ACTEC 2012 Quicken Fiduciary Accounting Templates User Manual
Contents
1. Tax Category Description Rel Tax Schedule amp Line INCOME Bus Inc Business income Schedule C Gross receipts Gross Rec Gross Receipts Schedule C Gross receipts Cap Gains Capital Gains and Losses LT Gains Inc LT Gains Alloc to Inc X T Gains Prin LT Gains Alloc to Princ x T Loss Inc LT Loss Alloc to Inc X T Loss Prin LT Loss Alloc to Princ R ST Gains Inc ST Gains Alloc to Income xX ST Gains Prin ST Gains Alloc to Princ x ST Loss Inc ST Loss Alloc to Inc ST Loss Prin ST Loss Alloc to Princ X Div Inc Dividend income Schedule B Dividend income Cap Gn Capital Gain Distrib Schedule B Div inc capital gain Exempt Non taxable Schedule B Div inc non taxable IRD IRD bas Taxable Taxable Schedule B Dividend income Est Inc Income from Other Estates 1231 Gain Section 1231 Gain Loss Schedule K 1 Net sec 1231 gain lo LT Gain Net LT Capital Gain Loss Schedule K 1 Net LT capital gain Ord Gain Ordinary Gain Loss Schedule K 1 Ordinary income loss Port Div Portfolio Dividend Income Schedule K 1 Dividends Port Int Portfolio Interest Income Schedule K 1 Interest income Rent Oth Other Rental Income Loss Schedule K 1 Other rental income Rent RE Rental Real Estate Schedule K 1 Rental real est inc ST Gain Net ST Capital Gain Loss Schedule K 1 Net ST capital gain Exempt Inc Tax Exempt Income Double Double Tax Free2. t HA H HF H H FA HH HF HH FH FAH H HF Schedul e E Advertising e E Auto and travel e E Cleaning and maintenan e E Commissions e E Insurance e E Mortgage Interest exp e E Other interest expens e E Legal and professional e E Other expenses e E Repairs e E Supplies e E Taxes e E Utilities Form 4952 Investment interest Page 20 Category and Transfer List Tax Category Description Rel Tax Schedule amp Line Notes Pay Notes Payable Other Liab Other Liabilities Close Stock Closely Held Stock Com Stock Common Stocks Corp Bonds Corporate Bonds Fed Bonds Fed l Notes amp Bonds Muny Bonds Municipal Bonds Mut Fnd Mutual Fund Pension Retirement Plans Pfd Stock Preferred Stock Pships Invest Partnerships Account List as included in the Category List Note that accounts are furnished for your use both with reference numbers and without reference numbers You should consistently select either numbered accounts or unnumbered accounts when making data entries The Category List as displayed in Quicken at the drop down menu Tools Category List at Transfers displays both the numbered and unnumbered accounts 10 31 2013 Account Name 110 Check Acct 115 Check Acct Ind 120 Savings 130 MM Acct 140 CD s 150 Recievables CD s Check Acct Check Acct Ind MM Acct Receivables Savings 200 Cash 210 Refunds 220 Accr d Inc Accr d Inc Cash Refunds 500 Com Stock 510 Pfd Stock 5
3. Banking in V 2012 or later or Cash Flow in earlier versions and click the left button Move your cursor to the Accounts pane on the left side select the account you wish to use and click the left button Note You will usually start with the account called 110 Check Acct To enter investments click on the tab Investing to see a list of the Accounts included under this heading move the cursor to the account you wish to use and press the left button c How Do I Enter Data in the New File i For instructions on entering data consult your Quicken Manual or the Quicken Help file The first time you use Quicken for Windows you may wish to move your cursor to the Help on the initial screen and click the left button Then move the cursor to Learn About the Next Steps After Setup and click on that line Getting Started or Monitoring Your Cash Flow It is recommended that you take the time to review this information before you begin ii To enter data in the checking account in Quicken for Windows note that you may enter data either in the checkbook register itself or in the check writing mode from the top menu Tools Write and Print Checks Note also that in either mode the date may be adjusted forward or backward by pressing it or In the checkbook register the check numbers may also be entered in this fashion By pressing in the Num column Quicken will automatically insert the next
4. price the security and enter the then price at the column Price Copyright 2013 ACTEC All Rights Reserved Page 9 To write up a Property account enter the date of the write up enter the amount at Increase enter the Account Category Quicken will question the entry of the same Account Category but override that and enter Pr Gain as the Tag h How Do I Use the Saved Reports i PRINCIPAL REPORTS 1 A Assets on Hand The Assets on Hand Saved report will produce the data you need for the original inventory for an estate or trust or to indicate the assets of an estate or trust that are on hand at any date subsequent to the date of origination It is identical to one of the Quicken Standard Reports namely the Net Worth report which is one of the Quicken Net Worth and Balances reports If you are using the DEMO file and you request the Assets on Hand Saved report the report is programmed to report balances as of the decedent s date of death by reporting from the earliest dated entry with an On Hand Tag If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate date for reporting the asset balances In the case of an estate this usually will be the decedent s date of death In the case of a trust this will be the first day of the reporting period 2 B Receipts of Principal The Receipts of Principal
5. 6 Hypothetical Estate The decedent John Doe died on November 9 2008 His estate consisted of the following Assets and Liabilities that are the subject of the Quicken disk file DEMO A Assets On Hand As of 11 9 2008 Includes unrealized gains As of 11 9 2008 Account 11 9 2008 Balance ASSETS Cash and Bank Accounts 110 Check Acct 521 000 00 120 Savings 1 100 000 00 130 MM Acount 12 750 00 150 Receivables 100 000 00 200 Cash 222 00 TOTAL Cash and Bank Accounts 1 733 972 00 Other Assets 300 Residences 435 000 00 330 Misc Pers 2 630 00 TOTAL Other Assets 437 630 00 Investments 500 Com Stock 8 200 00 520 Close Stock 3 000 000 00 530 Fed Bonds 25 000 00 TOTAL Investments 3 033 200 00 TOTAL ASSETS 5 204 902 00 LIABILITIES 0 00 OVERALL TOTAL 5 204 802 00 Copyright 2013 ACTEC All Rights Reserved Page 24 7 8 The QUICKEN Program The accounting and reporting illustrations in this material were prepared through the use of Version 2010 of QUICKEN for Windows The later versions of Quicken for Windows will convert the Quicken 2010 templates to their format and the Templates including accounting categories and reports should operate properly in later versions The templates have not been tested in earlier versions but may operate correctly in some QUICKEN is not a dedicated fiduciary accounting program and does not have built in specialized features related specifically to fiduciary accounting QUICKEN does howeve
6. Saved report is designed to report transactions during the designated reporting period which have one of the following Tag designations On Hand Pr Rcpt Receipts of Principal Press the CTRL amp L keys simultaneously to see a list of the Tag designations If you are using the DEMO file and you request the Receipts of Principal Saved report the report is programmed to include all dates If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range 3 C Gains amp Losses Investments The Gains amp Losses Investments Saved report is designed to report gains and losses from the various Quicken Investment Accounts during the designated reporting period It is identical to one of the Quicken Standard Reports namely the Capital Gains report which is one of the Quicken Investment Reports Copyright 2013 ACTEC All Rights Reserved Page 10 If you are using the DEMO file and you request the Gains amp Losses investments Saved report the report is programmed to use All Dates as the report date range If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range 4 D Gains amp Losses Other The Gains amp Losses Other Saved report
7. available check number for you Copyright 2013 ACTEC All Rights Reserved Page 6 iii In the check writing mode note also that the amount will be written for you after you have entered the amount in numbers and press the Enter key You may enter the Payee s address on the check by clicking on Address In the Memo portion of the register of the check you may record any information you desire iv The next selection to be made in either the checkbook register or on the check is the Category By pressing the down arrow at Category you will see the Category amp Transfer List which includes all of the suggested categories for classifying your data Move the cursor to the category subcategory or account Transfers you wish to select and press the Enter key Entries may be further categorized for purposes of the reports by selecting a Tag from the list at the Tag prompt on an entry Itis important for accurate creation of Reports that the appropriate Tag be entered iii Press the Enter key again and the entry will be recorded You may be asked OK to Record Transaction Press the Enter key to record the transaction and proceed with the next entry vi It is important to note that Quicken arbitrarily divides income and expense categories into Business and Personal Many fiduciary administration items do not fit conveniently into the Quicken Business categories We have created Personal categories
