Why – and How – to Track Monthly Spending for High-Net-Worth Individuals

There are many benefits to tracking monthly spending, regardless of your tax bracket. However, staying on top of monthly spending for high-net-worth individuals is especially important because they often have complex financial portfolios and spending patterns — which can lead to difficulties in understanding cash outflow, and where money is really going each month. Without clarity into how their money is being spent, it is more difficult to manage and preserve their wealth.

And that’s just one example of the benefits of tracking monthly spending.

Tracking expenditures for high-net-worth individuals has five main advantages:

  1. Leads to more mindful spending.

Access to monthly spending data provides a clear picture of spending habits, including both regular and irregular expenses. This information helps to identify areas where expenses can be reduced or streamlined, ultimately leading to better financial management.

  1. Identifies problem areas and where there might be overspending.

Tracking monthly spending provides a comprehensive view of one’s finances, making it

easier to create an accurate budget. This can help high-net-worth individuals allocate their funds effectively and avoid overspending in one area while underfunding in another.

  1. Assists with better planning for major expenses.

Or, put another way – helps to create a better, more accurate budget for future spending. High-net- worth individuals often have significant expenses like buying a vacation home, a yacht, artwork, or other high-value items. Tracking monthly spending can provide the information needed to plan for these major expenses, helping to ensure that there are enough funds available when the time comes.

  1. Provides increased awareness of investment opportunities.

By tracking monthly spending, high-net-worth individuals can identify areas where they have excess funds. This excess can then be invested in various opportunities that can lead to financial growth and stability.

  1. Improves cash flow management.

By keeping track of monthly spending, high-net-worth individuals can ensure that their cash flow remains positive. This helps them to avoid being caught in financial difficulties and maintain their wealth.

There are clear benefits to tracking monthly spending. But what is the best way to do so?

There are a few different ways that people can track their monthly spending, but for high-net-worth individuals we recommend outsourcing this task to experts (like us).

Why? That’s easy – it’s because we are solely focused on providing outsourced bill pay and accounting services to high-net-worth individuals and families. We’ve been dedicated to supporting these clients for decades, and we have a depth and breadth of knowledge that makes us true experts.

Outsourced bill pay service providers like Plumb offer monthly reconciliations to keep track of all transactions. Additionally, we provide easily accessible reporting to highlight the current state and future projections of cash outflow.

Plumb has also developed a proprietary bill pay app specifically designed for our clients and their financial advisors. This app streamlines the entire bill pay process and makes approving bills, viewing bill payment status, and communicating with the Plumb team easier than ever. It provides the clarity we know these clients need as well as access from anywhere, at any time we know they want.

At Plumb, we have a proven process in place for assisting our high-net-worth clients track their monthly spending:

Goal Tracking

  • We provide quantifiable information to help them meet the goals they’ve established.

Software Tool Assessment

  • We also make recommendations about the best software for them to utilize. For example, clients with multiple entities are best served by a software suite like Sage Intacct, whereas clients with more straightforward finances can use a platform like QuickBooks Online. Both are excellent tools, both can help to streamline reporting and create efficiencies, but it ultimately comes down to the clients’ specific needs.

Customized Reporting

  • When it comes to reporting, Plumb offers fully customizable reports. We provide P&L’s, expense tracking reports, cash flow statements, income statements, balance sheets, and more robust investment tracking reports offered by our Family Office Accounting team.

Supportive Services

  • We work in partnership with the wealth advisors of our clients, as well as directly with the client – whatever they prefer. Our goal is to make sure we are providing our clients with everything they want and need in their expense tracking.

Tracking monthly spending is a crucial aspect of personal finance, especially for high-net-worth individuals. With a considerable amount of wealth, monitoring how money is being spent is essential to making sure that they are on the right path towards realizing their goals and long-term wealth preservation. Outsourced bill pay and accounting service providers like Plumb are here to help ensure they have clarity into their daily finances so they can go out and enjoy what matters most to them.

Top Ways that Plumb Family Office Accounting Works with Trusted Advisors

Bringing Professional Insights to Personal Finances

At Plumb Family Office Accounting, we streamline the efforts of our client’s trusted advisors to ensure that all aspects of their financial life are working together in a strategic and efficient manner.

