ta Banafic B Adjust Cemying Value f 3 Fnir Market Values You should identify the producing asset so that the receipt 1s properly characterized on the National Fiduciary Accounting reports If you know the account number enter it in the data field Otherwise click 7 or type F10 to perform an inquiry a 1 General Informeton 2 Benehcianes 3 Fxducienes 4 Trensachons amp 110 Checking Accounts 001 First National Bank NOW checking account 7 Distributions to Benefici 002 Walls Fargo Checking Account B Adjust Carrying Value 130 Brokerage Checking Accounts 9 Fair Market Values Brokerage Prin
152. r account is in Common Stocks general account 150 and the subsidiary account is in Preferred Stock general account 160 GEMAcct gives you two options with respect to entering and printing dates You can elect to print dates as entered or if you want dates to line up on the various reports you can add leading zeros to both the months and days If you select the second option GEMA cct pads with zeros at the time of entry In other words if you enter a transaction date as 1 1 2011 GEMAcct will record and display it as 01 01 2011 In addition when you prints the various reports GEMAcct also adds leading zeros to those dates that may have been originally entered without zeros If you have entered a date as 01 01 2009 and then change your preference to printing months and days as entered GEMAcct does not delete the leading zeros In the bottom portion of the Preferences window you can indicate whether GEMAcct should expand or collapse each account classification when you first open an accounting file Regardless of your preference selection you can still manually expand and collapse accounts on the account tree Click MMM or type F9 to close the GEMAcct preferences window Spelling GEMAcct incorporates a sophisticated spell checker that highlights misspelled words in both the basic and full word processors Again open the Preferences selection list and click Spelling to configure the spell checker 17 Edi 1 General Intormabon
153. rd Metor Company 12 31 2010 2l 140 004 MNI Corporation TariT6 2010 AT 180 005 Quad Cily Bank and Trust Tarstra0 10 25 5 i 150 11 Quad Cine Bank and Trust 24 hg 150 006 SOC Communications Inc 12 0 2010 2725 120 000 IBM 12 31 2010 HA 150 010 Microsol Corp 12 31 2010 ES 150 012 Quad City Bank and Trust 245 Mutual Funds E 1565 001 Franklin income Fund 1271 2010 385 165 002 Vanguard SAP 500 Index Pure Tera T2010 10 1 Enter Tranzactans 5 Cash Trangacticng B Han Cash Tranzactang 7 Digtributions ta Banaficiarias B Adjust Carrying Value 3 Fair Market values Print 10 Hintional Fiduciary Accouris 11 Business Repons j 12 Miscellaneous Repons 13 Custam Repais 14 Account Inqui 15 Fom Tb eb A e 32 420 01 EE 5524151 8 Loon uc 1021 51 200 51 37 EDO OU X55 E a0 di 145 35 2040 OO 55 3105000 00 acs 337 000 00 2575 EEUU Usiites TEE me 25 paasi Uslitios f 3i 165003 Transamerica Index Fund 12612010 3 A 16 Chack Y 185 004 Fidelity Contra Fund 12 51 2010 46 DU Sa 17 5 unt Ftaconciliation 165 005 Fidelity Magellan Fund 12 31 2010 57 MS vagin 18 Gateway Bonds 13 Import FATE DOS Accounting Fade itum med Bonds 20 Existing Entibos a aE uv 461 827 55 200 007 50 000 US Treasury T2r3102010 T i Murecepal Bonds 210 001 20 000 kiwa Finance Authonty 12 31 2010 95 210 002 350 000 Car
154. rles Schwab money market account 11 30 2010 Quarterly dividend on Quad City Bank and Trust GEMaAcct displays a print preview of all the activity in the account for the date range selected To send the report to your printer click amp in the print preview menu bar in the top left corner of the window All of the print options follow general Windows conventions and are self explanatory Close the window or type F9 to return to the Account Inquiry window and close that window to return to the Main Menu and account tree 87 Chapter 7 Distributions 7 01 Introduction The National Fiduciary Accounting reports require you to detail the distributions of principal and income to the beneficiaries To enter distributions as distinguished from disbursements you must select option 7 on the Main Menu It is important to have a thorough knowledge of all distribution options to select the most efficient method For a complete discussion see Chapter 6 of the GEMAcct manual It is important to enter all transactions including distributions in chronological order to ensure an accurate account balance on the date of distribution If you enter a distribution and later enter a transaction that pre dates the distribution the amount distributed could be over or under stated In this case GEMAcct permits you to make necessary changes to the distribution after you post the transaction See 5 06 of the GEMAcct manual Select option 7 on the Main Menu
155. rtes Lake Eva Urban Flineerad OE P5000 ueram Healt Folie Q4 100 00 City el Witton G0 bond 3240 Corpenste Fioneke 220 Bone Wuhani Furedi Adi beraa Chapter 6 Transactions Non Cash Transactions The account tree indicates that account 150 013 is consolidated with account 150 010 and that 150 010 is the master account 6 11 Non Cash Transactions Non cash transactions refer to all transactions which are neither cash receipts nor cash disbursements Common examples of non cash transactions are stock splits dividend reinvestments depreciation and spin offs Select option 6 on the Main Menu to enter non cash transactions and GEMAcct displays the following 1 General Inlemneban 2 Banseheciames 3 Fiducanes d Trengachons Enter Tranzactans 5 Cash Trangacticng B Adjust Cenang Value 9 Fair Market Values Frint 10 Ha onal Fidaciary Acc 11 Business Reports 14 Account lui 15 Form Tod Rein 16 Cha 17 8 aerate 18 cts cacy 13 Import FATE DS Agg 20 Existing Entitbos 21 Sies Modules Click Z or type F10 to view the classifications TJ File Uti Preferences Arig d 1 General Intormabon 2 Benehoanes Hon Cazh Transaction as a a 3 Fiducanes 4 Trensactions Enter Tranzactans 5 Cash Transactions B Han Cash Tranzactor 7 Digtributions ta Banafic B Adjust Dumang salua 3 Fir Market values Print 10 Mational Fitacimny Acc 11