8. contains the cover sheet and signature page for the Model Executor s Account included with the National Fiduciary Accounting Standards ACTEC Study 19 linked to from the ACTEC Fiduciary Accounting Templates web page This file can is in RTF format and can be retrieved in WordPerfect or Word and modified to include the necessary information for the cover sheet and signature page for your estate account The MODTR2012 CVR file contains the cover sheet and signature page for the Model Trustee s Account included with the National Fiduciary Accounting Standards ACTEC Study 19 This file can is in RTF format and can be retrieved in WordPerfect or Word and modified to include the necessary information for the cover sheet and signature Copyright 2013 ACTEC All Rights Reserved Page 1 page for your trust account The SUMMARY2012 EST file is the Summary of Account from the Model Executor s Account included on page E 2 of the National Fiduciary Accounting Standards ACTEC Study 19 This file can is in RTF format and can be retrieved in WordPerfect or Word and modified to include the necessary information for the Summary of Account report for your estate account The SUMMARY2012 TR file is the Summary of Account from the Model Trustee s Account included on page T 2 of the National Fiduciary Accounting Standards ACTEC Study 19 This file is in RTF format and can be retrieved in WordPerfect or Word and modified to include the necessary infor
9. created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range 6 F Distributions of Principal Beneficiaries The Distributions of Principal Beneficiaries Saved report is designed to report any distributions of principal which have been made during the designated reporting period to beneficiaries of the estate or trust It is designed to report transactions Copyright 2013 ACTEC All Rights Reserved Page 11 during the designated reporting period which have Princ Dist or any of the 8 subcategories under Princ Dist as their Category designation AND ALSO have the Tag designation Pr Dist Distributions of Principal to Beneficiaries Press the SHIFT CTRL amp C keys simultaneously to see the Category amp Transfer List Press the CTRL amp L keys simultaneously to see the Tag List If you are using the DEMO file and you request the Distributions of Principal Beneficiaries Saved report the report is programmed to use a specific report date range If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range 7 G Principal Balance on Hand Book or FMV The Principal Balance on Hand Saved reports will produce a report of the assets on hand for an estate or trust at any date you s
10. with Categories and Tags i Categories The Categories included in the ACTEC templates constitute the fiduciary Chart of Accounts Identifying a Category to a given entry where the Category prompt appears such as checking or money market accounts tells Quicken to place that entry in the designated category for purposes of the reports generated from the Client Account ii Tags The Tag prompt at each entry of income expense or principal transactions allows additional flexibility in reporting transactions The ACTEC Templates includes a list of Tags that you may use to provide another level of identification of the entry in addition to the category for more detailed reporting of the transaction An example of the way tags are used is that you may identify an entry at Category as Admin Exp and then further identify it at Tag as Exp Inc identifying it as an income expense or Exp Pr identifying it as a principal expense for fiduciary accounting purposes Tags may be also used to identify the splitting of an item between income and principal by entering the item as a Split and tagging the respective income and principal components appropriately You should use tags whenever possible for the most complete and accurate reporting of transctions The listing of the derivation of Reports in this Manual at h i REPORTS below displays the Categories and Tags to enter for each Report iii Tax Schedule Quicken identifies the ta
11. 20 Close Stock 530 Fed Bonds 540 Muny Bonds 550 Corp Bonds 560 Pships 570 Pensions 580 Mut Funds Close Stock Com Stock Copyright 2013 ACTEC All Rights Reserved Page 21 Corp Bonds Fed Bonds Muny Bonds Mut Fnd Pension Pfd Stock Pships 300 Residences 310 Real Prop 320 Household 330 Misc Pers 340 Life Ins 350 Opng Inv 360 Supp Inv Household Life Ins Misc Pers Opng Inv Real Prop Residences Supp Prop 400 Mtg Pyble 410 Notes Pybl 420 Inc Tx Pybl 430 Acc d Liab 440 Other Liab Accr d Liab Inc Tax Pyble Mtg Pyble Notes Pyble Other Liab Copyright 2013 ACTEC All Rights Reserved Page 22 5 Tag List Tag Description Dist Prop Proposed Dist to Benef Est Claim Claims allowed against the estate Exp Inc Expense charged to Income Exp Pr Expense charged to Principal Inc Disb Disbursements of Inc Inc Dist Distrib Inc to Benef Inc Gain Other Inc Loss Other Inc Proc Inc Rept On Hand Pr Disb Pr Dist Pr Gain Pr Loss Pr Proc Pr Rcpt Tr Inc to Pr Tr Pr to Inc Gain Alloc to Inc identifies non securities Loss Alloc to Inc identifies non securities Proceeds of Inc Sale Receipts of Inc Principal Balance On Hand Disbursements of Income Distrib Prin to Benef Gain Alloc to Principal Loss Alloc to Principal Proceeds of Principal Sale Receipts of Principal Transfer of Inc to Principal Transfer of Principal to Inc Copyright 2013 ACTEC All Rights Reserved Page 23
12. ACTEC 901 15th Street N W Suite 525 Washington DC 20005 202 684 8460 202 684 8459 fax http www actec org Copyright 2013 ACTEC All Rights Reserved Page iv 1 Description of Included Files There are two sets of Quicken files included on the file ACTEC Templates 2010 that you downloaded from the ACTEC website ACTEC DEMO The ACTEC files are the master files you will use to administer your estates or trusts These files include all of the customized categories and tags and all of the Saved reports included in the DEMO file but do not include any example data relating to the hypothetical decedent John Doe The DEMO files are the demonstration files used to illustrate the administration of the Estate of John Doe deceased Before attempting to use the templates you downloaded be sure to copy the file ACTEC Templates 2012 to another directory or backup drive IF YOU LOAD THE TEMPLATES IN ANY CURRENT VERSION OF QUICKEN THEY CANNOT BE LOADED IN EARLIER VERSIONS OF QUICKEN This manual is included on the disk in Microsoft Word format and PDF format The PDF format requires Adobe Reader to view the latest version of which is available without charge at http get adobe com reader In addition to the Quicken files and the manual there are four files in RTF format included on the enclosed disk may be read by any word processor MODEST2012 CVR MODTR2012 CVR SUMMARY 2012 EST SUMMARY 2012 TR The MODEST2012 CVR file
13. CTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range 2 J Disbursements of Income The Disbursements of Income Saved report is designed to report transactions during the designated reporting period which include the Tag designation Inc Disb Disbursements of Income Press the CTRL amp L keys simultaneously to see the Tag List If you are using the DEMO file and you request the Disbursements of Income Saved report the report is programmed to use Include All Dates as the date range If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range Copyright 2013 ACTEC All Rights Reserved Page 13 3 K Distributions of Income Beneficiaries The Distributions of Income Beneficiaries Saved report is designed to report any distributions of income which have been made during the designated reporting period to beneficiaries of the estate or trust It is designed to report transactions during the designated reporting period which have Inc Dist as their Category designation AND ALSO have the Tag designation Inc Dist Distributions of Income to Beneficiaries Press the SHIFT CTRL amp C keys simultaneously to see the Category List Press the CTRL amp L keys simultaneously to see the Tag List If you are using the DEMO file and y
