MYOB essentials Ledger Profit Distribution for Trust

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Contributing Cover User DonnaBruce
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Contributing Cover User
DonnaBruce
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MYOB essentials Ledger Profit Distribution for Trust

We are using MYOB Ledger and MYOB Workpapers for a Trust.

 

Can someone please let me know the correct procedure for recording the distribution of profit to beneficiaries 

In MAS we would have normally entered a journal to following accounts to clear out the retained earnings
50102 - Profit Distribution (to beneficiary 1) CR
50002 - Profit Distribution DR

 

However, the income allocation account is set to 50002 and as this is a system account it will not let us journal to that account.

As a workaround we have used 50003 instead of 50002 but the financials are still showing the current year profit as retained earnings not as amounts distributed to beneficiaries.

 

If you can advise the correct way to process the distribution of profit so that retained earnings are cleared at the end of financial year it will be greatly appreciated.

 

Kind regards

Donna

2 REPLIES
Contributing Cover User DonnaBruce
19 Posts
Contributing Cover User
DonnaBruce
Contributing Cover User

19Posts

0Kudos

0Solutions

MYOB essentials Profit Distribution for Trust

We are using MYOB Ledger and MYOB Workpapers for a Trust.

 

Can someone please let me know the correct procedure for recording the distribution of profit to beneficiaries 

In MAS we would have normally entered a journal to following accounts to clear out the retained earnings
50102 - Profit Distribution (to beneficiary 1) CR
50002 - Profit Distribution DR

 

However, the income allocation account is set to 50002 and as this is a system account it will not let us journal to that account.

As a workaround we have used 50003 instead of 50002 but the financials are still showing the current year profit as retained earnings not as amounts distributed to beneficiaries.

 

If you can advise the correct way to process the distribution of profit so that retained earnings are cleared at the end of financial year it will be greatly appreciated.

 

Kind regards

Donna

Contributing Cover User DonnaBruce
19 Posts
Contributing Cover User
DonnaBruce
Contributing Cover User

19Posts

0Kudos

0Solutions

Re: MYOB essentials Ledger Profit Distribution for Trust

Help! Anyone?

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