Get the free va form 21p 4706b 2012-2020

Hi there Looks like youve got an accounting comingdue This video is the second in a set of threevideos which explain the steps in completing your annual accounting This video will give you instructions on howto complete the income section of your accounting For more information on the other steps inthe accounting process see our other videos Before You Begin Your Accounting whichdiscusses the steps you should take to prepare for your accounting and How to Complete YourAccounting Part Two which discusses how to complete the expenses section and finalizeall accounting actions Before we begin you should have gatheredall bank statements and any other pertinent information Also if required you should have a completedVA Form 21P-4718a Remember most fiduciaries wont need tocomplete that form Now lets get in to how to complete youraccounting using VA Form 21P-4706b Federal Fiduciarys Account Lets start with the basics First youll need a pen I know that might sound silly but by lawthis accounting form cannot be completed in pencil If youre more comfortable using a computerelectronic copies of this document can be found at the website here The web address is also located on your accountingrequest letter Now lets get in to the nuts and bolts Lets look at the section called MoneyReceived This will be where you document the moneyyouve received from the VA on behalf of the beneficiary First lets talk Total Estate at Beginningof Period If this is your first accounting thatseasy Put zero Even if you were informally handling the beneficiarysfunds before you were appointed as fiduciary for VA purposes you began handling the VAfunds under management on the day you were appointed If this is not your first accounting thebeginning estate should match the ending estate value from the previous accounting Check the last accounting that was approvedby VA and look at Block 5 in the second column right above Remarks Your beginning balance should exactly matchthat number Now lets take a look at income Theres a couple sections here First AmountReceived from VA When documenting VA income take a look atyour bank statements and keep track of what was deposited by VA through the accountingperiod Youll enter the number of months and theamount for those months For example lets say the beneficiary receivedan increase in benefits halfway through the year In this case the beneficiary was receiving2000 per month from January through the end of June and 2500 per month from Julythrough December In the first line under number of monthsenter 6 and under monthly mount enter 2000 In the second line under number of monthsalso enter 6 and under monthly amount enter 2500 Finally under the amount column enterthe total for each 6 month period So for the first line youd enter 12000 6 months at 2000 per month The Amount received from Social Security worksthe same way as the VA section You should only complete this section if yourealso the payee for social security funds meaning the social...