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Migrating from AE Accounts—creating a trust

Accountants Enterprise in Australia only

The management of trusts and trust distribution varies slightly when migrating an AE Accounts ledger to Client Accounting.

AE Accounts users has a menu option in the program that allowed you to specify allocation amounts. This did not create a journal or display in the trial balance, however used accounts in the range over 1000 to report on these balance.
During the migration to Client Accounting however, a journal is created to bring the income allocation into the trial balance.

As a result, new accounts are created during the migration process:

Account CodeAccount DescriptionAccount TypeTax Code
565Distribution to beneficiariesEquityNTR
1.590Distribution received – Beneficiary #1EquityNTR
2.590Distribution received – Beneficiary #2EquityNTR

Setting up the Chart of Accounts

We recommend that you use the standard AE Accounts chart of accounts to automate the account group mapping.

If the following structure is used, the financial statement will print:

  • A summary of the distributions with each beneficiary name at the end of the Income Statement
  • A summary of each beneficiary's accounts in the Unpaid Present Entitlements note – beneficiary mame, opening balance, funds contributed, distribution received, drawings and capital contribution accounts.

    Account CodeAccount DescriptionAccount Type
    560Settlement SumEquity
    528Retained earningsEquity
    1000Current year earningsEquity
    565Distribution to beneficiariesEquity
    1.580Name of Beneficiary #1Equity
    1.585Opening BalanceEquity
    1.590Distribution receivedEquity
    2.580Name of Beneficiary #2Equity
    2.585Opening BalanceEquity
    2.590Distribution receivedEquity

Distributing profits

The following journal has been automated in the migration for the current year only.

In subsequent years, you'll need to manually create this journal to distribute profit to each beneficiary:

Account CodeAccount DescriptionDebitCredit
565Distribution to beneficiaries (total net profit)$ XXX 
1.590Distribution received by Beneficiary #1 $ XXX
2.590Distribution received by Beneficiary #2 $ XXX

(where $ XXX is the amount to be distributed)

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