156. s Enter Transactans 5 Cash Trangacticng ULL wells F aede Lh esckarag Aor Vx fikas Checking Accounts x QUI Charles Schveab li olet gs eund A 5 Non Cash Traneeckory Diztnibutions of Speci Distributinnain Ranalicd B A diu 9 Fowl 10 Matin 11 Busin 7 dracones 5 4 2011 TSU UNE Ford Motor Camper T 200 1700 00 2000 1 800 137 000 00 231130000 puto Account Distributed ad Amoun Distributed a Accrued Income Beneboary Bequest Amount 20 Existing Entibos 21 Stee Modulos 1 faery 5mm 10 000 00 600 Gees Allocable to Principal Io Allocated lo Prac pal C Allacabed to meome Amount of Gain Loss 55 300 00 z Pa cunigey bequest made purguantio Article 4 ol fe will F3 Cancel Diesenplbon GainfLass Account 22 Transecton Filter Hide zero bal 13 20 QU 345 725 D yours ou 3100485 00 x OUT 20 000 Leer Finds Authority BU e d x UL 35 DU Coss Lalo Bene Urbs A orev XI as Ts 10324 UU 350 000 Wincor Heal Face a OM 2100 00 City of Wikon DO bond 1 1 000 ZA Capii Bess Add Genesal Acct F4 Print Seach Notice that the carrying value of the Ford Motor shares is less than the amount of the distribution GEMAcct displays the amount of the gain 6 300 below the Gain Loss Account data field If you indicate that it is a pecuniary bequest and if the Amount Distributed 1s equal to the Bequest Amount no gain or loss will be recognized on the dis
157. s Preferences Hen Eru i 1 General Inlemneban 2 Benehoanes 3 Fuducieres 4 Trensactions Enter Transacsang 47 VC Cath tors Harai TT Dery Ards xj DEI Fei M teed Banks AP ited aaar 13 Brokerage Checking Accounts UERITAS uc nn E 5 Cash Traneoctiogpe eee armani 6 Non Cash Trans 7 Digiributians ta Bi B Adjust Cnerying V 9 Fair Market valud Print 10 Minton Fiducim 11 Business Repo 12 Miscallangous A 13 Custom Reporte Ese Tr Enter the following decedent information First name and middle intial JohnP SS Date of death 52010 Taxpayer identification number Chapter 4 General Data Entry 4 00 General Information 14 Account lenuity 15 Forma 1041 REAY Uiliiss 16 Chock thins 17 cis Son 18 Gah ati na 13 impii PATE 20 Existing E ntis 21 Stew Modules 22 Tran ection Fi Hide ere bel 310 Other Riel Progecily Fa Ex Add Gensis Acct F7 Add Ascet Lisb F3 Ahabetise FA Print Saath General Information On the General Information tab identify this entity as an estate by clicking the corresponding radio button Depending on your selection the field for the entity name may adjust If you are preparing an accounting for a trust GEMAcct requests the trust s name date of formation and taxpayer identification number The requirement to account to the beneficiaries and the court does not generally commence unti
158. s 3300 Brokerage Checking Accounts EnmrT DU Chales Schwab Boksa Account T9065 M 5 Cash Trangacticng 5 Han Cash Tranzactans 7 Digtributions ta Banaficiarias O07 Bellsouth Cop B Adjust Caring Value DIZ Ferd Mater Comer P x H HH Corporation eee Values Lu OOS Quad Day Bari aed Tanl Print X SBC Communications Ine 10 Matonal Fiduciary Accaurtim Fiaports il i 10 Hierasolt 11 Business Reports O pa m tied 12 Custam Repons NT ink 25 3n 13 Custom Reports a m 185 Mutui Fund 14 Account Inu Ps QUI Frankin Income Fund 15 Porm 104 h C Vanguard S00 leds Fur 54538 28 sities e IT T rarnana indes Fund 5 Bh 153 251 27 16 Chack aie ny DOU Fidelis Contra Fund 2 45 811 75 US Fidelity Magellan Furid p 203 812 0b 17 8 ura Poneonciliatian I Boris 18 ats Gamay AO Bonds 19 Import FATE DOS Accounting O01 20 000 loo Finance Authority 419208 00 20 Erir Entities ae O 350 000 Cte Laos bawa Urbar rel 21 Siew Modules x QU 250 000 Wincor Haath Facility 22 Tramection Filter a 5 OE US Tees Hide zero ball Debt lratruments 250 Cotihcabes of Dept Qt 100 000 CD with Frit National Dank 110021525 A UE 05 000 CD vs Central Slate Bak 75 00 Ord ZGO Debt Instrumenhi To delete a general account double click to select it and then click Delete at the bottom of the window or type F5 You cannot delete an asset or liability account if you have created individual accounts
159. s Funds i Debt lr trurents 3540 Corti ates cl egiii Qt 100 000 CD with Frit Hatana Dank 110021525 Uc 5 001 CD veis Central Shae Bank x25 00 Od To create a master subsidiary relationship select the last radio button and click OK When you return to the account tree notice that account 150 011 1s now treated as subsidiary to account 150 005 5 31 Existing Entities You can also use GEMAcct to prepare accountings for trusts and estates for which you have already filed the initial accountings Select option 20 on the Main Menu Fiduciary Accounting Estate of John P Smith fle Unies Preferences Mela Balance Edi S UTI Charles Schusb Binkeeage Account aan 1 General Mrleurnedean a DOD Fidelity Drokerage Account 322400 20 Benehicianes z Slacks 3 Fiducienies Ej 150 Common Shocks 4 Trensachons s D Beli Don A35 ex Dr OOS Ford Motor Company ra 345 250 00 Enter Transmeton x KH HH Corperaten 105 000 00 5 Cash Transactions fs pease Cir Bark ani T ruit T 1 3 25 3530 000 00 B Hpn Cash Transectone IKE used Cal Banks aed Trust D xa E OX Distributions ta Banaficiarias 2 A000 E B Adjust Caring value Ms t i 5 1 123 375 00 9 Fair Market Values LX MU le x sni Prin 10 Hatianal Fiducimry Acca Reports n 11 Business Repons jaro bin PS c 12 Miscallananus Fyaparte i LEM a Eau nui Last day of previous accounting period 5 SMIS B mm Pa L 7 20 12 Of EH Bond Undistributed income balanc
160. s on the summary of Account to reflect principal receipts disbursements and distributions that have occurred between the 100 Chapter 8 Printing 8 03 Business Reports entity s creation and the report s beginning date This is the way that GEMAcct has historically prepared the Receipts of Principal and Summary of Account reports In many respects the nontraditional method better reflects an entity s subsequent accounts Assuming that the reporting period does not include the date of formation the Receipts of Principal report is renamed Principal Balance on mm dd yyyy where the date reflects the report s beginning date Since this report reflects the principal balance as of the beginning date all of the principal changes that have occurred prior to that date are already reflected on the report As a result GEMA cct is not required to make adjusting entries to balance the principal account on the Summary of Account The non traditional reporting method is the default selection If you desire to use the traditional method you must check the penultimate box in the above window Print Balance Before Distribution On the distribution report GEMAcct lists the account balance before distribution unless the entire account is distributed At times this may confuse If you uncheck the last item GEMA cct omits the account balance before distribution Click Cancel or type F9 to return to the Main Menu and account tree 8 03 Business Rep
