My business income is going to be distributed to trust beneficiaries. How do I record trust distributions in QB? Do I need to set up accounts and match bank transactions?
My business income is going to be distributed to trust beneficiaries. How do I record trust distributions in QB? Do I need to set up accounts and match bank transactions?
Corporate trustee for family trust, registered for ABN and operating as a business. Amounts to be distributed have been minuted so just need to find out how to record the trust distributions to each beneficiary, including matching the actual bank transactions, in QB. Thank you
My business income is going to be distributed to trust beneficiaries. How do I record trust distributions in QB? Do I need to set up accounts and match bank transactions?
Hi Ken,
Thanks for posting in the Community!
This is a complex concern and requires assistance from your accountant. Since we are unable to provide an accounting advice, it is best to consult your accountant for this to be able to get correct information on how to record trust beneficiaries' amount to avoid messing up your books.
Check this link to locate an accountant in your area: Find an accountant.
Post again in the Community if you have other QuickBooks Online concerns.
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