This support note applies to:
Article ID: 32630
In MYOB Accountants Enterprise (AE) MAS (MAS) when completing accounts for a Trust entity you need to process transactions to show the distribution of profit to the beneficiaries.
To perform a Trust Distribution, you need to complete the following transactions for the value of the profit:
- Journal 1: Profit to Beneficiary's Accounts.
- Journal 2: Beneficiary's Accounts to Beneficiary's Loan Accounts.
- Journal 3: Beneficiary's Loan Accounts to Bank.
To perform the profit split distribution journal entries
- In the AE MAS ledger follow the menu path: Data > Journals > Journal Entry. The Data Entry: Journals screen appears and the cursor appears in the Period end date field.
- Enter the period end date and click OK. The Journals screen appears.
Process the distribution of profit through beneficiary's accounts:
Journal 1: Profit to Beneficiary's Accounts
500 03 | Distribution to beneficiaries | Debit | |
501 02 | Share of profit (for beneficiary 1) | | Credit |
502 02 | Share of profit (for beneficiary 2) | | Credit |
50# 02 | Share of profit (all required beneficiaries) | | Credit |
Process the transfer of profit distribution to beneficiary loan accounts:
Journal 2: Beneficiary's Accounts to Beneficiary's Loan Accounts
501 03 or 20 | Drawings or Payment to Beneficiaries | Debit | |
870 01 | Beneficiary No 1 | | Credit |
502 03 or 20 | Drawings or Payment to Beneficiaries | Debit | |
870 02 | Beneficiary No 2 | | Credit |
You can use account 870 in place of 696 or 830 depending on the accounts that are relevant to your entity.
Process the payments made to the beneficiaries through the bank:
Journal 3: Beneficiary's Loan Accounts to Bank
870 01 | Beneficiary No 1 | Debit | |
870 02 | Beneficiary No 2 | Debit | |
680 | Bank | | Credit |