161. s program division and GEMAcct displays the following Hle Unites Preterteces Hele Eda General Inlermaban ia 1 Gene r 10 Cah gri Harai 2 Benehoanes s 9 Fiducianes Bereficiones i 151 51 4 Trensactions T 1l 37 EDD 00 Fr ecrit sur ae a Lawrences w Seth fl 6 Non Cash Trentectons Linra of Ohler Foundalion 7 Digtributions ta Banaficiarias Many L Seth Mantel Trust B Adjust Cum ng value Kathleen T Smith SEED BF F Hawa 9 Fair Market Values 25 snumouo Print 10 Nolionel Fideciary Accousen Reports 11 Business Repons 12 Miscellaneous Reports 13 Custom Reports J E MAccoun inguigg YO p 4 12 794 00 15 Form 1041 5 396805 200 00 iilis 16 Chack 1 Bank Account Fuconciliation herir 18 GEMTE Cahnwery E p153251 27 13 mpd FATE DOS Accounting 2 165 813 75 20 Existing E ntis LUE 21 State Modules 22 Transecton Filter zero bal HALS 0d qo5 265 UU 113 200 QU 345 725 DX Fours ou jim o You can left click on a beneficiary s name and while continuing to depress the mouse button drag the beneficiary to its new location GEMAcct inserts the beneficiary before the location where you released the button You can also left click on the beneficiary s name to highlight it and then click the up or down arrow to the right of the beneficiary table Even though GEMAcct does not change the beneficiaries numbers when you reorder them it does chan
162. scussion of debits and credit see 1 04 of the GEM Acct manual It is important to enter all transactions in chronological order For example assume that you entered the sale of an asset that resulted in gain If you later enter an earlier transaction that increases or decreases that asset s acquisition value the amount of gain recognized on the sale will be over or under stated If you enter a transaction that changes an asset s carrying value and if you already have entered subsequent transactions that affect that account s balance GEMAcct permits you to review those transactions to make necessary changes For a detailed discussion see 5 06 of the GEM Acct manual 6 02 Cash Receipts If a trust or estate receives money that it deposits in a bank account you should treat the transaction as a cash receipt This includes the collection of assets included in the inventory as long as those assets are converted to cash and deposited into a bank account It also includes direct deposits such as interest on the account itself GEMAcct has five transaction types to aid in data entry To enter a Cash Receipt select option 5 Cash Transactions on the Main Menu and GEMAcct displays the following Hie Whites Preheremees Heip Edd 1 General Inlemeitean Benehciames 3 Faducieres 4 Trensachons Enter Transactans 5 Cash Trangmctipns 6 Non Cash Tranzacean 7 Distibutions to Benafig B Adjust Coorying value 9 F
163. sing the number in parentheses For example you can enter 1 125 00 by typing any of the following strings 1 125 1 125 00 1125 1 125 00 1125 1125 00 The largest number you can enter is 999 999 999 99 The largest number of units or shares you can enter is 9 999 999 Percentages GEMAcct computes all percentages accurate to six decimal places In other words the fraction one third is expressed as 33 3333 percent You cannot enter a negative number or an amount greater than 100 per cent It is not necessary to enter either the percent sign or the decimal point If you do not enter a decimal point GEMAcct places the decimal point immediately to the right of the last digit that you entered Dates If GEMAcct requests a date you may only enter the numbers 0 through 9 and the character GEMAcct displays all dates in the following format mm dd yyyy You may enter all four digits of the year or only the last two digits If you only enter two digits GEMAcct completes the year by adding 20 to the beginning See 3 05 for date formatting options 3 03 Menu Bar There are several important program features and options found in the menu bar at the top of the GEMAcct opening screen 3 04 Help Click Help on the top menu bar and then click GEMAcct Manual to access the extensive manual 15 m T GEM ret Edd 1 General Intormabon 2 Benehoanes 3 Fuducieries 4 Trensactions Enter Tranzactans 5 Cash Transac
164. sition Value The next data field requests the asset s acquisition value which is also referred to as its carrying value The Acquisition Value assigned to each asset is the unifying element used to measure the difference between the starting and closing balances of an account An accounting generally shows what the fiduciary received at the beginning of the accounting period relates this to the assets on hand at the end of the accounting period and explains the differences Enter 7 600 in the Acquisition Value data field which represents the balance in the bank account at the date of death 4 Fiduciary Accounting Estate of John P Smith Hie Unies Preferences Help di 1 General Intormeabon 2 Beneficiaries Add kem 110 002 3 Fxducienies 4 Trensachions F kiai Supplemental Inventory Commumty Properly Acq Date inherited Enter Transactans Ieventory pa END f incluste if Zero NENNEN CF 5 Cash Transactions 6 Non Cash Transnctog Shoe Description Wells Fargo Checking Account 7 Distributions to Benefil CUSIP zm B Adjust Coming Valum MumberciUnis I 4 Fair Market values Unit Value Piini 10 National Fiducimny Ag 11 Business Repons 12 Miscellaneous Repon 13 Custam Reports Y 14 Fm d 15 Fom 04 Re Utilities 16 creck thps t ds t mart Seded i ci A 22 Tramsecoon Filter Hide zero bal 5 12 Accrued Income An asset may have income accrued as of the date of
