Add Opening Cash Balance to Trust Accounts

When you add a trust bank or investment account to a trust file, you can now specify an Opening Cash Balance directly in the account fields. This reflects cash that existed in the account before you began managing the trust; not a new deposit, but the true starting cash position of the account.

Estateably will automatically generate a system transaction to record it, keeping your ledgers consistent and your reports accurate from day one.

What to know:

• When adding a trust account, you can include an optional Opening Balance and the date the account was added to the trust
• Estateably generates a linked system transaction automatically when the account details are saved
• Only one Opening Balance transaction is allowed per account, and negative values are not permitted
• The opening balance can be adjusted at any time from either the account or the linked transaction, and both will remain in sync
• If the account is added on the same date as the trust start date, the Opening Balance appears in the ledger as existing cash at the trust start date, not as a receipt
• If the account is added after the trust start date, it will appear as a receipt in the reporting period

Opening Balance vs. Funding Deposit

These two transaction categories serve different purposes and should not be used interchangeably.

• A Funding Deposit records new money being deposited into a trust account. Use it when setting up a new trust with initial contributions
• An Opening Balance records cash that already existed in the account before management began. Use it when onboarding an existing or irrevocable trust mid lifecycle

This update ensures that every trust account starts with an accurate, auditable opening position, reducing manual workarounds, supporting cleaner reporting, and giving practitioners and their clients confidence in the numbers from the first day of management.

For any questions or concerns, please contact support@estateably.com.