14. FIDUCIARY ACCOUNTING WITH QUICKEN ACTEC Technology in the Practice Committee Prepared by Donald H Kelley Joseph G Hodges Jr and Edward G Heilman Revised November 2013 Quicken is a registered trademark of Intuit Inc ACTEC is an acronym for the American College of Trust and Estate Counsel Copyright 2013 ACTEC All Rights Reserved TABLE OF CONTENTS INTRODUCTION Technical Support 2 0 0 0 ccc ccsceceseeeeseceeseeeeneeeeeeens ii ACTEC Customer License Agreement ccccccccccccesseceseeeeseeeeseeeeseeeeeeenseeens ili 1 Description of Included Files cece ccccccesecesseceeeeeseeeeseeseessaeesenees l 2 Operating Questions ccreicoscacscisiricacsapienctsievenctsicie ctdtactsnenedectvanedeabededestbaneds 2 3 Creating a New QUICKEN File for an Estate or Trust 0 000 00 4 4 Category amp Transfer List icaco sare ncaliaineaminiatiadnkenanenenes 16 5 Tag Cist roronenoni unnn nna a e E a E a EEE EERE 23 6 Hypothetical Estate 0 000000a0eeenoeneneoenosseessessossessrsssesssessressrsssessressresseese 24 7 The QUICKEN Program osoeenoeesosssesssesssosssssressessresressressesssessressresseese 25 8 Features of QUICKEN for the Management of Accounts 25 9 Reports Which May Be Generated 00 cccccccccessceseeceseeceseeeeseesseeenees 26 10 Investing and Property amp Debt Accounts c cc eecccesseeeseeeseeeeeees 26 11 Handling T
15. Investment Account balances as of the proposed distribution date e M Proposed Dist Other Assets to Benef All balances in other Accounts as of the proposed distribution date e Proposed distributees and percentages of a given asset can be addressed by text added at the Description field of assets to be distributed e Proposed distributions of the checking account balance may be created for reporting purposes by adding an split entries to the Checking account with amounts and descriptions of beneficiaries and selecting the Tag Dist Prop for such entries Such proposed distributions will appear in Report M Proposed Dist Other Assets to Benef Investment Transactions Identify Actions as Bought BoughtX Sold SoldX Other Reports e Tax Summary Report From Home Tax Summary reports by tax schedules Copyright 2013 ACTEC All Rights Reserved Page 35 Quicken is a registered trademark of Intuit Inc Windows Word and Excel are registered trademarks of Microsoft Corporation WordPerfect is a registered trademark of WordPerfect Corporation Copyright 2013 ACTEC All Rights Reserved Page 36
16. N ONE YEAR OF THE DATE OF PURCHASE 5 LIMITED WARRANTY FOR DISKS LICENSOR warrants the magnetic disks on which the Software is recorded to be free from defects in materials and workmanship in the manufacture of the disks under normal use and service for a period of ninety days from the date the Software is received If during this ninety day period a physical defect in any disk should become apparent such disk may be returned to LICENSOR and LICENSOR will replace the disk without charge to Customer Customer s sole and exclusive remedy in the event of a physical defect in any disk is expressly limited to replacement of the disk as provided above 6 TERM This license is effective until terminated It will terminate if Customer fails to comply with any term or condition of this Agreement Customer is obligated upon termination to return the Software to LICENSOR 7 ENTIRE AGREEMENT This Agreement constitutes the entire agreement of the parties hereto with respect to its subject matter and may be amended or modified only by a writing signed by duly authorized officers of both parties 8 GOVERNING LAW This Agreement shall be governed by the laws of the District of Columbia 9 ASSIGNMENT This Agreement shall not be assigned or transferred by Customer without the prior written consent of LICENSOR 10 UPDATES AND REVISIONS This Agreement shall also apply to any future updates and or revisions of the manual or software ordered by Customer
17. Schedule B Int inc non taxable Single Single Tax Free Schedule B Int inc fed non sta Triple Triple Tax Free Schedule B Int inc non taxable Farm Inc Farm income CCE CCC Loans Forfeited Schedule F CCC loans forfeited CCC Loans CCC Loans Election Schedule F CCC loans election Coop Coop Distributions Schedule F Coop distributions Crop Ins Crop Insurance Proceeds Schedule F Crop ins proceeds rec Livestock Livestock Sales Schedule F Sales of livestock rai Other Other Farm Income Schedule F Other farm income Prog Payment Agric Program Payments Schedule F Agric pgm payments Int Inc Interest income Schedule B Interest income Corp Bond Corporate Bond Interest IRD IRD Schedule B Interest income OID Original Issue Discount Schedule B Int orig issue disc bo Priv Oblig Private Obligation Int Schedule B Interest income U S Govt U S Gov t Oblig Int Schedule B US govt interest Inv Inc Investment Income k Ord Gain Ordinary gain Other Inc Other Income Form 1040 0ther income misc Annuity Annuity Receipts 7 Copyright 2013 ACTEC All Rights Reserved Page 16 Category and Transfer List Tax Category Description Rel Tax Schedule amp Line Def Comp Deferred Compensation Misc Miscellaneous Receipts a Pension P
18. ample by identifying Date Type of Account Accounting category Tag Words in the Memorandum field 3 Thus for example a report may be generated compiling the records fitting the search criteria of Date All 1993 records Copyright 2013 ACTEC All Rights Reserved Page 29 Account Assets and investments the equivalent of the estate inventory Tab Disbursements Principal in general or Disbursements Heirs Memo On Hand 4 Such a report would compile a list of property remaining for distribution from the estate i e the Uniform Probate Code Schedule of Distribution 5 See the SAVED REPORTS for a list of reports which may be produced by QUICKEN and EXAMPLE REPORTS covering a Simple Cash Flow reports of Receipts and Disbursements b Reports corresponding to those suggested by the Fiduciary Accounting Standards See SAVED REPORTS and EXAMPLE REPORTS c Performance of Investments See Investment Performance Report at EXAMPLE REPORTS b Investing accounts 1 Investment accounts are basically locked into the QUICKEN investment report formats il The investment reports will show capital gain and loss the history of security transactions in the estate and performance report and evaluation To create an investment performance report go to Reports Investing Investment Performance For an example of the Investment Performance Report for selected securit
19. are on hand for distribution from an estate or trust at any date you specify It is based on the Quicken Account Balances report excluding Investment Accounts If you are using the DEMO file and you request the Proposed Distributions Copyright 2013 ACTEC All Rights Reserved Page 14 Other Assets to Beneficiaries report the report is programmed to report proposed distributions as of Earliest to date If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range 3 The Proposed Distribution reports are designed to give you a convenient list of Investment and Other assets on hand at the current or other prescribed date from which you may proceed to identify assets you want to distribute You may wish to enter at the Description prompt the names of distributees and the proportions of a given asset to be distributed to them in preparing your actual proposed distributions report To eliminate an Account that is not to be distributed click on Customize and deselect that Account Copyright 2013 ACTEC All Rights Reserved Page 15 4 Category amp Transfer List The following categories and transfer lists are included in the files on the computer disk accompanying these materials and are set forth here for general reference Category and Transfer List
20. ax Data ac iicsccstecsccaliccccstiateslieste slain a lala s losis 2I 12 Securities Valuation oie5 steak creek eel adi ehed hate ectices eaeseeanla eueon aaa 28 13 Report Generation 165 52 st eca cd seeedeyenctseeeee titted dete Naeehe 28 14 Exporting Files to Other Programs 0 cccccccccsccceseceseeeseeeeseeeeneeens 32 15 QUICKEN Saved Reports 0 ccc ccc ccc cence cence ee neeeaes 33 Copyright 2013 ACTEC All Rights Reserved Page i INTRODUCTION amp BACKGROUND These materials and software are an outgrowth of a professional program entitled Computers in Fiduciary Accounting With QUICKEN presented at the 1994 Annual Meeting of the American College of Trust and Estate Counsel ACTEC by Donald H Kelley Joseph G Hodges Jr and Edward G Heilman all of whom are ACTEC Fellows The purpose of that program was to demonstrate how a relatively inexpensive off the shelf software program such as QUICKEN could be used to produce accounting reports for estates and trusts which would conform to the National Fiduciary Accounting Standards and Model Account Formats developed by the Committee on National Fiduciary Accounting Standards ACTEC Fellows will find a copy of the National Fiduciary Accounting Standards and Model Accounts in ACTEC Study 19 The study is available from the ACTEC Studies in PDF format including a Model Accounts at http www actec org private freeform page asp PageID 186 a