165. slduciary a beneficiary FPiini 10 Hintianal Fiducimny Accourtimt Fiap rts 11 Business Reports j i Wes C No Natural person 12 Miscallanenus is Custom Repons NT Mame Kathie Ga aetna Adius ASS 15 Fom 10 Re a a m nene 3 oy a co EE 2o ENNEHENN 5 mn d asina 55H 200 802 06 313288 00 343 725 00 350075 00 156 255 00 amhcae of Depot o DM 43 00 000 CO wath Pit Hatiora Bark 1100215 3 x 5000 CD vat Cental State Dank 375 000 00 D Dek Instruments H Resh 38 Pecan z 3 ther Aral Property Adi renes Acct Note that you cannot change Kathleen s information from this window You must return to the Beneficiaries program window to make changes Clicking or type F9 to return to the fiduciary selection window To delete a fiduciary highlight that fiduciary in the selection window and click Delete at the bottom of the window You also can reorder the fiduciaries the same way you reorder beneficiaries See 4 03 Click or type F9 to return to the Main Menu and account tree 30 Chapter 5 Inventories 5 01 Chart of Accounts The chart of accounts is the list of all accounts to which you can post transactions GEMAcct uses a relatively simple account tree with the accounts grouped into general classifications that you see in the right pane of the window when you open a data file ina neo rame d vv Hudunary Acreuntin Fae Utilities Preferences Help Evel 1 Genoral Information 100 Cath
166. sset or liability general account such as account 110 Checking Accounts since it is only a title describing the specific accounts included in that classification Individual assets and liabilities will be entered shortly and will be assigned a six digit account number that will include the general account classification number For example the first checking account that you inventory will be identified as 110 001 Central State Bank The three digits to the left of the decimal represent the general account and the three digits to the right of the decimal represent the specific asset An entity guided by the Uniform Principal and Income Act must allocate receipts and disbursements between income and principal GEMAcct has established two sets of accounts to accomplish this Accounts in the 800 899 range represent receipts allocable to income and accounts in the 900 999 range represent disbursements charged against income Receipts allocable to principal such as the gain or loss on the sale of an asset should be posted to an account in the 600 699 range and disbursements charged against principal should be posted to an account in the 700 799 range Unlike asset and liability accounts income and expense accounts are only identified by a three digit number Using accounting jargon income and expense accounts are actually T accounts rather than merely account classifications You can scroll through the chart of accounts by dragging the scroll bar t
167. t gives you the option of printing those reports by listing all transactions in chronological order regardless of their classification Extra lines and Item Page Break Length The next data fields permit you to dictate the number of blank lines at the top of each page and to set item page break length which provides widow orphan protection The number you enter designates the minimum number of description lines that will print on the first page of the item or transaction description The item page break entry 99 Chapter 8 Printing 8 02 National Fiduciary Accounting Reports does not apply to the Summary of Account Distributions of Principal Distributions of Income or Proposed Distributions reports It will also not apply to Receipts of Principal and Principal Balance on Hand if only the short descriptions are requested In most cases you will not have to change the defaults List Assets in Alphabetical Order The next check box permits you to list the assets on the Information Schedules Receipts of Principal Receipts of Income and Principal Balance on Hand reports in alphabetical order If you make this election GEMAcct alphabetizes the individual assets in each general account based on the ASCII value of the leading characters in each asset s short description Otherwise the accounts are listed by account number You can also elect to alphabetize the accounts on the account tree See 5 29 If you make this election GEMAcct renumbers
168. te Principal 11 Business Repons F Capital iranzzcion Allocated to principal C Allocated to income 12 Miscellaneous Aapon 13 Custom Repons W Amt of Gainvless 5500 00 14 Account Irigu 15 Fom 10 eb silos y Lin Foon E 13 Import FATE DOS Ace 20 Existing E ntis 21 Stene Modulies 22 Trarreection Filter Hide zero bal Sale of 500ss of Ford MMobor Click Post or type F8 to post the transaction 6 05 Collection of Accrued Income The third type of cash receipt involves the receipt of a payment that includes interest accrued as of the date of death or the formation of the trust and which was inventoried with the underlying asset See 5 12 Assume that you inventoried 215 35 of accrued interest with a certificate of deposit 65 RARE 828 E File Utilities Preferences Help Et 1 Genorad Irdometion Hane cinias 3 Fiducianaz 4 Transacbons Enter Transactions 3 Far Mark valuas Print 10 Mahone Fiduca Accd Shat Desenptien 11 Business Poppet 17 Miscellaneous Report 13 Custom Rapana 14 Account Inqumy 15 Chack Wfriti 16 GEMT B G CusiP 13 Sime 20 Foma 1041 Timbewmy 11 Tipisbhon Fit men bal 6 05 Cah 100 Caah on Hand E 110 Checking Accounts pe UTI Fesi Hasar Bark MT chadun anced E 10W Brokerage Checking Account pe DEN Chers Sthveats Hroar Pact pe UCET Fade Elie age eunt 5100 000 CD wath First National Bank
