Legal Definitions - intermediate account

An intermediate account is a type of account filed by an executor, administrator, or guardian after the initial account and before the final account. This account is usually filed annually and is also known as an annual account. It is a detailed statement of the debits and credits between parties to a contract or to a fiduciary relationship. It is a reckoning of monetary dealings.

For example, in wills and estates, an account is a brief financial statement of the manner in which an executor or administrator has performed the official duties of collecting the estate's assets and paying those who are entitled. An account charges the executor or administrator with the value of the estate as shown by the inventory, plus any increase, and credits the executor with expenses and costs, duly authorized disbursements, and the executor's commission.

Another example is a mutual account, which shows mutual transactions between parties, as by showing debits and credits on both sides of the account. Each party to a mutual account occupies both a debtor and creditor relation with regard to the other party. A mutual account arises where there are mutual dealings, and the account is allowed to run with a view to an ultimate adjustment of the balance.