This support note applies to:
- AO Classic General Ledger (AU)
Following this information regarding how to distribute profits in a trust.
From within your general ledger client click the General Ledger drop down menu and select Income Allocation Definitions.
Ensure that account 500/02 is entered with 100% as the distribution percentage.
Journal entries then need to be entered as to distribute the profit to the beneficiaries:
Distribution to Beneficiaries
Beneficiary No 1 Share of Profits
Beneficiary No 2 Share of Profits
Beneficiary No 3 Share of Profits
Beneficiary No 4 Share of Profits
Account 500/03 and account 500/02 add to account 500/01 upon rollover, which is a balance forward account. So, the net effect is that they cancel each other out