I’m preparing a set of accounts for a superannuation fund. I need to allocate shares of profit and tax payable into member accounts in the balance sheet.
What I need to know is how to set up accounts to allocate shares of profit AFTER the profit and loss shows the profit or loss. It’s similar to a distribution statement in a set of company accounts or in a trust. Where income is allocated to beneficiaries. Or dividends are declared to be paid.
Many thanks. I see that I can use Capital accounts and sub accounts. But I think that I will need to also set up a sub group in expenses as well.
I am required to show the member and employer contributions as income in the Profit & Loss Account first. But I also need to show them AGAIN in the Capital Sub Accounts. So I will need to set up something like a sub group called maybe,Transfers to Capital accounts in the expenses section.So I can do journal transfers from the Profit & Loss Account to the Capital Sub Accounts?
Or is there some other way to achieve what I need?
Is it possible to change the order that the various accounts appear in the Profit & Loss Account?
They are in alphabetical order which is generally OK with me. But when I create a sub group called, say, “Member Contribution Transfers” or “Contribution Transfers”, these appear in the middle of the alpabetical list of expenses. Which looks ridiculous
This is exactly what I need but the “How to do it” escapes me completely.
Would you mind giving me a bit of an explanation on exactly where I need to go to make the changes please?
For instance, i see that you have edited the Operating Net Profit to be Operating Profit Before Tax. I can’t see where you would do that? Or where to add the heading Operating Profit After Tax?
Nor do I see how you edited the title of Capital Accounts to Members Accounts? Or what I’m supposed to do with Inter-Account Transfers? When I looked there, I saw that I can set up a new Inter-Balance transfer. But my only option was to select the Bank Account. I assume that I somehow add other accounts to the drop down box of accounts I can select from. But how please?
Sorry to be a nuisance. Yes I’m a CPA but I learned my accounting skills before computers were invented. This techie stuff goes straight to the keeper.