Setting up the Income Allocation accounts within General Ledger
This support note applies to:
- AO Classic General Ledger (AU)
Each entity type within General Ledger has income allocated differently. For example
- a company's profit is retained
- partners receive a percentage or amount of profit
- beneficiaries or members receive a distribution.
When you create your client based on the standard templates, the income allocation definition is created automatically. If you create your own income allocation amounts, you may need to customise your reports for the income allocation account change.