Initial values are the first values assigned to an asset reported on Form 1. Values of assets can change over time, with assets becoming susceptible to appreciating and depreciating values. It is up to the trustee to keep an eye on these adjusting values, as they can directly affect the funds available to creditors. Via the ‘Initial’ and ‘Latest’ text fields in the ‘Current Trustee’ section, shown below, the user can track both current and initial values. This not only preserves the asset history by displaying the first value, but shows the assets’ most current value too.
Using the Asset Value Fields
Users can create value history with the use of the ‘Initial’ and ‘Latest’ value fields. To use this feature, go to the Trustee Suite Homepage and click on the ‘Assets’ tab. The Asset window will open, displaying the ‘Initial’ and ‘Latest’ asset values in the ‘Current Trustee’ section.
On Form 1, the Current Value field will be used to calculate the Asset Fully Administered (FA) Gross Value of Remaining Asset, as reported in column 6.
The value of the assets in Column 6 should reflect an estimate on the current value remaining to be collected, although the Handbook states that the values in column 3 and the values in column 6 will not always be the same.