A collaborative implementation with all our client’s professional advisors leverages their total expertise and gives everyone the backdrop to make better financial decisions and achieve goals.

Plumb Family Office Accounting works in partnership with trusted advisors to ensure the highest quality data and financial reporting is delivered to the personal financial management team.  This helps maintain a comprehensive view of family wealth and gives full visibility into the performance of their portfolio.

Plumb Family Office Accounting does not manage wealth, or do taxes, audits, tax planning or financial planning. 

The month-end financial reports that Plumb Family Office Accounting provides to my clients give a clear, aggregated picture of their current financial status and helps establish wealth preservation,” –Client’s Estate Attorney.


How Plumb Family Office Accounting Provides Value to Trusted Advisors

Wealth Manager:

  • Simplifying complex financial structures with one holistic report
  • Providing timely and accurate financial reports
  • Helping to identify red flags or financial gaps


  • Providing a Controller-level point of contact between CPA and client
  • Ensuring reliable, timely and organized client data
  • Tracking 1099’s, K-1’s, charitable contributions, medical expenses, sales of stock and all other income
  • Handling preliminary year-end tax work with Annual Tax Organizer

Trust | Estate | Divorce | M & A | Attorney:

  • Being a resource for quick access to data and financial statements
  • Setting up quarterly and yearly reviews of estate status
  • Court accounting for estate planning
  • Providing Trust accounting
  • Assisting with financial analysis in a divorce – read divorce case study
  • Tracking alimony, income and separate expenses
  • Separating business and personal transactions before sale of business – read sale of business case study

Financial Planner:

  • Providing an accurate snapshot of monthly spending
  • Customizing financial reports and budgets for planning needs
  • Setting up cash flow management
  • Tracking income and expenses on a monthly basis

Insurance Broker:

  • Setting up financial calendar of due dates, so there are no gaps in payment
  • Annual reviews of insurance policies
  • Detecting any gaps in coverage
  • Providing an accurate overview of valuable inventory


  • Producing accurate personal financial statements
  • Assisting with documentation for loans and renewals
  • Tracking loan covenants
  • Accelerating the refinance process

Are you a Trusted Advisor with high-net-worth clients who would benefit from Plumb Family Office Accounting services? Please reach out for additional information or an introductory meeting.

Personal Financial Reports that Create Financial Clarity (Top 4)

Personal financial reports & insights that you need to make knowledgeable decisions about your wealth.

Plumb Family Office Accounting delivers financial peace of mind by providing personal financial reports with the highest quality of data to show a holistic view of personal wealth.  A typical Plumb client leads a busy life with complex financial undertakings, such as multiple investments, corporate entities, private equity, trusts, international exposure and collective properties.  In order to stay organized in their financial life, Plumb provides personal financial reports that reflect the multifaceted assets and financial holdings.

“The month-end personal financial reports that Plumb Family Office Accounting provides to my high-net-worth clients give a clear, aggregated picture of their current financial status and helps establish wealth preservation.” – Estate Attorney 

Plumb Family Office Accounting services are customized to meet the need of any situation from basic bookkeeping with bill pay to personal financial management and cash flow analysis.  Plumb works in partnership with their client’s personal financial team to streamline their efforts, giving them the backdrop to make better financial decisions.   Learn how Plumb Family Office Accounting works with Professional Advisors.

Plumb Family Office Accounting | Personal Reporting & Accounting Services:

  • Personal Financial Reporting & Analysis
  • Personal and Family Bill Pay
  • Cash Flow & Budget Management
  • Bank & Credit Card Reconciliation
  • Household Employee Payroll Services
  • Trust Accounting & Foundation Accounting
  • Personal Insurance Review & Coordination
  • Outsourced Personal/Executive Assistant Services

Personal Financial Reports & Analysis

Below are samples of the different types of personal financial reports that Plumb Family Office Accounting provides to their clients.  All the details of the report are collected per the 7-Step Process which is set-up at the beginning of the engagement. The main benefit of the personal financial reports is that they show consolidated and accurate numbers that reflect all the assets of the client.

