Va Form 21p-4706b - Federal Fiduciary'S Account (Page 2 of 2) in pdf

Va Form 21p-4706b - Federal Fiduciary'S Account Page 2

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Remember that in the 1. MONEY RECEIVED section you detail the monies received during the

accounting period.

In A TOTAL ESTATE AT BEGINNING OF PERIOD field you should have entered $0. This is Penelope’s first

accounting, and while Derrick turned over $3,000.00 of VA funds to her, that should be entered later.

During the accounting period Derrick received 12 monthly payments of $2,769 from the VA. You can see

on the bank statements that those payments were received on the second of every month from August

2013 through July 2014.

So in B AMOUNT RECEIVED FROM VA you should have entered 12 as the number of months and

$2,769.00 as the monthly amount. This totals $33,228.00.

If Derrick’s monthly benefits had changed during the accounting period you would have used the second

set of number of months and monthly amounts fields to enter that information.

Derrick does not receive Social Security so you do not enter anything in C.

However, during the accounting period Penelope opened a savings account for Derrick and he did earn

some interest. The savings account was opened in November 2013. Derrick earned $7.00 interest each

month from December 2013 through July 2014. However, you do not count the July 2014 interest

because it was credited after the accounting period ending date of July 15, 2014.

This means the total interest earned is counted for seven months. 7 months x $7 = $49 This amount

should have been entered on D INTEREST EARNED ON DEPOSITS.

In the next section E-H AMOUNT RECEIVED FROM OTHER SOURCES you should have two items listed:

1. VA Funds from Derrick $3,000.00

2. VA Retroactive Payment $13,000.00

You enter the funds Derrick turned over to Penelope to open the new account and the retroactive VA

payment received in July 2013 after Penelope became his fiduciary. The payment in the amount of

$13,000.00 was deposited to his account on July 19.

The last entry you should have made was to total all monies received in I TOTAL RECEIVED (ADD LINES

1A THRU 1H). Here you should have added $3,000 beginning amount + $33,228 benefits received +$49

interest, and the $13,000 retroactive payment. The total is $49,277.

Va Form 21p-4706b - Federal Fiduciary'S Account Page 2