169. ter Lake lowa Urban t 12 1 2010 100 210 003 50 000 VWieconein Health Packt 12 21 2010 12 210 004 100 000 City of Wien GO bond 103 24 Debt Aruming 10 42 154 538 2 21 Siete Modules as paaa X wana 200 88 06 55 265 00 Certi amp cates of Deposit 250 001 100 006 CD wih First National B 12 31 2010 118 650 0 250 002 75 000 CD weh Cartral State Ba 12 31 2010 T Q00 00 You must first enter the valuation date at the top of the window GEMAcct then permits you to enter in the right column each asset s fair market value as of that date GEMAcct also displays the last date on which you valued the assets and the previous fair market values Note that if you are entering the fair market value of a stock or bond you must enter its unit value GEMAcct then multiplies the unit value times the current number of units to determine its fair market value If you have consolidated accounts GEMAcct lists the master account in the above window followed by all of its subsidiary accounts which are grayed out When you enter the fair market value for the master account GEMAcct automatically stores that value for each subsidiary account Close the active window by clicking Cancel or typing F9 to return to the Main Menu and account tree You can enter and review an asset s complete fair market value history from the account tree Double click account 150 001 BellSouth 1 General Inlemneban 2 Berseheciames 3 Faducieres 4 Tre
170. the assets distributed to the trust For more information see 6 04 of the GEMAcct manual 7 05 Final Distribution Fractional Shares Option 4 on the Distributions to Beneficiaries menu allows you to post a final distribution when there is only one distributee or when each distributee receives the same fractional share of each remaining asset and liability For more information see 6 05 of the GEMAcct manual If you enter a final distribution using this option GEMAcct does not recognize gain or loss on the distribution 7 06 Final Distribution Pick and Choose Fractional Share The final option on the Distributions to Beneficiaries menu permits you to fund a pick and choose fractional share residuary bequest Select this option if the will or trust includes a fractional residuary bequest and if the fiduciary was authorized to make non pro rata distributions in satisfaction of the fractional shares In this case the value of each fractional share is determined based on the fair market value of the remaining assets and each share is satisfied by distributing assets based on their fair market value at the time of distribution This option also allows you to distribute the remaining assets and liabilities to a single beneficiary if you want to recognize gain or loss on the distribution equal to the difference between the fair market value and carrying value of the assets You can also create a new GEMA cct data file for each fractional share in
171. there is no dedicated Save key GEMAcct automatically saves your data as you close each data entry window This feature common to all three GEMS modules minimizes the chance that data will be lost if you experience a technical problem with your desktop or server application Options on Main Menu To access an option on the Main Menu the left pane you can simply type the menu number and advance to that option directly or you can click the option with your mouse Cursor Control There are several keys that control cursor movement The Tab and Enter keys advance the cursor to the next active data field and the shift Tab key returns the cursor to the previous field As you advance through a window 13 Chapter 3 Data Input Menus and Options 3 02 Function Keys and Cursor Control the cursor skips those questions that are inactive The cursor also skips those questions associated with a radio button response that you have not already answered In the basic word processor the Tab key advances you out of a text box As a result you must type Ctrl Tab to enter a tab in the word processor Function keys There are also several functions keys that are active in various portions of the program To utilize these keys you can type the function key or click the button on the screen that corresponds to the key The various functions keys are F3 On the account tree allows you to alphabetize the assets liabilities In other portions of the pr
172. tions B Han Cash Tranzactans 7 Distributions to Banaficiari B Adjust Ceerying value 3 Fir Market values Prini 10 Mational Fiducimny Acco 11 Business Repons 12 Miscellaneous ante 13 Custam Reports 14 Account lequi 15 Fam Le Eg cacy 13 impii FATE DOS Accouri 20 Existing Enting 21 Biase Modules 22 Trarreection Filter Hide zero bal 3 05 Preferences Click Preferences on the menu bar and GEMAcct displays two options GEMAcct and Spelling 1 Genera Spelling 2 Benehe 3 Fuduciemes 4 Transacci ns Enter Transactans 5 Cash Traneecions B Han Cash Trantectorme 7 Digtributions ta Banaficiarias B Adjust Garang Value J Fair Market v nluas Lu Prini 10 Hintianal Fiducimny Accom Fiap rts 11 Business Reports 12 Miscellaneous aris 13 Custam Repone Z 14 Account iiu M 15 Form 1041 he Usilitiess 16 Check Wis fV 17 B ura Paneonciliatian 18 Eg Gamay 13 impii FATE DOS Accounting 20 Existing Entitbos 21 Biase Modules 22 Tranection Filter Hide zero ball GEM lt Acct Preferences Click GEMAcct from the Preferences selection list and GEMAcct provides three options Chapter 3 Data Input Menus and Options O Fiduciary Accountings x YU Checking Aceourts w QE Feie M antec Bank batt hsec rag oiai 330 Brokerage Checking Accounts M Chales Sohrab Brokerage Account DOG Fidelity Drokerage Account E Stocks 350 Common S
173. to enter distributions and GEMAcct displays the following Sif Fiduciary Accounting Estate of John P Smith file Unites Pneeremcres Heg di Tah 1 General Inlemneiean MO Cath cra Hand 2 Benehcianes YI hacking Accounts 3 Faducieres a DEI Fei Morus Banks AP camo coca d Tr naachoni IEL wells F aede Lhasckorag Acii 7 EN EI Vx Beskberage Checking Accounts Enter Transactans s DOT Charles Scheasb Dickatage Account 159 2 41 5 Cash Traneecions X Ur Fade Frcloerage torini 1 2 A38 E 6 Han Cash Tranzactans 7 Digtributimna bo F r TENTAT TUR B Adjuz Distributions ta E arabi L H 2 100 OO J Fair by Fa 1 137 00 00 s 5 gio prn or Print 1 Oisinbyton Descpbons b e Pipes 10 Haig 2 Disinihuttanz of Specie Accounts 7 1 24 424 510 00 E i 11 Bus 3 Distributions to Seisi Pecuniary Amount i i m 12 Misc E m 23m 13 ee i 4 Final Distnibulian Frectianal Shares Fi 2 PEE DU 14 aeai 5 Final Distribution Pick and Choose Fracsanal Shares pose Fs 15 Fe F Biot hun ih 345 27 Of 16 Check ARS j PEUT s dh E OO Franklin Income Fund 1i 327 55 17 Bapk Account Parconciliation 002 Vra SUP 50 dra Fund 2 154 538 28 l GEMTE Gateway IS T raestaenerica beoe Fund T pama 19 Import FATE DOS Accounting 004 Fidelity Contes Fund 62 425 811 75 20 Existing Entitbos DOS Fidelity Maellan Fund 22 200 682 06 21 Sies Modules Bree 22 Trans ecton Filter 200 Federal Noter and Bond Mie zer bal On 35540
