Please review this article - Options for Trust Beneficiary Loan Accounting BEFORE reading content below.
Note: Both options can be used with Beneficiary loans in QBO. Only Option B is described below.
In QuickBooks, prepare your beneficiary loan accounts with the following account and sub-account structures -
-Add a Capital Introduced line if necessary.
-Rename as you prefer i.e. maintenance instead of drawing
-Use the actual names i.e. John Doe for the header account
-Use the actual names i.e. Beginning Balance - John Doe or John Doe - Opening Bce, or however you like to abbreviate or name the sub-account.
Create beneficiary relationships under the trust in LodgeiT via Settings -> Relationships.
Beneficiaries will reflect as follows -
Classify the account line items from QBO to Current Unsecured Loans from Beneficiaries Payable, selecting the appropriate sub sector i.e. Opening Balance.
Navigate to Custom Reports to add the SPFR set.
Add a new set of SPFR's.
Now simply map the beneficiary-related line items into the relevant parts of the report structure under the Beneficiaries Profit Distribution Summary.
If you happen to refresh the QBO Data
You will need to re-click on each beneficiary-related line item that was changed in order for the change to take effect.
In QBO, you will need to transact profit attribution via an account in the equity section.
And at the end of each reporting timeframe you'll need to journal the profit, drawings & capital balances back to opening balance.
You can also explore an alternative approach here
How to Use Tags in accounts with other expense categories in a trust