Client accounting: Distribution to Members within Superfunds
This support note applies to:
- AE Statutory Reporter (NZ)
- AE Statutory Reporter (AU)
- AO Statutory Reporter (AU)
- Workpapers (NZ)
- AO Workpapers (AU)
- AE Workpapers (AU)
For Superfund reporting within Client Accounting, you need to allocate earnings and distributions to members.
To allocate the earnings, add a journal to the workpaper and then allocate the distribution of profit or loss.
Use the table below to process the distribution of profit or loss through member's accounts.
Account | Description | Sign | |
Profit Distribution | |||
550 03 | Distribution to members | Debit | |
551 02 | Allocated Earnings (for member 1) | Credit | |
552 02 | Allocated Earnings (for member 2) | Credit | |
55# 02 | Allocated Earnings (all required members) | Credit | |
Loss Distribution | |||
550 03 | Distribution to members | Credit | |
551 02 | Allocated Earnings (for member 1) | Debit | |
552 02 | Allocated Earnings (for member 2) | Debit | |
55# 02 | Allocated Earnings (all required members) | Debit | |