Processing Trust Distribution transactions in MAS
This support note applies to:
- AE MAS (AU)
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 Accounts500 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 Accounts501 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 Bank870 01
Beneficiary No 1
Debit
870 02
Beneficiary No 2
Debit
680
Bank
Credit