How to distribute/allocate profit to beneficiary in Trust SPFR

Modified on: Fri, 4 Sep, 2020 at 10:56 AM

Question: How to distribute profit to beneficiaries in Trust SPFR?

Solution:

1. Make sure to set up "Relationship" first. Learn more.

2. SPFR is dependent on how you have classified your financials. Make sure that classification of your accounts mapped accordingly. Learn more.

Note: You also can do split via "Chart of Accounts" or directly in SPFR

3. You have to manually input/add via SPFR, either via ""Beneficiary Profit Allocation or "Beneficiary Profit Distribution Summary". Once you fill either of the 2, it will auto show to the other.

From the above snip, we have classified Drawings as "Beneficiaries>Drawings", it will appear to SPFR as

In this example, I prefer to split via SPFR rather than in chart of accounts.

In "Beneficiary Profit Distribution Summary", select the "Opening balance/s" for the beneficiaries through the dropdown arrow.

Once you select from the dropdown option, figures will automatically show.

Note: if dropdown option is not showing the correct accounts, best to check on how you have classified your financials via "Settings" > "Chart of Accounts" tab and map it accordingly.

Did you find it helpful? Yes No