Statement of Cash Flow:

The Statement of Cash Flow Report is a monthly snapshot of inflow and outflow of cash.  As a consolidated report listing all the cash coming in each month and what is being spent, it provides a big picture of overall cash position.  This personal financial report is helpful to execute the financial plans of the client and to be more disciplined with spending and saving, if necessary for retirement.

Personal Financial Report Cash Flow

Net Worth Statement:

The Financial Recap or Net Worth Statement Report is a consolidated list of assets by asset class and shows a holistic view of all investments from month to month.  The change variants are explained and analyzed into further detail in the financial notes section of the personal financial reports.

Financial Report Customized

Family Monthly Budget:

This report is for the affluent family or successful entrepreneur who wants to track against a budget.  Typically, the outline of the budget is put into place in the beginning of the year with the help of the client’s financial planner.  Plumb Family Office Accounting tracks against Expense categories and sums up the over/under variance.  By having this family budget report it allows for more efficient meetings with financial planning and focuses on year-to-date changes.

Budget Report for family

Vacation | Second Home Expenses:

Since most of Plumb Family Office Accounting clients own a second home or more, we’ve developed a Vacation Home Expense Report.  This is a cost analysis report on the typical recurring expenses that center on real estate on a monthly basis.  It shows any trends or spikes in expenses and helps to identify any issues and be proactive as to why they may be occurring.  For example, one client had a spike in their water bill for two months, and Plumb Family Office Accounting identified that there was a leak in their pool and had it fixed to lower their expenses.

Second Home Expense Report

Experience the Plumb Family Office Accounting Difference with Customized, Personal Financial Reports and Take Control of your Wealth

Personal Financial Reports – Related Posts:



Organizing Financial Records with Plumb Outsourced Accounting

Be Year-End Ready

Here we are in the 4th quarter.  This is the time of year that Plumb works closely with their business clients and high-net-worth families, preparing and organizing financial records for year-end planning.

Effective year-end planning starts with organizing financial records to present accurate information and reliable data to our business client’s trusted advisors, such as CPAs and commercial bankers. This gives everyone a financial baseline to pave the way for the remainder of the year and kick off 2022 planning.

As part of Plumb’s 7-Step Process, the end of the year means “pulling it all together” and producing accurate accounting information with a year-end wrap up.  A tax package example from Plumb includes:

  1. Year-to-date Financials (Balance Sheet, Income Statement, General Ledger)
  2. Any significant adjustments that plan to be made before the end of the year
  3. Year-do-date fixed asset depreciation schedule, and the details of any purchases and dispositions made during the year
  4. Year-to-date Work in Progress Schedules
  5. Federal and state tax payment detail
  6. Charitable contribution detail
  7. Bank and credit card reconciliations

Get Started Now: Preparing for Year-End

When year-end and tax time rolls around, will your financial records be ready to present to a CPA or the IRS? Being prepared for year-end starts with setting up the right accounting systems and internal controls to process transactions appropriately.  Transactions must be correctly classified, current, consistent and compliant.  Organizing financial records starts with establishing accounting internal controls and procedures.  For top considerations for creating accounting internal controls, click here.

The Plumb Process:

With the start of every new engagement at Plumb an initial system map is designed, complete with tasks associated with daily, weekly, semi-monthly, monthly, quarterly, semi-annual and annual transactions. Once finalized with the client, Plumb’s proprietary system map is then uploaded into task management software with a calendar reflecting financial and administrative due dates.  These time-sensitive activities lead up to the year-end wrap up and final task of producing the annual tax package for the client’s CPA and trusted advisors.

Plumb Outsourced Accounting Tasks: Transactional Checklist with Due Dates

organizing financial records

Organizing Financial Records

The task management system at Plumb notifies accountants from their dashboard when items are due for specific clients.  With this organized and timely system, it allows for tracking income and expenses. It also keeping up-to-date with bank and credit card reconciliations and monthly journal entries.

Other notable tasks that help with creating accurate year-end financials:

  • Making sure income and expense categories are correctly classified.
  • Prepaid insurance and expenses must be amortized over the life of the term.
  • Reconciling unearned revenues.
  • Follow-up with collections.
  • Review fixed asset purchases.