21. ctric Other Other Property Expenses x Sale Comm Sale Commissions a Water Water Adm Travel Administrative Travel x Admin Exp Administration Expenses kj Bank Bank Charges and Fees 7 Cert Copy Certified Copy Expense Copy Exp Photocopying Expense Fil Fee Filing Fees Medic Exp Medical Expenses ii Phone Telephone Expens Postage Postage Expense k Public Publication Expense 5 Rec Fees Recording Fees Trans Exp Transfer Expenses Bus Exp Business expense Adv Advertising Schedule C Advertising Car amp Tr Car and Truck Expenses Schedule C Car and truck expenses Comm Commissions amp Fees Schedule C Commissions and fees Depletion Depletion Schedule C Depletion Emp Ben Employee Benefits Schedule C Employee benefits prog Insur Insurance Schedule C Insurance not health Int Mort ortgage Interest Schedule C Interest expense mort Int Oth Other Interest Schedule C Interest expense oth L amp P Legal amp Professional Schedule C Legal and professional Meals eals and Entertainment Schedule C Meals and entertainmen Office Office Expense Schedule C Office expense Other Other Expense Schedule C Other business expense Pension Pension amp Profit Sharing Schedule C Pension and profit shr Rent Bus Rent Other Bus Property Schedule C Rent on other bus prop Rent Veh Rent Vehicles amp Equipmt Schedule C Rent on vehicles mach Repairs Repairs and Maintenance Schedule C Repairs and maintenanc Supplies Supplies Sch
22. e C drive After the pathname has been entered press the Enter key to continue You will be asked to indicate the beginning and ending date of the transactions you wish to copy Because there is no data entered in the ACTEC file the beginning and ending dates will not matter Thus you may simply accept the default entries for these items You will be asked to indicate whether you wish to copy prior uncleared transactions This entry should have a check mark in the box next to it If it does not move your cursor to the box and click the left button You will be asked to indicate whether you wish to copy all Copyright 2013 ACTEC All Rights Reserved Page 5 prior investment transactions This entry should have a check mark in the box next to it If it does not move your cursor to the box and click the left button f To accept all of the above entries move your cursor to the OK box and click the left button g If you are copying to the same drive as you copied from you may be asked Copy to a Different Disk Indicate your response and press the Enter key 9 After the file has been copied you will see a dialog box that will indicate that the file has copied successfully You will be asked whether you desire to reload the original file or load the new copy Move the cursor to indicate that you wish to load the new copy and click the left button 10 The initial Quicken screen will appear Move your cursor to the tab
23. e that this procedure should work for any version of Quicken since Cash Account export and import is available for all versions 3 Creating a New QUICKEN File for an Estate or Trust a How do I begin Go to the directory in which you downloaded the zipped file ACTEC Templates 2012 Click on this file When you are asked for a password enter the password emailed to you from ACTEC A zipped file ACTEC Templates 2012 will appear in the directory you are working in Extract the files in this zipped file to whatever directory you choose You might consider creating a new directory named ACTEC Files b How Do I Create a New File for an Estate or Trust To copy the ACTEC file to a new file for use with one of your estates or trusts you will need to do the following 1 2 3 At the initial Quicken screen use the mouse to move the cursor to File and click the left button Move the cursor to Open Quicken File and click the left button The Open Quicken File box will appear on your screen a b c Drives Move the cursor to the scroll button with a down arrow on it below the label Drives and click the left button Move the cursor to the drive you are using and click the left button Directories If necessary move the cursor to the directory you wish to use under Directories such as the new one you created to copy the ACTEC Quicken Templates files to and click the left button You may skip
24. edule C Supplies Taxes Taxes and Licenses Schedule C Taxes and licenses Travel Travel Expense Schedule C Travel Util Utilities Schedule C Utilities Wages Wages Paid Schedule C Wages paid Debts Debts of Decedent 1040 Debts Form 1040 Medical Pre death Medical K Prin Debts Prin Fam Allow Family Allowance Farm Farm Expense x Copyright 2013 ACTEC All Rights Reserved Page 18 Category and Transfer List Tax Category Description Rel Tax Schedule amp Line Chem Chemicals Schedule F Chemicals Cons Conservation Schedule F Conservation expense Custom Custom Hire Schedule F Custom hire mach wor Employee Employee Benefit Program Schedule F Employee benefit prog Feed Feed Schedule F Feed purchased Fert Fertilizers amp lime Schedule F Fertilizers and lime Freight Freight amp Trucking Schedule F Freight and trucking Gas Gas Fuel Oil Schedule F Gasoline fuel oil Insur Insurance Schedule F Insurance not health Int Mor Mortgage Interest Schedule F Interest expense mort Int Oth Other Interest Schedule F Interest expense other Labor Labor Hired Schedule F Labor hired Other Other Farm Expense Schedule F Other farm expenses Pension Pension amp Profit Sharing Schedule F Pension and profit shr Rent Ld Rent land animals Schedule F Rent land animals Repairs Repairs Schedule F Repairs and maintenanc Seed Seed Sc
25. ension Distributions x Salary Pre death Salary W 2 Salary Salary Cont Salary Continuation 7 Part Inc Partnership income 1231 Gain Section 1231 Gain Loss Schedule K 1 Net sec 1231 gain lo Guar Pay Guaranteed Payments Schedule K 1 Guaranteed payments LT Gain Net LT Capital Gain Loss Schedule K 1 Net LT capital gain Ord Inc Ordinary Income Loss Schedule K 1 Ordinary income loss Port Div Portfolio Dividend Income Schedule K 1 Dividends Port Int Portfolio Interest Income Schedule K 1l Interest income Rent Oth Other Rental Income Loss Schedule K 1 Other rental income Rent RE Rental Real Estate Schedule K 1 Rental real est inc ST Gain Net ST Capital Gain Loss Schedule K 1 Net ST capital gain Prin Proc Proceeds of Assets Princ DOD Rec Receipt of DOD Receivable Sale Sale of Principal Asset Rent amp Roy Rental income ki Rent Inc Rental Income Schedule E Rents received Royalties Royalties Received Schedule E Royalties received S Corp Inc Subchapter S corp income Schedule K 1 Ordinary income loss 1231 Gain Section 1231 Gain Loss Schedule K 1 Net sec 1231 gain lo LT Gain Net LT Capital Gain Loss Schedule K 1 Net LT capital gain Ord Inc Ordinary Income Loss Schedule K 1 Ordinary income loss Port Div Portfolio Dividend Income Schedule K 1 Dividends Port Int Portfolio Interest Income Schedule K 1 Interest income Rent Oth Other Rental Income Schedule K 1 Other rental income Rent RE Rental Real Estate Schedule K 1 Ren
26. for such fiduciary income and expenses An example is fiduciary fees which also are not related to an income tax Schedule d How Do I Enter Opening Inventory i Click on the tab Investing and select the investment account appropriate to the inventory asset you wish to enter For the securities accounts on the screen that appears click on Enter Transactions and on the next screen at the Enter transaction down arrow select Add Shares Added to enter an asset without an associated cash transaction ii On Property accounts e g Real Property you enter the asset as Increase and designate the Category from Transfers as the same account you are entering the property into ii When an inventory item is sold follow the usual Quicken procedures for a sale and identify the proceeds as being transferred to the Checking Account Copyright 2013 ACTEC All Rights Reserved Page 7 ili Go to the account 200 Cash to enter cash on hand enter the amount at Receive and select the Category PrincProc DOD Rec To enter the transfer to the checking account for cash on hand create an entry in the Checking Account 110 Check Acct describing the asset and for the Category select Transfers 200 Cash Acct When you click Enter you may be informed that you are recording a transaction a year away and you will be asked whether you wish to Save it anyway Click on Yes e How Do I Code Entries
