How to Record Client Will Custody Fees
Recording the recurring annual fee for the secure physical storage of original wills and estate planning documents in the bank vault.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Client Current Account | Liability | 250.00 | - |
| Other Operating Income | Revenue | - | 250.00 |
💡 Accountant's Note
Safe custody fees for non-investment documents are typically booked as miscellaneous operating income upon the annual billing cycle.
Practitioner & Systems Framework
💻 ERP Architecture
Safe Deposit Box (SDB) or Physical Custody module.
⚠️ Audit Flags
Physical audit of the vault not matching the digital inventory used for billing.
📄 Required Documentation
Custody agreement and vault entry/exit logs.
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Expert Analysis by Qusai Ahmad
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Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.
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Discussion & Community Questions
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