“Working with Plumb gives me financial peace of mind knowing that I’m audit and tax ready every month of the year”.  “My CPA has confidence in my year-end financials and takes less time processing my tax returns, which saves me money,” -Plumb Outsourced Accounting Client

Ready to organize your financial records and start your year-end planning?


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Prioritizing Family Life & Business: An Interview with Anneke Stender

Top Ways to Handle Family Life and Business with a Busy Lifestyle

Several responsibilities can cause stress and anxiety in family life and business.  It can be hard to find the right balance between organizing family life events and getting year-end ready with clients and other commitments at work.

Here is a list of reminders and quick tips to keep things in perspective in your busy life:

  • Schedule: Plan smaller tasks and meetings than normal.  Time management is key and keeping a clear overview of due dates on your calendar.
  • Disconnect: When spending time with your family, make it a priority to unplug from work emails and calls.  Keep everyone informed ahead of time about your unavailability or absence, and let them know when you’ll be reconnecting.
  • Plan time for yourself: It can be exhausting to keep everything going, so taking time for yourself will rejuvenate you later.
  • Avoid talking business with family or friends when they do not ask.  However, it can be helpful to discuss certain topics and events with the most important people in your life to let them know what’s going on.
  • Clear communication: Set fixed times for family and work, so both sides can count on you.  Be fully present during those time blocks, so you’re focusing on one thing at a time.
  • Work when everyone is sleeping: getting up before the family wakes up or staying up after they go to sleep, so it doesn’t conflict with family time.
  • Delegate and trust others: bring in additional resources who can help you avoid stress.

An Interview with Anneke Stender

san diego accounting

With all your responsibilities at Plumb, how do you deal with upcoming family events and all the organization and planning?

Planning ahead and calendaring everything is essential for me.  I plan out the weeks and month very detailed in my corporate calendar, so nothing gets lost and everyone knows if I’m free or not. I always mark events or tasks that are not negotiable in red, so my assistant can plan and schedule meetings around those times.

Overall, the less time I have available, the more efficient I can be.  I focus on the really important things and delegate the rest to others.  I am thankful to have a great team at Plumb behind me that I count on, so I have enough time for my family.

How do you handle work during the days you are spending time with your family?  Are there any rules you set?

When I spend time with my family, I turn off my email notifications.  I want to avoid pop-up messages on my phone, so I am fully present to focus that time with my girls and my husband. I dedicate 100% to one thing at a time.

When I visit my family in Germany, I am totally unplugged from work for the duration of the trip.  Sometimes I feel that going overseas makes it easier to enjoy the time off, because I am distancing myself from work with different time zones.

Clear communication upfront towards everyone at work and from my family is the key for making this work. By setting fixed times, my availability for family and work is clear, so both sides can count on me.

What is your favorite time and place for getting work done?

My most productive time is early in the morning.  I usually wake up at 4:30AM and start checking and responding to emails in bed, then I start getting ready for work.  When the children are sleeping, I have time to work without distraction.  However, I mostly spend working time in the office in La Jolla or Orange County.

What do you do to avoid stress and how do you boost your energy levels this time of year?

Even if I only have an hour a day, I block it off in my calendar.  Pilates helps me to relax from time to time, however, I still struggle on getting better to take time for myself.  In addition, it’s always helpful to seek outside help, such as a nanny on special occasions or counting on someone to help with recurring tasks.

As a successful business leader and mother, who inspires you?

Sheryl Sandberg.  I just finished reading her second book, “Option B: Facing Adversity, Building Resilience, and Finding Joy. I have so much respect and admiration for her and how she handles her life.

How Plumb Family Office Accounting Can Help with your Family Life + Business Throughout the Year

Recurring tasks like bill payment or handling with taxes at the end of the year, and general organization and planning take an immense amount of valuable time. Save this time and effort with the help from additional resources to spend it with your family and friends or use to refueling your energy.

Plumb Family Office Accounting excels at high-net-worth accounting and financial consulting by applying a controller-level’s financial insight to managing personal finances.

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Ultra-High-Net-Worth Investor Gains Clarity with Plumb Family CFO Services

Providing an Entrepreneur with Up-to-Date & Consolidated Financial Data for a Clear Picture of Wealth

Case Study: Ultra-High-Net-Worth Investor & Business Owner


Ultra-high-net-worth entrepreneur with multiple business investments, rental properties and luxury yacht.