27. hedule F Seed and plants purcha Storage Storage amp Warehousing Schedule F Storage and warehousin Supplies Supplies Schedule F Supplies purchased Taxes Taxes Schedule F Taxes Util Utilities Schedule F Utilities Vet Vet Breeding fees med Schedule F Vet Breeding fees med Fees amp Comm Fees and Commissions x Acct Accountant s Fees Apprais Appraisal Fees X Atty Attorney s Fees Fid Ex Fiduc Fees Exempt Inc Fid Tax Fiduc Fees Taxable Inc Inv Adv Investment Adviser Fees Fun Exp Funeral Expense Inc Dist Income Distribution x Inc Tax Income Taxes x Fed Fid Fed Fiduc Inc Tax Fed Ind Fed Ind Inc Tax Local Inc Local Inc Tax x State Fid State Fiduc Inc Tax State Ind State Ind Inc Tax x Insurance Insurance Auto Automobile Casualty Casualty Homeowner s Homeowner s Tenants lability Liability Life Life Int Exp Interest Expense Inv Int Investment Interest x ortgage Mortgage Interest x Other Ded Other Deductible Interest Other Non Other Nondeduct Interest Other Exp Other Expenses Other Tax Other Taxes a Copyright 2013 ACTEC All Rights Reserved Page 19 Category and Transfer List Tax Category Description Rel Tax Schedule amp Line Fed Est Federal Estate Tax Fed Other Other Federal Tax FICA FICA Tax Withholding Local Other Other Local Tax Prop Other Other Property Tax RE Tax Real Estate Tax State Est State Estate Tax State Other Other State Tax Princ Dist Principal Distribu
28. hin the selected records e Selecting the criteria for the selection of records for reports in QUICKEN 1 From the Reports menu in Quicken for Windows the selection is offered of Home Investments Business or Other with specialized formats available from each Selection of Customize from the Reports menu offers the ability to compile records from selected Accounts Categories and Tags 2 In Quicken for Windows you may also select Matching and direct the program to search for records having any designated words in any of the fields of a record The report menus in Quicken for Windows consist of graphics screens Copyright 2013 ACTEC All Rights Reserved Page 31 from which selections are made by clicking the mouse on lines or buttons and which contain blanks to fill in with prompted information f Printing and Formatting Reports 1 Reports first appear on the screen and are printed from there il Quicken will print reports to your printer and to disk in ASCII or Lotus 123 PRN formats Quicken will print reports also in Tab Delimited format which may be used by other database programs ii ASCII files may be called up in your word processing program and readily integrated into the report formats you use g In Quicken for Windows the report appearing on screen may be copied to the clipboard and pasted directly into any Windows based word processor 14 Exporting Files to Other Programs a In Wind
29. ies with internal rate of return calculated and the results displayed in tabular form see the Investment Performance Report in the EXAMPLE REPORTS file included with this Manual c Other types of assets require specialized reports to be constructed through the use of the following tools 1 Conventional account categories See CATEGORY AND TRANSFER LIST Copyright 2013 ACTEC All Rights Reserved Page 30 li Tag designations may be added to any account category to provide an additional classification of each income or expense item for purposes of tailoring reports See TAG LIST ii Tag designations may be added as follows 1 Choose a tag from list obtained by clicking on the menu entry Tag List from the drop down menu Tools in QUICKEN for Windows or by pressing lt Ctrl gt lt L gt in theQUICKEN program 2 Enter a tag in a record by either of the following methods 3 Place the cursor on the Tag field of any entry a Click on the down arrow at the Tag field b From the Tools Menu choose Tag list c Double click the tag name in the list to paste it onto the category d Numerical product of reports 1 Built into QUICKEN are report definitions that have the additional feature of totaling the numerical fields contained in the extracted reports il All reports contain totals of the dollar amount associated with the selected records and if desired subtotals of categories wit
30. is designed to report gains and losses from the accounts other than the Quicken Investment Accounts during the designated reporting period It is designed to report transactions during the designated reporting period which have Cap Gains or any of the 8 subcategories under Cap Gains as their Category designation AND ALSO have one of the following Tag designations Pr Gain Gain Allocable Principal or Pr Loss Loss Allocable to Principal and the Tags Inc Gain Other or Inc Loss Other Press the SHIFT CTRL amp C keys simultaneously to see the Category amp Transfer List Press the CTRL amp L keys simultaneously to see the Tag List If you are using the DEMO file and you request the Gains amp Losses Other Saved report the report is programmed to use a specific report date range If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range 5 E Disbursements of Principal The Disbursements of Principal Saved report is designed to report transactions during the designated reporting period which include the Tag designation Pr Disb Disbursements of Principal Press the CTRL amp L keys simultaneously to see the Tag List If you are using the DEMO file and you request the Disbursements of Principal Saved report the report is programmed to use a all dates If you are using a file you have
31. ities accounts in Property amp Debt ill Investments accounts in Investing iv Bank Accounts accounts in Cash Flow v Cash accounts in Cash Flow b Transfer of funds between accounts i Each account is automatically set up as an account category under Transfers il Any receipt or expenditure from any account including checking may be identified as a transfer to or from another account by selecting that account as the accounting category for that entry c Example 1 Enter the amount to purchase an investment in the checking account list Copyright 2013 ACTEC All Rights Reserved Page 26 li Identify an investment account as the accounting category e g Common Stock lil QUICKEN debits the Checking Account and credits the Investment Account selected for the amount of the entry 11 Handling Tax Data a QUICKEN for Windows i TurboTax for Windows seamlessly reads and writes QUICKEN data Quicken Tax Exchange Format tfx files cannot however be imported into TurboTax Online or TurboTax Business b Tax Exchange Format i QUICKEN will export data in the Tax Exchange Format as follows On the toolbar click Export Data Choose To Tax Export File In the File Name field enter a name for this file Quicken supplies the correct file extension which is TXF Tax Exchange Format You can export the tax schedule or capital gains report to tax software Read your tax program documentation to find out how t
32. ken designation Schedule D LT gain loss security to identify such items to Schedule D for tax reporting purposes ill You should create an investment account for principal items received by the trust or estate for example 310 Real Property with the value entered as Increase Upon sale of a portion or all of the investment property enter the name of the purchaser as Payee in the checking account open Split transaction into multiple accounts and 1 enter the capital recovery portion of the sales price with the Category identified as the investment or property account of the property sold tag this entry as PR Rcpt and 2 do a separate entry with the Category as Bus Inc Gross Rec to reflect the gain and Tag this entry Inc Gain Other At the property or investment account for the asset sold the principal value disposed of will appear as a Decrease with the buyer entered as Payee and the Category as 110 Checking Account iv For properties sold at a loss make similar entries with the Tag for entry of the loss Inc loss other and the Amount entered as a negative figure g How Do I Write Up Account entries to Market To write up a security click on the drop down menu Investing then on Investing tools and then on Security Detail View Right click anywhere on the screen and select Price History Make a new entry in Price History for the date at which you want to
33. mation for the Summary of Account report for your trust account 2 Operating Questions a Will the Quicken Templates work on the new versions of Quicken The Templates have been tested with Quicken Versions 2010 2011 2012 2013 and 2014 They should be compatible with Windows versions of Quicken Version 2010 or later When converted to the format of new Quicken Versions the templates as with all converted Quicken account files will not operate on earlier versions Always save the ACTEC Quicken Templates files before converting to a new Quicken version The Templates are furnished as created in Quicken Version 2012 When converted to Quicken Version 2013 or later they will not operate on earlier versions To update the ACTEC Templates to Version 2013 or later choose File menu gt Open Quicken File select the folder you saved the ACTEC Templates to and select the ACTEC or DEMO file you want to convert b Will the Quicken Templates work with Windows NT Windows 2000 Windows XP Windows Vista Windows 7 and Windows 8 The Templates should function as designed on any operating system that will run Quicken c How many computers may I install the ACTEC Templates on You may install the ACTEC Templates on as many computers as installation is permitted for Quicken From http quicken intuit com support help installing quicken on multiple computers GEN82611 html Quicken can be installed on up to three computers used b
