Distribution of Trust Profit to Beneficiaries

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Trusted Partner RPD
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Trusted Partner
Australia
RPD
Trusted Partner

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Distribution of Trust Profit to Beneficiaries

I have read yoursupport note Setting up Trusts and Partnerships in AccountRight/Essentials for reporting in Statutory Reporter"

 

However, I have, for many years now, preferred to journal the distribution "expense" to an account on the "Other Expenses" section 9-xxxx.    Then credit the beneficiarys loan account.

 

When I map the 9-xxxx accounts to  Distributions in the Appropriation group of the profit and loss, it seems to correctly insert the dollar figures, but the total is not updated. - See the attached screenshot1

 

It does not use the account name either - it just says "Trust Distributions"

 

The Balance Sheet is also out by the Trust distribution, as the credit is correctly allocated to the beneficiary lona account as well as still in the equity section.

 

How can I fix this?

 

 

Salisbury CA
Screenshot1.jpg
2 REPLIES 2
MYOB Staff Post Stephanie_Y
37 Posts
MYOB Staff Post
Australia
Stephanie_Y
MYOB Staff Post

37Posts

5Kudos

3Solutions

Re: Distribution of Trust Profit to Beneficiaries

Hi @RPD ,

 

Apologies for the delayed response.

 

Please see below for the suggestion I have provided, however if this does not resolve please call our support on 1300 555 666 (AU) or 0800 94 96 98 (NZ) to assist further.

 

In the Account Groups in Reports tab of Client Accounting please ensure the following are allocated;

 

DR entry accounts:


Balance Sheet > Equity > Retained Earnings > Current Year Earnings

 

Profit and Loss Statement > Appropriation > Other

 

CR entry accounts:

 

Balance Sheet > Assets and Liabilities > Liabilities > Current Liabilities > Unpaid Present Entitlements (CR)

 

Profit and Loss Statement > Appropriation > Distributions


Where it says "Trust distribution", it may be because those accounts are associated to a header account.

 

In Account Groups check to see if there is a bold account description " Trust distributions" allocated.

If so, try un-allocating this.


Kind Regards,

Stephanie
Client Services Analyst - Practice Solutions
MYOB Australia Pty Ltd
Trusted Partner RPD
73 Posts
Trusted Partner
Australia
RPD
Trusted Partner

164Posts

22Kudos

3Solutions

Accepted Solution Solved

Re: Distribution of Trust Profit to Beneficiaries

Thanks Stephanie

 

I tried all your suggestions and all accounts seemed to be correctly allocated.

 

However, I then stumbled upon the solution.

 

I was allocating my 9-xxxx Trust distributions to Profit and Loss >Appropriation > Distributions.     

Client Accounting was ignoring this, hence the errors.

 

I moved the 9-xxxx accounts to Profit and Loss > Appropriation > Other

and everything balances.

The Profit and Loss Appropriation does not specifically state that the allocations as Trust Distributions, but it's pretty obvious they are and everything looks professional.

 

Salisbury CA
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