$150 Million +


An entrepreneur who recently sold one of his businesses needed help with his personal accounting, tracking of income, cash flow reporting and bill pay. As he started to invest in additional businesses, he was also looking for an accounting team who could provide him with accurate GAAP compliant financial statements for his new investments.

A snapshot of his financial life included multiple operating businesses, existing holdings, and real estate assets.

Referencing an article in the New York Times, “Inside the Minds of the Ultrawealthy” by Eilene Zimmerman, she asked psychologist Brad Klontz about what it’s like to work with billionaires.

What can the rest of us learn from how the ultra-high-net-worth work through their problems?

The ultra-high-net-worth are not afraid to ask for help. They are more likely to have an internal locus of control, where they are quick to take credit for their successes and admit their failures, at least to themselves. In managing their very complex lives, they have had to rely on a variety of experts to help them along the way. When they run into problems, they are less hesitant than most of us to seek help from someone who is an expert.

Solution & Deliverables:

Plumb Family CFO delivers a customized approach for every client, depending on their needs and complexity of their financial lives.

This Client’s concerns revolved around the accuracy of the data his property management company was providing. He was also seeking accounting assistance for a newly acquired construction business that needed cleaned-up financials and advice moving forward with company performance and strategy.

Personal Reporting & Outsourced Accounting:

  • Create a consolidated trust balance sheet every month
  • Track all transactions and properly allocate
  • Implement calendar of financial due dates for all rental properties to ensure mortgages, property taxes, insurance and utilities are paid on time
  • Work in conjunction with property management firm to receive accurate data
  • Set-up internal controls and accounting procedures to track new business entities, trusts and partnerships
  • Track and consolidate investment funds
  • Reconcile all balance sheet accounts, including Cash, AR, AP and credit card liabilities
  • Project work for establishing up-to-date and accurate financial statements for newly acquired business
  • Maintain yacht slips and make sure invoices are paid on time
  • Ongoing strategic advice on company performance

Outsourced Bill Pay:

  • Forwarding bill statements to client-specific PO Box
  • Sending the Client a comprehensive list of bills for approval of payment
  • Paying bills out of a POA designated bank account
  • Processing checks that Plumb signs as Power of Attorney
  • Performing monthly bank and credit card statement reconciliations
  • Electronically filing invoices to a secured client-specific cloud folder
  • Setting up bill pay schedule with financial calendar of due dates
  • Integrating bill pay schedule into Plumb’s proprietary task management software
  • Implementing vendor management reporting
  • Creating weekly cash flow reports
  • Properly tracking income & expenses

Results – How We Help:

The Client was able to offload many personal accounting and bill pay tasks to Plumb Family CFO. He gained financial clarity and peace of mind knowing that his day-to-day transactions were being handled With consolidated reporting every month, he was able to see a clear picture of his net-worth and had more time to optimize his investment strategies.  With ongoing corporate outsourced accounting and strategic advice on a CFO-level, the Client receives recommendations on industry-specific trends with the companies that he has ownership in.

Ready for financial peace of mind?

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The Best Outsourced Accounting Blog Posts (Top Ten)

Ranking the Best Outsourced Accounting Posts of the Year

Plumb has a reputation as one of the best outsourced accounting firms in California and across the United States.  With a team of accounting experts who provide outsourced accounting and bookkeeping services for companies in various industries, Plumb understands the importance of industry-specific reports and meeting deadlines.

Gain valuable insights about outsourced accounting services and determine if it’s right for your company.  Whether it’s a fractional Controller that you need to produce accurate financial statements, or accounting help to clean up your books, Plumb is flexible and scalable. We work with clients on a fixed-fee or hourly rate basis.

Find out how an outsourced accounting firm can help your company.  See which blog posts were the most popular this year with the best outsourced accounting content from Plumb.