34. may enter in the reports section of the ACTEC templates to produce the QUICKEN Saved reports and the steps you may take to create other reports You may direct the program to memorize any additional reports you desire to build when the report is displayed on screen prior to printing Net Worth Opening Inventory Copyright 2013 ACTEC All Rights Reserved Page 33 e To display an Opening Inventory Report List of principal assets as of date of death use the Quicken Report Net Worth amp Balances Net Worth with an appropriate date e The saved report Assets On Hand produces a summary of the categories of assets as of the date you direct Transaction lists by date showing both receipts and expenses as the transactions took place Quicken Report Banking Transactions for All Receipts amp All Disbursements Receipts of Principal Disbursements of Principal e B Receipts of Principal Identified with Tags On Hand Pr Receipts e E Disbursements of Principal Identified with tags Pr Rcpt Receipts of Principal Pr Disb Disbursements Principal Tr Pr to Inc Distributions of Principal Beneficiaries e F Distributions of Principal Beneficiaries Identified with Tag Pr Disb Distributions Prin to Bfys Gains and Losses on Sales or Other Dispositions Asset accounts compiling assets disposed of including gain and loss e C Gains amp Losses on Investments Investment Report
35. ms i The QUICKEN software is primarily a specialized database 1 QUICKEN has very flexible report generating capabilities In a sense it is a high level language and as such is akin to a spreadsheet or a more generic database program 2 QUICKEN also has organized and specialized database formats for checking and money market accounts securities other assets Copyright 2013 ACTEC All Rights Reserved Page 28 liabilities etc ii Database records 1 Database programs by their nature are designed to permit the entry of a transactional item such as a deposit to a bank account which are called records 2 Each record typically contains information peculiar to that record such as the source and amount of a bank deposit ii Database fields 1 The items of information specific to a record are called fields 2 Each of the QUICKEN database formats called accounts permits entry of information in specified fields for each record consisting of Date Description Amount if income Amount if expense Accounting category in which entries may be identified by both category and tag Memorandum iv Database report 1 The goal of any database program is to produce a compilation of the records entered in the program which is called a report 2 The records entered in QUICKEN may be collated or extracted by information found in any field Thus records may be selected for a report for ex
36. nd on the Public area of the ACTEC web site at http www actec org public ShowProjectsPublic asp Id 15 Fellow Dan Evans Fiduciary Accounts at _ http evans legal com dan fidaccex html provides a quick review of the principles and scope of fiduciary accounting Fellows R Whitman amp D English Fiduciary Accounting and Trust Administration Guide ALI ABA 2002 is an inexpensive guide to trust and estate accounting that addresses the common questions involved in fiduciary record keeping and account preparation It is available at http www ali aba org index cfm fuseaction publications bookspage amp book_code BK03 Fellow Mark Gillett K Guzman amp K Bruns Fiduciary Accounting Principals Modern Applications Illustrations ALI ABA 2010 is a helpful basic guide to handling post mortem transactions An extensive discussion of the Uniform Principal and Income Act UPIA and its effect on fiduciary accounting is Glenn Karisch s UPIA Handbook available online at http www texasprobate com upiahandbook index htm materials Copyright 2013 ACTEC All Rights Reserved Page ii The authors and the members of the ACTEC Technology in the Practice Committee hope that you will find the results of their labor to be useful to you in your practice TECHNICAL SUPPORT If you have questions about the use of the ACTEC Fiduciary Accounting Templates with Quicken please submit your questions by email to the following add
37. nt to the ACTEC blank Template in 2012 or later versions 1 In the file you wish to copy data from copy all the entries in the checking account Check Acct First mark the entries with the usual Windows procedure of clicking on the topmost entry holding down Shift and clicking on the last entry right click to bring up a menu and then left click on Copy Transaction s 2 Open the account Cash right click on any blank entry line and click on Paste Transaction s all the copied transactions will appear 3 Go to File File Export QIF File and on the screen that appears enter a file name at QIF File to Export To Then select Cash and Transactions and click on OK to create the QIF file 4 Open the blank ACTEC Template file in Quicken Go to File File Import QIF File browse to the file you just saved at Quicken Account to Import Into select Cash or 200 Cash if that is the account you exported and click on Next All the exported entries will appear in the Cash Account you imported into Copyright 2013 ACTEC All Rights Reserved Page 3 5 Go through the procedures at 1 and 2 above to copy the transactions to 110 Check Acct and then delete the transactions in 200 Cash 6 In the copied account entries the original categories will appear You will of course have to enter or correct Categories and enter Tags for each item The Quicken QIF Import chart would indicat
38. o import the file If you created both a Tax Schedule report and a Capital Gains report you must create a separate TXF file for each report li The Tax Exchange Format may be read by many programs designed to prepare the Form 1041 c Manual entry in Form 1041 programs i QUICKEN will collate data according to many of the Schedules which are attached to the Form 1041 including 1 Schedule A Charitable Deduction 2 Schedule D Capital Gains and Losses 3 Schedule C Profit or Loss From Business Copyright 2013 ACTEC All Rights Reserved Page 27 4 Schedule E Supplemental Income and Loss 5 Schedule F Profit or Loss From Farming 6 Schedule K 1 il Summaries of data by Form 1041 line items may be generated for convenient keying to Form 1041 preparation programs or manual Form 1041 preparation 12 Securities Valuation a QUICKEN for Windows provides Quicken Online Investment Tracking a service for securities trading and direct tracking of estate accounts with certain investment houses Quicken also provides rapid and inexpensive on line securities valuations C Inexpensive programs for the valuation of E bonds and stamps and for the management and valuation of coin collections may be obtained from Aloha Software Internet Web site http www aloha software com d Blue Book valuation of vehicles may be found in the Kelley Blue Book at Internet Web site www kbb com 13 Report Generation a Database Progra
39. ort has been included to provide the Cost Basis information for Copyright 2013 ACTEC All Rights Reserved Page 12 those assets If you are using the DEMO file and you request the Investment Balance on Hand Saved report the report is programmed to report the balances as of Earliest to date If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate date for reporting the asset balances il INCOME REPORTS 1 I Receipts of Income The Receipts of Income Saved report is designed to report any amounts of income which have been received during the designated reporting period It is designed to report transactions during the designated reporting period that have any of the various income categories as their Category designation with the exception of the Cap Gains category or any of the 8 subcategories under Cap Gains the Prin Proc category or either of the 2 subcategories under Prin Proc and also excluding any of the various capital gain or IRD subcategories under other categories of income Press the SHIFT CTRL amp C keys simultaneously to see the Category amp Transfer List If you are using the DEMO file and you request the Receipts of Income Saved report the report is programmed to use a specific report date range If you are using a file you have created for your own estate or trust by copying the A