174. to locate or create a different folder GEMS includes a sample accounting file in the SampleFiles folder when you download the software The default path for this folder is C GEMS SampleFiles and is stored in the primary GEMS folder Remember you may have changed this path when you installed GEMS 2 06 Creating Data File Copies Back Ups You can also create a copy of a data file in the Open window GEMAcct stores all of the information relating to each accounting in a separate file that you create when you initialize a new file If you right click on a file name a menu appears that permits you to copy a file e mail a file or rename a file To create a duplicate of an existing file simply right click on the file name and GEMS displays the following F Mame T F dehan EAE Ea F lohan Select Neue F bertan Monash gt Taoa Persini Sean Tor Viniti Gilbert Publii d F Smith Est pen unih fou Fave kerted 3 Libraries im St John s Heshan prevseus WEES A the kang 7 T tiet FAR i 9 Tec Send te Commie 9 TESTChar Cu TS Transfert 5 W G Real acd Create zhartecut E Delete Rename Hie name Propert pen Look in Ji GEMAces oi A Date medified TAS NKB 1 78 BI 2011 54 PRA 210 3 01 PRA 2000 1 28 PAL 2001 1138 AM 20000 10 14 AM 2009 10 5 AM LD dr AM PUL 1134 AM SIO be AM GERTS F BIO IIAM GERTS POLL IPS AM GEME Type OEMS GEMS GENTS GEME GEMS GEMS G
175. tons 35 ssa z V OX 145 31 Semanal nie papel on 54 ODE Cates Lake lowes Urban Fiere 3x 5 0 J 311 40 ice bri intense paper on 50 000 wicaran Health Facility bord 3 1120 20 i 9733 Ceniannugl teres paspmeni on 75 000 OD HETEL MUA wih Central Siye AD Vand Thon 12544 Pirani bs Willers Tideri Cogan foe lua ball hot espere corer 40 10 2000 0001 12544 Parent b Wilton Telephone Congar hor Gra bil lor helenb rne sericea 1 2000 nian H5 Xi Peni bo Hinesi Powe and ater Ipe inal edi lor elecincal penance TOSS E t AS OL Bb XY Pupareend bo bl ucc nre Pias arai P tr for rcd lll bor dmi pence 1000 Tin om 12522 Payment ta bows Dar and Eleciric for Final bill lor natuss gar mice 2 Yvan 450 RES 125 22 Pirard bs keva ceci eund E ence Vi Pre el lor ahaa rs bera 12721 F1 i 110 001 TOGO Praised bo eosecutol Bor diacu Bass TMAS 00 Dib 110001 420000 Payment to Stanley Lande and Couker lor athoersey lees T2 ron T2 OE BOLD Gikan arel Cadel Pirard ol iire baaa 12 31 2000 Dib 130001 MOMON ATH Glsdrey Payment of accounting lei ansan 150 26 000 00 Gan pn Ihe 1386 of 1 of Bell Sour T2011 t 136 D 25 310 00 Purchase of 1 00 es of Quad Cap Foe inna T ruit WEN 150017 2551000 Purchase of 1 000ss of Quad City Dank and Trust 7 Sava T5 Or 9250 0 Sale of Ses ol Ferd Moles 13 Imp u 250 001 215 35 Annual interest payment on 100 000 CD 827202336 with Frat National Ba 20 Easting E ntis i 180005 1212500 Sale ol 5000s of Quad Cip Bark and Trust 21 Siete Mod
176. transaction To access a more extensive word processor click WP or type F11 For a full description of the word processor see 2 09 2 17 of the GEMAcct manual Enter the description shown above and click Post or type F8 to post the transaction 6 09 Payment of Liability You can elect to inventory an estate s liabilities See 5 23 In addition estates and trusts occasionally incur liabilities during administration When the fiduciary repays the liability you will treat the payment as a cash disbursement Payment of Liability Assume that you are making a payment on the decedent s mortgage that was included in the estate s inventory Select Transaction Type 2 Payment of Liability and complete the screen as follows 71 Chapter 6 Transactions 6 00 Payment of Liability file Uti Preferences Help Eru di 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Trensactions Enter Tranzactans 5 Cash Transactions 5 Han Cash Transma an a 7 Digtributions ta Banafig 155475 ln UDEO k am ag O01 First Matsonal Elank MO gage on decedents residence 5175 664 00 Pint x JM Portion Discharged 525 00 175 42T T0 10 National Fidacinry Acc EE EJ M 11 Business Repons zl ridi um C Allocated lo precipal Allcabed lo income 12 Miscellaneous Rapo hie 13 Custom Reports W Amt el Expense 1 288 45 14 Account Inqui Form 705 Schedule s 15 F r 1 041 Description Monthly payment
177. tribution and there will be no corresponding entry on the gain loss report However if you enter in the Gain Loss Account data field an account in the principal gain loss range the transaction appears on the Schedule D Capital Gains and Losses report with zero gain The last data field requests the number corresponding to the distribution s description As explained in 7 02 you can describe the various distributions by selecting option 1 in the Distribution to Beneficiaries selection window If you do not know the description s number click or type F10 to access the selection list Click Post or type F8 to post the distribution 94 Chapter 7 Distributions 7 07 Editing Distributions 7 04 Distributions to Satisfy a Pecuniary Amount The third option on the Distributions to Beneficiaries menu permits you to distribute multiple assets to a single beneficiary to satisfy a pecuniary bequest You can elect to value the distributed assets using either their fair market values or carrying values at the time of distribution This option also aids in selecting assets that are fairly representative of the overall appreciation or depreciation Generally you should select this option if you are satisfying a pecuniary marital or bypass bequest You can also create anew GEMAcct data file in the event that you are funding a trust This feature permits you to automatically populate the trust s initial inventory based on the fair market value of