#1 Top Accounting Tasks that Your Company Should Outsource

As accountants, we like lists.  In this article, learn the top ten accounting tasks that you could be outsourcing for your company. Not all accounting tasks are created equal after all.  There is general best outsourced accounting tasksbookkeeping, or month-end and oversight that should be performed by the expertise of a controller or CFO.  You should also consider the efficiency and cost savings by hiring an outsourced accounting firm.  Read more >>

#2 Most Frequently Asked Questions About Outsourced Accounting Services

Here’s another top ten list!  In business for over 20 years, Plumb has been asked many questions about outsourced accounting and outsourced bookkeeping services.  So, we have compiled questions and answers to the most frequently asked questions.  Here are the top reasons why a company should outsource their accounting needs and how much services cost.  Read more >>

#3 Why Hire a Controller for your Business

If you have an in-house or part-time bookkeeper handling your month-end and financial reporting, it may be time to consider outsourcing to a controller. Accordingly, a fractional controller can come in on a weekly or semi-weekly basis to handle the month-end and industry-specific reports and analysis. If you’re not sure if your business is ready for a controller, take a look at how Plumb utilizes controllership services within their outsourced accounting model. Read more>>

#4 Accounting Best Practices for Month-End Close

Here is a short video regarding QuickBooks software for the manufacturing industry.  As shown in this “how to” video, you will learn how to review month-end inventory numbers; review inventory quantities and review sales orders with accounts receivable.  Get more QuickBooks tips here >>

#5 How to Reconcile a Brokerage Statement in QuickBooks

Help with QuickBooks software is a popular subject.  In this video, we show you how to reconcile a brokerage statement in QuickBooks. Consider outsourcing your QuickBooks accounting needs. Read more>>

#6 Fractional CFO vs. Fractional Controller

One thing that all businesses have in common is that they need to make informed decisions based on accurate and up-to-date financial data.  In some instances, companies cannot afford tobest outsourced accounting wip report support full-time accounting staff to provide the data and forecasting that an experienced CFO or Controller would create. In this article, learn the differences to what a fractional CFO and fractional controller can provide for your company.  Read more>>

#7 How to Handle Assemblies in NetSuite

Does your manufacturing company use NetSuite?  These NetSuite tips and tricks provide insight on achieving proper inventory control and costing even when an outside organization creates the finished good. Plumb provides outsourced accounting help for NetSuite software users.  Take a look at this step by step guide on how to handle assemblies in NetSuite.  Read more>>

#8 How to Close the Year in Sage 300 Construction and Real Estate Software

Sage 300 Construction and Real Estate, otherwise known as Sage Timberline is the top accounting software for the construction industry and real estate development.  Plumb supports Sage 300 CRE and also provides accounting help, software consulting and year-end updates.  Watch this video series on how to close the year in Sage 300 Construction and Real Estate.

#9 Learn NetSuite and Optimize the Software

NetSuite is a powerful accounting system. It can also be hard to learn NetSuite and become a ‘power user’ if you do not have help along the way.  Plumb has a team of the best outsourced accounting experts for NetSuite. They can help companies learn NetSuite and optimize the software to produce comprehensive financial reports.  Check out how Plumb can help with your outsourced accounting needs for NetSuite. Read more>>

#10 Why Double Entry Bookkeeping is so Importantdouble entry bookkeeping

The double entry accounting system is a more complete way to track your spending, cash and reconcile accounts.  The benefit of using this system of tracking is to make financial reporting easier.  This process will generate more detailed income statements, including statement of cash flow and balance sheets, so your business can have more up-to-the-date financial picture.  Get all the details of double entry bookkeeping here >>

Ready to achieve financial peace of mind with one of the best outsourced accounting firms?

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How to Reconcile a Brokerage Statement in QuickBooks | Accounting Tips

Reconcile a Brokerage Statement in QuickBooks: How-To Video Instructions

In this accounting tips video, you will get step-by-step instructions on how to read and reconcile a brokerage statement in QuickBooks.

Before you reconcile a brokerage statement in QuickBooks, it is important to understand the basics of what a brokerage account is.

Consider outsourcing your QuickBooks accounting needs – Plumb provides outsourced accounting services, specializing in QuickBooks software for companies and high-net-worth families who need help with bill pay, and personal reporting. 