40. ou request the Distributions of Income Beneficiaries Saved report the report is programmed to use Include All Dates as the report date range If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate dates for the report date range iii COMBINED REPORTS 1 L Proposed Distributions investment Assets to Beneficiaries The Proposed Distributions investment Assets Saved report will produce a report of the assets held in any of the various Quicken Investment Accounts which are on hand for distribution from an estate or trust at any date you specify It is identical to one of the Quicken Standard Reports namely the Portfolio Value report which is one of the Quicken Investment Reports If you are using the DEMO file and you request the Proposed Distributions investment Assets to Beneficiaries report the report is programmed to report proposed distributions as of the Earliest to date If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate date for reporting the asset balances 2 M Proposed Distributions Other Assets To Beneficiaries The Proposed Distributions Other Assets Saved report is designed to produce a report of the balances in all the Quicken Accounts other than the Investment Account which
41. ows Method 1 i When you select Print for any report a screen will appear which offers you a choice of printing to the printer or printing to a file in any of the following alternative formats ASCII Disk File Tab delimited Disk File 123 PRN Disk File When you then select saving a report to disk you will be asked to give the file a name which may include any extension you desire The file name you give ASCII and Tab delimited files may include any three letter file extension you direct The file extension for a 123 PRN file will automatically be PRN il The purpose of saving files to disk is to create a computer file which may be imported into another program for manipulation through the functions available in that program The choices include the following 1 Word Processing An ASCII file is a text file that may be brought up in your word processor and edited into whatever Report format you desire 2 Database A Tab delimited file arranges the data in columns separated Copyright 2013 ACTEC All Rights Reserved Page 32 by tabs You may import such a file into most database programs 3 Spreadsheet If you give a Tab delimited file the extension TXT you may import such a file into a Quattro Pro spreadsheet for either DOS or Windows You may read a file saved in PRN format directly into a Lotus 1 2 3 or compatible spreadsheet Use the File Import Numbers command in Lotus 1 2 3 When the data ha
42. pecify It is based on the Quicken Standard Reports namely the Net Worth report which is one of the Quicken Net Worth and Balances reports The Book report will reflect the initially entered value of an investment item and the FMV report will reflect any write ups in value you have made All Accounts Categories Payees Tags and Securities are selected and at Customize on the report screen Include unrealized gains is selected for FMV and deselected for Book If you are using the DEMO file and you request the Principal Balance on Hand Saved report the report is programmed to report balances as of a specific date If you are using a file you have created for your own estate or trust by copying the ACTEC file to your new file as instructed above you will need to enter the appropriate date for reporting the asset balances 8 H Investment Balance on Hand The Investment Balance on Hand Saved report will produce a report of the assets held in any of the various Quicken Investment Accounts which are on hand for an estate or trust at any date you specify It is identical to one of the Quicken Standard Reports namely the Portfolio Value report which is one of the Quicken Investment Reports The Principal Balance on Hand Saved report will include the value of the assets held in the various Quicken Investment Accounts as well but will not include the Cost Basis for those assets The Investment Balance on Hand Saved rep
43. prior authorization The Software may not be distributed to others outside Customer s law firm or organization Customer shall not attempt to create generate reverse engineer or compile any source code or source code version of the Software or portion thereof nor shall Customer aid or permit others to do so 3 NO WARRANTY OF PERFORMANCE PROPER USE OF THE SOFTWARE REQUIRES A THOROUGH UNDERSTANDING OF APPLICABLE LAW AND PROPER ANALYSIS OF THE DATA OBTAINED BY CUSTOMER FOR USE WITH THE SOFTWARE ACCORDINGLY LICENSOR CANNOT AND DOES NOT WARRANT THE PERFORMANCE OR RESULTS THAT MAY BE OBTAINED BY USING THE SOFTWARE THE SOFTWARE IS LICENSED AS IS WITHOUT WARRANTY AS TO ITS PERFORMANCE MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR USE 4 LIMITATION ON LIABILITY NEITHER LICENSOR NOR ANYONE ELSE WHO HAS BEEN INVOLVED IN THE CREATION PRODUCTION OR DELIVERY OF THE SOFTWARE SHALL BE LIABLE FOR ANY DIRECT INCIDENTAL OR CONSEQUENTIAL DAMAGES SUCH AS BUT NOT LIMITED TO Copyright 2013 ACTEC All Rights Reserved Page iii LOSS OF ANTICIPATED PROFITS OR BENEFITS RESULTING FROM THE USE OF THE SOFTWARE OR ARISING OUT OF ANY BREACH OF ANY WARRANTY IN THE EVENT THAT LIABILITY IS NEVERTHELESS IMPOSED ON LICENSOR LICENSOR S LIABILITY SHALL NOT EXCEED THE ONE TIME CHARGE PAID FOR OR ANY CHARGES THAT WOULD BE DUE FOR TWELVE MONTHS USE OF THE SOFTWARE IT IS AGREED THAT ANY AND ALL CLAIMS BASED UPON THE SOFTWARE MUST BE BROUGHT WITHI
44. r provide an inexpensive platform for customized maintenance of the cash flow and investment records typical of fiduciary accounting and permits the creation of a flexible variety of accounting reports responsive to a variety of court rules The QUICKEN software is a checkbook management program developed by INTUIT Inc and is readily available in a variety of software stores For Information and ordering contact Quicken Web site http www quicken com Internet Product Support http quicken intuit com support index jsp Features of QUICKEN for the Management of Accounts Entry of income and expense data 1 May be made by filling in the fields on the checking account or ii By filling in a check form Checks may be printed by computer Entries may be flexibly revised at any time without the need of offsetting correction entries The Chart of Accounts may be organized and individual accounts identified as you desire Bank reconciliation of checking accounts is quick and convenient missing or incorrect entries may be readily found Copyright 2013 ACTEC All Rights Reserved Page 25 9 Reports Which May Be Generated a Accounting Reports i Cash Flow li Net Worth Assets and Liabilities b Tax Reports i Capital Gains il Tax Schedule iii Tax Summary 10 Investing and Property amp Debt Accounts a Entry of Assets and Liabilities in Accounts 1 Assets accounts in Investing and Property amp Debt il Liabil
45. ress templates actec org We will endeavor to respond by email with assistance in the use of the templates with the Quicken program If your question relates to the operation of the Quicken program you may wish to call Quicken Product Support at the number included in these materials or received by you with your Quicken product ACTEC Customer License Agreement 1 LICENSE Subject to the provisions of this Agreement ACTEC or its assignor LICENSOR hereby grants Customer a nonexclusive and non transferable license to use internally within Customer s law firm or organization the computer file in which this Agreement is located and other computer files which accompany the Agreement and any updates or revisions of such Agreement and or computer files ordered by Customer from LICENSOR collectively referred to in this Agreement as the Software 2 OWNERSHIP RESTRICTIONS ON USE AND TRANSFER All rights in the Software are held by LICENSOR CUSTOMER MAY NOT USE COPY MODIFY OR TRANSFER THE SOFTWARE IN WHOLE OR IN PART EXCEPT AS EXPRESSLY PROVIDED FOR IN THIS AGREEMENT The Software may be used only in connection with not more than the number of standalone computers owned by a single owner that are permitted for the installation of the Quicken program at any given time The Software may not be transferred electronically from one computer to another over a network or used on any multiple terminal computer system without Licensor s
