Scope sheet
finbryn.com
Estate & Trust
Trust accounting and bookkeeping
Trust accounting and bookkeeping from Finbryn is monthly bookkeeping for a US trust, kept in two ledgers instead of one: principal, the trust's underlying property, and income, what it earns in QuickBooks Online, tracked separately so distributions and periodic accountings to beneficiaries are always calculated correctly.
What is included
- A trust ledger with principal and income tracked in separate accounts
- Bank and investment accounts reconciled to statements each period
- Receipts and expenses classified against the trust document's own terms
- Trustee fee and expense records kept apart from beneficiary distributions
- A periodic accounting formatted for the trustee to send to beneficiaries
- Support for multiple trusts under one trustee, each on its own ledger
- Workpapers handed off to Form 1041 preparation support where the trust has taxable income
The process
- 1.
Read the trust document
We review the terms that govern principal and income allocation before setting up the ledger, so classifications follow the actual document rather than a generic default.
- 2.
Set up separate principal and income ledgers
The chart of accounts is built with the split baked in from the start, not added as a year-end adjustment.
- 3.
Classify receipts and expenses as they happen
Dividends, capital gains, rental income, trustee fees and reimbursed expenses are each allocated to principal or income at the transaction level.
- 4.
Reconcile every account each period
Bank, brokerage and any other investment accounts are matched to their own statements on a set schedule.
- 5.
Record distributions separately from trustee fees
Beneficiary distributions and trustee compensation are tracked in distinct categories so neither is mistaken for the other.
- 6.
Assemble the periodic accounting
A statement showing receipts, disbursements, distributions and the resulting balances is formatted for the trustee to send to beneficiaries.
Software
QuickBooks Online, Xero, Excel
Quality control
A senior reviewer checks the classification of anything unusual before it's booked.
Pricing
Trust bookkeeping is quoted against the number of accounts, the investment activity involved, and how often a periodic accounting is required. See the published rate card at /us/pricing for the monthly bookkeeping structure this is scoped against; a trust with a straightforward portfolio and an annual accounting costs less than one with multiple custodians and quarterly reporting to beneficiaries. Figures are confirmed in writing before work starts.
Finbryn is a brand of Northlane Solutions Inc., a Delaware corporation.
Reviewed September 2026