Book a free consultation with a QuickBooks expert 

What is a brokerage account? A brokerage account is an arrangement between an investor and a licensed brokerage firm that allows the investor to deposit funds with the firm and place investment orders through the brokerage. The investor owns the assets contained in the brokerage account and must usually claim any capital gains as income as it incurs from the account.

Parts of a brokerage statement in QuickBooks

Account Information: basic information, such as the account owners, the time period covered, and the account number.

Statement Account/Summary: This section shows the investments performance as of the statement date by displaying unrealized and realized gains/losses. This also summarizes the total value of stocks, bonds, mutual funds, other investments, and any cash.

Portfolio Detail: This section identifies individual assets in the account and allows the investor to determine whether the holdings listed are accurate. This shows the value of the investments at the end of the statement period, cost basis of the investment, estimated income and yield, and other information, such as bond insurance ratings, stock symbols, and unrealized gains and losses.

Income Summary: This section displays the income and dividends earned by the investments for the statement period and the year-to-date.

Daily Activity: This section includes detailed information on all account activity during the statement period, including all security transactions (purchase and sales), management fees, detail of income received and miscellaneous deposits received and payments made.

Disclosures: This section includes legal and administrative e explanations, such as fee information, penalty warnings, and a description of some symbols used.

How to Set Up and Reconcile a Brokerage Statement in QuickBooks

Each Investment account should be setup as a separate “Other Asset” account on the Balance Sheet. A sub account will be setup for each Asset Class, and under each sub account or asset class, should include a sub account for the Cost, as well as the Market Value.

Account Example:

Charles Schwab XXXX
  • Cash
  • Mutual Funds
    –  Cost
    –  Market Value Adjustment
  • Exchange Traded Products
    –  Cost
    –  Market Value Adjustment
  • Stocks
    –  Cost
    –  Market Value Adjustment
  • Bonds
    –  Cost
    –  Market Value Adjustment

Each Investment Account should have its own Income account for Dividends, Interest, Realized Gains and Losses, Capital Gains Distributions, and Miscellaneous Income.

Account Example:

  • Interest Income
    –  Morgan Stanley XXXX
  • Dividend Income
    –  Morgan Stanley XXXX
  • Realized Gains and Losses
    –  Morgan Stanley XXXX
  • Capital Gains Distributions
    –  Morgan Stanley XXXX
  • Miscellaneous Income
    –  Morgan Stanley XXXX

Each Investment Account should have its own Management Fee account.

Account Example:

  • Management Fees
    –  Morgan Stanley XXXX

Unrealized Gains and Losses will be adjusted monthly to an Equity Account. Each Investment Account will have its own account.

Account Example:

  • Market Value Adjustment
    –  Morgan Stanley XXXX

Reconciling monthly or quarterly Brokerage Statements

A journal entry is typically used to record brokerage statement activity. The following transactions are standard for each entry:

  • Investment Income: this includes dividends, interest, realized gains and losses, and capital gains distributions
  • Sales and purchases of investments
  • Investment management fees
  • Transfers from one investment cash account to another investment cash account or bank account
  • Unrealized gains and losses (market value adjustments) for each Asset Class

Other Notes

  • Be sure to follow the Cash activity. Often time’s people will plug a number to reconcile Cash, which causes them to miss recording receipts, payments, or transfers.
  • Capital gains distributions are typically paid at the end of the year, usually in November and December.
  • Management Fees are typically paid in January, April, July, and October for the prior quarter.
  • If you have sales of investments, there will typically be realized gains and losses to record.
  • Reconcile the year-to-date income and expenses to ensure that all income and expenses have been entered. This will make 1099 reconciliation so much easier during tax season.
  • The Statement Account/Summary will typically provide you with a Market Value change. This typically includes Unrealized Gains and Losses, Realized Gains and Losses, and Reinvested Income.
    –  Make sure that your entry to Unrealized Gains and Losses ties to the Market Value change per the statement.
    –  Make sure that the Unrealized Gain/Loss is a reasonable amount. For example, you will never see a $1 million unrealized gain/loss in a portfolio with a $4 million value.