46. s gain and loss e D Gains amp Losses Other Asset accounts identified with tags Pr Gain Gain Allocable Principal and Pr Loss Losses Alloc Principal Principal Balance on Hand e E Disbursements of Principal Total in all accounts as of current date or any date selected Identified with tags Est Claim Exp Pr Pr Disb e F Disbursements of Princ Beneficiaries Total disbursements to beneficiaries only Identified with tag Pr Dist e G Principal Balance on Hand Book or FMV Copyright 2013 ACTEC All Rights Reserved Page 34 List of all items having on hand entered at memo or the tag On Hand entered at the Tag prompt select all Tags except Pr Gain Pr Loss Inc Gain and Inc Loss for Book At the Report screen Include unrealized gains is selected for FMV and deselected for Book Investment Balance On Hand e H Investment Balance on Hand lists investments as of the desired date Receipts of Income Disbursements of Income Income and Expense items sorted by categories and printed separately e I Receipts of Income Tags Inc Proc Inc Rcpt Tr Pr to Inc e J Disbursements of Income Tag Exp Inc eK Distrib Of Inc Beneficiaries Tag Inc Dist Proposed Distributions to Beneficiaries Identify items with tag Dist Prop Proposed Dist s to Bfys e L Proposed Dist Inv Assets to Benef All
47. s been imported into the spreadsheet use the WDS Worksheet Column Setwidth command to adjust the column width To prepare a report for use in an Excel spreadsheet save it as a Lotus 1 2 3 PRN file rename the file to change the extension from PRN to CSV and bring it up in Excel through the File Open command 4 Tax Return Preparation When the Tax Schedule Report is displayed you may select Export to write a file to disk in TXF format This format can be imported by most tax return preparation programs b In Windows Method 2 i When a report is displayed on the screen clicking on the Copy button copies the entire report to the Windows clipboard The contents of the clipboard may be then entered into any Windows based spreadsheet program or word processing program for further editing by selecting Edit Paste from the program menu bar 15 QUICKEN Saved Reports The following Saved reports are included in the template files on the computer disk accompanying these materials Titles of reports recommended by the Fiduciary Accounting Standards are set forth in bold Other types of reports that may be useful in the display of estate and trust records are underlined The titles of the QUICKEN Saved reports and the general manner in which the Saved reports are built up is set in under each heading Titles of the Saved reports are in italics The following sets forth the choices which you
48. tal real est inc ST Gain Net ST Capital Gain Loss Schedule K 1 Net ST capital gain Trust Inc Trust income 1231 Gain Section 1231 Gain Loss Schedule K 1 Net sec 1231 gain lo LT Gain Net LT Capital Gain Loss Schedule K 1 Net LT capital gain Ord Inc Ordinary Income Loss Schedule K 1 Ordinary income loss Port Div Portfolio Dividend Income Schedule K 1 Dividends Port Int Portfolio Interest Income Schedule K 1 Interest income Rent Oth Other Rental Income Loss Schedule K 1 Other rental income Rent RE Rental Real Estate Schedule K 1 Rental real est inc ST Gain Net ST Capital Gain Loss Schedule K 1 Net ST capital gain _DblTaxFree Double Tax Free x _DiviInc Dividend Schedule B Dividend income _IntiInc Investment Interest Inc Schedule B Interest income _LT CapGnDst Long Term Cap Gain Dist Schedule K 1 Net LT capital gain _RlzdGain Realized Gain Loss Schedule D ST gain loss securit _SingTaxFree Single Tax Free S _ST CapGnDst Short Term Cap Gain Dist Schedule K 1 Net ST capital gain _TripleTaxFree Triple Tax Free _UnrlzdGain Unrealized Gain Loss Copyright 2013 ACTEC All Rights Reserved Page 17 Category and Transfer List Tax Category Description Rel Tax Schedule amp Line EXPENSE Adm Prop Adm Property Maintenance Deprec Depreciation bs Gas amp El Gas amp Ele
49. this step if Quicken identifies the directory for you File Name Move the cursor to the Quicken QDF file you wish to use ACTEC qdf and click the left button Copyright 2013 ACTEC All Rights Reserved Page 4 4 5 6 7 8 d OK Move the cursor to the OK box and click the button The file will appear in Quicken and you will see the Account List for the file you selected Move the cursor to File and click the left button Move the cursor to File Operations and click the left button Move the cursor to Copy and click the left button A Copy File dialog box will appear requesting certain information about the New Quicken File You may move from one entry to the next in the dialog box by using the cursor and clicking the left button on the mouse by pressing the Tab key or by simultaneously pressing the Alt key one of the underlined letters in the dialog box At the Browse prompt you may accept the default name e g ACTECCpy and location for the new file or a b c d e Substitute the name of the new file you wish to create The Name may include any 8 characters you choose Under Location of New File indicate the location where you wish the new file to be copied e g A if the new file is to be copied to a disk in the A drive B if the new file is to be copied to a disk in the B drive C Pathname if the new file is to be copied to a directory or subdirectory on th
50. tion Cash Cash Res Char Char Res Int Res Intang Tang Tang Res Rental Adv Auto Cleaning Commissns Insurance Int Mort Int Other Legal Mgmt Other Repairs Supplies Taxes Util _Accrued Int _IntExp CD s Check Acct Check Acct Ind MM Acct Receivables Savings Accr d Inc Cash Refunds Household Life Ins isc Prop Notes Rec Personal Real Prop Residences Accr d Liab Inc Tax Pay tg Pay Cash Bequest Cash Residue Charitable Bequest Charitable Residue Intangible Prop Residue Intangible Prop Bequest Tangible Prop Bequest Tangible Prop Residue Rental Expense Advertising Auto and Travel Cleaning and Maintenance Commissions Insurance Mortgage Interest Other Interest Legal amp Professional Management Fees Other Expenses Repairs Supplies Taxes Utilities Accrued Interest Investment Interest Exp Certs of Deposit Estate Ckg Acct Indiv Ckg Acct Money Market Acc t Debts Receivabl Savings Account Accrued Income Cash Refunds Household Furnishings Life Insurance Misc Property Notes amp Contracts Rec Personal Property Other Real Property Residences Accrued Liabilities Inc Taxes Payabl Mortgages Payabl G Copyright 2013 ACTEC All Rights Reserved Schedul Schedul Schedul Schedul Schedul Schedul Schedul Schedul Schedul Schedul Schedul Schedul
51. x return schedule to which an entry can be assigned by relating a Tax Line Item i e the income tax return schedule and tax characteristics of the entry to the Category to which the entry is identified Many items in fiduciary income tax reporting of course are summarized on page 1 of the Form 1041 and are not reported on any of the schedules included on the Quicken Tax Line Item list Such items can be identified for income tax purposes by Tags Exp Inc for deductible expenses or Inc Rcpt for taxable income Assigning tax schedules to a given checking account entry is done through the Categories The ACTEC Templates for example assign Schedule C Copyright 2013 ACTEC All Rights Reserved Page 8 to all business expense categories From the Category List you may add a category or edit an existing category Select the related tax Schedule under the Tax Reporting tab at the Set Up Category dialog that appears when you either Add or edit a category f How do l enter capital gain or loss on the disposition of investment assets i Where Quicken fails to supply a Tax Line Item such as capital gain for entries other than securities or payments for non business administrative expense the identification of such an item can be amplified for fiduciary reporting purposes by the use of an appropriate Tag An example would be the Tag Inc Gain Other ii For capital gain for non securities items we have used the quic
52. y a single household as described in their respective Quicken Copyright 2013 ACTEC All Rights Reserved Page 2 End User License Agreements We would presume that in the business context it means firm d Will the Templates work with Quickbooks No Quickbooks does not have an Investment account facility like Quicken Investment accounts are necessary for the ACTEC Templates categories and reports to fully function consequently we have not done a version for Quickbooks e How Do I Move Data From An Existing File to an ACTEC Templates file The phase out of the Quicken QIF import is charted at http web intuit com personal quicken qif gif_more_info html chart1 This chart shows that QIF data import is not available after 2004 for Checking It is however available for the Cash Account This opens up a possibility given that Cash has the same transaction interface as Checking Quicken 2008 and Quicken 2009 allow you to identify the account to export from to a QIF file at File File Export QIF File and Quicken 2010 and later versions allows you to Import to the same file This process still does not work for the Checking Account but it does work for the Cash Account in the ACTEC blank Template for the 200 Cash Acct The following procedure could be used to transfer Checking Account data from a file created in Quicken 2008 2009 2010 2011 or any earlier version that allows an earmarked export of the Cash Accou
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