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.
Does anyone know how I can do that please?