For more accounting tips from Plumb Family CFO, check out our YouTube channel

Gain financial peace of mind through Plumb Family CFO’s services:

  • Family Bill Pay Services
  • Personal Financial Reporting & Analysis
  • Bank & Credit Card Reconciliation
  • Household Employee Payroll
  • Cash Flow Management
  • Budgeting
  • Outsourced Personal Assistant & Concierge
  • Trust Accounting

Let Plumb handle your QuickBooks accounting.

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Family Bill Pay Services: Organize Your Financial Life

Family Bill Pay Services | Personal Bill Pay by Plumb Family Office Accounting

Family bill pay services is a featured offering of Plumb Family CFO.  Depending on need and the complexity of your financial affairs, family or personal bill pay can be a stand alone service or used in conjunction with financial reporting, budgeting or expense tracking.  See full list of services. 

As a professional and reliable firm, in business for over 20 years, Plumb sets up processes and procedures to execute family bill pay.  It first starts with collecting bills and vendor information, resulting in a comprehensive list of vendor and account information.  In the client setup phase, a financial calendar of due dates and bill payment procedures are produced.  Not only are your bills paid on a timely basis, but monitored, reconciled, and reviewed.

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“Thank you for all that you have done for my family.  Your team is proactive and trustworthy and has provided us with such great confidence now that our finances are in order.  What a relief!” – High-Net-Worth Family Bill Pay Client 

 Why Use Family Bill Pay Services?

  • Do you have too many bills to keep track of all the time?
  • Do you want to spend more time with your family and enjoy your wealth?
  • Are you a frequent traveler and need help paying your bills while out of town?
  • Are you disorganized or overwhelmed with paperwork and financial organization?
  • Is anyone in your family suffering from an age- or disability-related challenge?

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Bill Payment Procedure:

Plumb Family CFO created a 4-step bill payment process with segregation of duties and different levels of review. By following checks and balances, clients can enjoy peace of mind knowing that their assets and bills are being monitored by an independent firm with a long history of continuity and confidentiality.


Financial Calendar of Due Dates:

Vendor Information Sheet: In order for Plumb Family CFO to handle the bill pay services of clients, information is collected at the beginning of the engagement, including a comprehensive list of vendors and account information.

family bill paying services


Personal Vendor List: A detailed chart of all incoming bills, divided by property is set up.  This vendor list is used as a reference  for each bill, with due dates, payment methods and any special notes.

bill payment services

Financial and Administrative Calendar of Due Dates: This report tracks bills that occur during a quarterly, yearly or semi-annual basis.

Could your family benefit from Plumb bill pay services?  Fill out this form for a customized pricing quote.

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3 Things to Know About Form 1099-NEC

What is Form 1099-NEC (Nonemployee Compensation)?

The IRS is bringing back a form last used in 1982s —Form 1099-NEC, to be used beginning with 2020 information returns. The draft 2020 version of the form has been posted by the IRS to the agency’s website. Part of the rationale for the new Form 1099NEC was that the Protecting Americans from Tax Hikes (PATHAct of 2015.

It will be used to report at least $600 payments made to each person during the calendar year for your business:

  • Services performed by someone that was not your employee
    • Include parts/materials used to perform the service
  • Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
  • Payments to attorneys

Withheld any federal income tax under the backup withholding rules regardless of the payment amount.

Common examples of who will receive Form 1099-NEC:

  • Attorneys
  • Architects
  • Accountants
  • Graphic Designers
  • Web Developer
  • IT Consultants
  • Freelance writer
  • Non-employee Sales Commission
  • Freelance Contractors
  • Landscapers
  • Other self-employed individuals

Form 1099-NEC:

Due to IRS & Recipient 2/1/21

  • A IRS
  • 1 State Tax Department
  • B Recipient
  • 2 Recipient copy to be filed with state income tax return (if applicable)
  • C Payer

Form 1099-MISC:

Due to recipient by 2/1/21 or 2/16/21 if reporting in box 8 or 10. Due to IRS by 3/1/21 (paper) or 3/31/21 (electronic)

  • A IRS
  • 1 State Tax Department
  • B Recipient
  • 2 Recipient copy to be filed with state income tax return (if applicable)
  • C Payer

Ready to start your new year with organized financials in preparation for tax season? Plumb Family CFO works in partnership with your CPA and personal financial team.  Find out more…

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