178. ues 32 AB 55 Xon Ao 35241 51 3141 51 2108 51 ikt DOC Wells Fage Checking Account E 13 Brokerage Checking Accnunis TTE Chake Sictreands Bink mine arcu IME Fidelity Brokerage Account NS Quad Cay Dark and Trust OS SAC Conercnsc sacar Ir nr NO Microsoft Corp x Ul Qusd Cir Dank and Truit 1 Dusi Cip Bank aad Tree 155 Foreign Stocks E 165 Mutual Fundi OO Franklin Income Fund D Vargquand SOF 500 Indes Fund TEES T racine rien Fuel 4 Fidelity Conta Fund O06 Fidelity Magellan Fund E 200 Federal Motes and Bonds um T5000 US Tiesu EM Murscpal Borate QT 20 000 Loser Finance Authority 3 600 04 queens 322408 20 A50 5000 0 325 250 00 105 000 00 337 000 00 yisi 0 Paso 1124 000 00 5 51000 324 510 Click Print or type F4 GEMAcct will print the account tree for reference including the transactions posted to account 110 001 la Taga amp Pus ALTI zen s B ACCOUNT TREE Estate of John F Smith Cons Bus Linats Cash 100 Cash on Hand 110 Checking Accounts O01 First National Bank NOW checking account 21 041 51 10 8 2010 Payment to Wiltan Telephone Company for final bill for telephone service 125 44 32 460 55 a 10 2 2010 Payment to Muscatine Power and Water for nal bill for electrical service 86 33 32 374 23 1008 2010 Payment to lowa Gas and Electric for final bill for natural gas service 128 22 32 248 01 11 90 2010 Sami annual imierest payment an 75 0
179. uit Mod Bank CU cedar ient 4 Trensactons 130 Brckerage Checking amp ccountz Vier ae Fun ns rc Enter Transactang fe p zo Willowbrook Famns 13 Import 20 Existing E ntibos 21 Siete Modules 310 Other Real Progectly Nl General Acct FF Add Atset Lisb F3 Alphabetios F4 Prt Continue to click Add Business to enter the businesses shown above 25 Asset Classifications Chapter 4 General Data Entry 4 03 Beneficiaries Even though you have identified businesses the assets are not associated with their respective businesses on the National Fiduciary Accounting reports The Asset Classification option permits you to group assets on the Receipts of Principal and Principal Balance on Hand reports by categories that you enter in the classification window Click the Asset Classification tab under the General Information program division and GEMAcct displays those classifications already entered TEP Fiduciary Accounting Estate of John P Smith file Unthtes Preferences Edi 1 General Informabon 2 Benehoones 3 Fxducienes 4 Trensachons Enter Transactons 5 Cash Transactic 6 Non Cash Tran 7 Distributions to B B Adjust Carrying 9 Fair Market Vi Pn 10 National Fiduci 11 Business Repo Heo Cons Bus unes Unt Val Cash 100 Cath on Hd 110 Checking Accourds a O01 Fest Nato Bark NOW checking moooont 130 Brokerage Checking Accounts DO Db basah Duc ao Vas
180. ules U SAA 130101 450 00 Pneu te o andl ledig fot parap ation ol azare bec ihm j SA Dib 130001 LAATS Monthly payment on mortgage on decedent s principal residence FVIDMAAIIAIITAA AT aT AAA aa 85 Chapter 6 Transactions 6 17 Account Inquiries You can sort the transactions by transaction number or by date To review a transaction highlight it and click Show Transaction You are not permitted to edit the transaction from this screen The Information Schedules comprise two sections New Investments and Changes in Investment Holdings The check boxes in the right portion of the screen permit you to designate whether the transaction should be included on either report GEMAcct allows you to change its default selection by clicking the box to add or removing the check to delete Click OK or type F9 to return to the Transactions menu Capital Transactions GEMAcct uses default rules to determine an asset s acquisition date See 5 32 of the GEMAcct manual However transactions are not always properly characterized Select option 4 on the Transactions menu to recharacterize short and long term gains GEMAcct displays the following A Fiduciary Accounting Estase of John P Smith Hie Unites Preferences Hei Edi 1 General Intormabon 2 Berveliciamess nih 3 Faducieries 4 Transacci ns SOIN Da ir o the dee o1 Des of Ball ouf Breese 31 amp arxni S 43000 OO Sade ef SOS of Fond Mater S Cash Transactions 336 3200 1
181. und i a DIT Fact M oru Banks Pa cumin crc T3 Brokerage Checking Acoounds x DI Chaka Schwab Urker Account x D Fidelity Brokerage Account Sipek i zd HESS HIT Title of estate s personal representatives 2890 Canke of De Dm 43 00 000 CO wath Pint National Bank x Uu 5000 CD wath Central State Dene 260 Debt Inzinumeni Resy EIE S10 Uther Final Propaeily 28 133 565 00 122 430 20 120 500 00 345 2550 OU 3105 C00 Gd 357 For ord 20 52 OU 1122375 0 3124 200 GU x25 5 1 3651 827 55 TASH 153 251 27 955 813 75 203 582 06 713 288 ii 443 726 00 350 075 00 155 295 OU 1100215 25 75 000 QU Add renes Acct FF Add Atset Lisb F3 Alphabetize F4 Print E Chapter 4 General Data Entry 4 04 Fiduciaries Enter the fiduciary s title in the first data field If there are two or more fiduciaries the title should be plural To enter the first fiduciary click Add at the bottom of the window after entering the title and GEMAcct displays the following m CACY Fee tec Etre CIA chiara necant 330 Brokerage Checking Accounts oe DOT Charles Schwab Bickersge Account m DOG Fidelity Drokersge Account E Sighs 7 Digiibutions to Banaficinrias B Adjust Caring Value 9 Fair Market Values i C Yes l duciary a benehciary Fuint 10 National Fiduciary Accourtieg aporte 11 Business Reports 12 Miscellananus re 13 Custam Piepenets 14 Account Inu 15 For 10 Re 156
182. upplemental Inventory D Commumty Properly Acq Date inherited Enter Transactions P inventory Date dnclude if Zero 5 EM 1 w Short Desengtion 100 000 City of Wilton GO bond 1 D 103240 UG 00 Ferm T06 Schedule E Sekr and Bondt x Business 1 Morgan StanleyAccount e Consolidation Acct Income Accoun 820 Tax t kieres 100 000 Cay of Wilton 30 bond Ren Face value Gabinete intent tate 13 adi me T Accnied interest 20 Exretiri Entities Suri arruml interest peyrmst on City of Willcn boad 21 Siete Modules FTD Macre PIAP The information required for bonds is similar to stocks See 5 20 With respect to this bond note the following l g gt 4 After you have finished close the active window to return to the Main Menu and account tree Since bonds are priced at a value per 100 the number of units is the face value of the bond at maturity divided by 100 In this case it is 1 000 units There was 245 of accrued interest as of the date of death The bond has been associated with the Morgan Stanley brokerage account The Income Account has been changed to 820 Tax Exempt Interest 5 22 Real Estate Finally assume that the decedent owned a farm in Muscatine County Click on general account 310 Other Real Estate and click Add Asset Liab or type F7 Complete the window as follows 1 General Intormabon 2 Benehoanes 3 Fiducanes 4 Trens
