Sky Trust Management

The list below shows the steps you have to take to set up a trust management system and the order that you must carry it out for Secretarial, Financial and Tax.

1. Setup the following under Masters

Before you can start it is importand to set up the Masters in Sky Software.

1.1 Trust Info and demographics

Set this up in Masters also 1.2 - 1.5 - Create New Client

1.2 Founder

1.3 Trustees

1.4 Beneficiaries

1.5 Other Connected/related persons

1.6 Tag the Trust as Tax client - Masters

1.7 Tag the trust as a Secretarial Client - Masters

2. Secretarial

It is necessary to set up the secretarial aspects of the trusts.

2.1 Create a transaction in Secretarial Trusts

2.2 Add Trustees

2.3 Add Beneficiaries

Add acc code and/or default distrib percentages if applicable

2.4 Add Connected persons

3. Financial Setup

In order to handle the IT3-T and the Tax Return it is necesary to follow the follwing steps in Accounting setup.

3.1 Setup the trust

3.2 Generate GL accs

3.3 Setup the years and select current year

3.4 Import the opening balances from journal

- Create a new journal entry

- Click on import icon

- Setup parameters and import

3.5 Setup the bank Account

3.6 Setup bank statement import parameters

4. Accounting management / Writeup

Write up the accounting transactions from the bank statements and distribute.

4.1 Import Monthly bank statement

4.2 Distribute from Income Statement

4.3 Adjust Assets and Liabilities from A&L screen

4.4 Generate IT3-T and submit

5. Import from Another system

If the writeup is done from another system , you can import a movement trial balance

Or import an Income schedule.

5.1 Create a new journal

5.2 Click on import icon and import movement figures

5.3 If Required, distribute from Income Statement and adjust A&L

5.4 Generate IT3-T and submit

29 May 2023