Schedule A of a conservatorship accounting lists money received during the accounting period. Social Security, pension payments, rent, dividends, interest, tax refunds, insurance proceeds. Each type in its own category. The total carries to the Summary of Account on the charges side.
What belongs on Schedule A?
- Social Security and other benefits
- Pension and retirement distributions
- Rental income
- Dividends and interest
- Tax refunds
- Insurance reimbursements
- Annuity payments
Each in its own sub-category. That way a benefit payment that stops mid-period is visible.
What does not belong on Schedule A?
Assets already inventoried. Property on hand at the start of the period is not a receipt when it shows up again.
Sale proceeds. When an asset is sold, the return of its carry value is not a receipt. That value is already on the property on hand schedule. The gain goes on Schedule B.
Transfers between the conservatee’s own accounts. Savings to checking is not a receipt.
Why does a bank download get it wrong?
A download shows deposits. It does not show which are receipts, which are transfers, and which are return of principal. Each one gets classified by hand.
The sale example
A rental property carried on the inventory at $400,000 sells for $450,000.
Schedule A shows nothing from the sale. Schedule B shows a $50,000 gain. The property comes off property on hand, and $450,000 in cash appears in property on hand at the end.
Charges: $400,000 property on hand at the beginning plus $50,000 gain, equals $450,000. Credits: $450,000 cash at the end. It balances.
Putting the $450,000 on Schedule A instead produces $900,000 of charges against $450,000 of credits.
Streamline Bookkeeping prepares conservatorship accountings and keeps the records between filings. More on the conservatorship accounting page.
*Bookkeeping services only. Not legal or tax advice.*