183. w or type F9 to return to the GEMS administrator Chapter 2 Creating and Accessing Data Files 2 05 Accessing Existing Data Files 2 05 Accessing Existing Data Files When you select Fiduciary Accountings from the Administrator to edit an existing file you can either select an estate or trust from a list of recent files or open a data file from either the default folder or a different folder Accessing Recent Files Again select Fiduciary Accountings from the GEMS administrator and GEMS displays the last twelve files you have worked on Cl sms k mieg Fiecerd Fler CARE MS RE HA dohna mih 2010 FAPI upi Mur Moses VAT Ted XU FAR CAGE MS VRE H Acci Peaky FAR Cus MEWE Hsc il P heed reg LC FAR CARES URE boot Pedi FAR CVs WS ier Moses AT FAR tac CARES RE Hcc T etigan PAR Billet Publubing LUC Vou Fave berbad GEMS fot wie a Pre boda offices Hoan Wanda Park GEMAcct also displays the folders in which you created the data files To select one of the data files displayed simply click on that file and GEMS proceeds to the Main Menu and account tree Accessing Other Existing Files You can also access other existing data files from the above window Click Open Existing and GEMAcct displays all the clients you have stored in the current file folder Cin Lock inc ji GEMAcet ok F Name Date modified Type TL oum F Alesis Bienes Club FAR TIBI 2010 1 14 FM GEM F Arbi his kng FARE d0 1 56 FM
184. within that general account and you cannot delete an income or expense account if you have posted transactions to that account You may also wish to customize the receipts and disbursements accounts in the 600 999 range Assume you want to post all dividends from a Charles Schwab account to a specific income account Click Add General Account at the bottom of the account tree enter 801 as the account number assuming that the dividends are allocable to income and add an appropriate short description t Fiduciary Accounting Estate of John P Senith Hie Unites Preferences Help Edi 1 General Intormabon 2 Barsehicieme T s 3 Fuducieres Add General Accoun x 321 6541 51 4 Transacci ns 450 Enter Transactans 5 Cash Trangacticna B Han Cash Tranzactans 7 Digtributions ta Banaficiarias B Adjust Garang Value 3 Pow Market Values Print 10 National Fiduciary Accouris 11 Business Reports 12 Miscellaneous nts 13 Custom Repat 14 Account naui 15 Fom 04 Re 354 538 28 153251 27 Uslitios 16 Check fs y xpense Descrip r IMS 17 8 ura Poneonciliatian l Eg Gamay 13 impii FATE DOS Accounting 113228 00 20 Existing Entons 343 725 00 1 Siaa Modules 150075 00 22 Transtector Filter pape Hide zero ball 410021535 75 000 Or After you have finished close the above window to return to the Main Menu and account tree For a discussion with respect to consolidating income accou
185. y 85 07 Community Property 95 08 Include if Zero 895 09 Acquisition Date and Inherited 95 10 Asset Classification 85 11 Short and Full Descriptions 5 12 5 12 85 14 5 15 5 16 5 17 5 18 5 19 5 20 85 21 85 22 5 23 85 24 5 25 5 26 5 27 5 28 5 29 5 30 85 31 86 01 6 02 6 03 6 04 6 05 6 06 6 07 6 08 6 09 6 10 86 11 6 12 6 13 6 14 6 15 6 16 86 17 87 01 7 02 7 03 Acquisition Value Accrued Income Form 706 Schedule Business Consolidation Account Income Account Full Description Income Description Stocks Bonds Real Estate Liabilities Printing the Chart of Accounts Adjusting Carrying Values Fair Market Values Additional Account Tree Features Opening and Collapsing Accounts Alphabetizing Accounts Moving and Merging Accounts Existing Entities Chapter 6 Transactions Introduction Cash Receipts Receipt of Income Sale Collection of Asset Collection of Accrued Income Lot Sale Cash Disbursements Payment of Expense Payment of Liability Acquisition of Asset Non Cash Transactions Dividend Reinvestments Other Editing Transactions Editing Transactions from Account Tree Editing Transactions from Main Menu Account Inquiries Chapter Distributions Introduction Distribution Descriptions Distributions of Specific Accounts 87 04 7
186. you to easily select those lots you desire to sell Similarly if the company declares a stock split GEMA cct permits you to quickly process the transaction by again entering only the master account number To treat this account as subsidiary to a master account you can either enter the master account s number or click 7 or type F10 to access the inquiry screen The account you enter in the consolidation account data field becomes a master account by virtue of being referenced The master account must be in the same general classification as the subsidiary account In other words a cash account in the 100 149 range cannot be subsidiary to a stock account in the 150 199 range If you are entering information with respect to the master account you should leave the consolidation account data field blank For a complete discussion of master and subsidiary accounts see 4 12 of the GEMAcct manual Leave the Consolidation Acct data field blank and advance to the next field 5 17 Income Account You can specify an income account for each asset The National Fiduciary Accounting Standards require that the receipt of income be categorized by producing asset As you enter cash receipts representing the collection of income GEMAcct requests you to identify the producing asset If you have associated an income account with this asset GEMAcct defaults the income account whenever you identify this asset as the producing asset Since bank accounts generate

GEMAcct Training Guide - The Gillett Estate Management Suite

Contents

Download Pdf Manuals

Related Search

Related Contents