This is where the Trust Administration screen is set up. Enter the various inputs starting with the Chart of Accounts and then setting up the period as indicated on the screen below under the Periods tab. Each financial period must reflect the transactions for that year which in turn will generate a final trial balance allowing IT3-T to be uploaded and the tax return to be populated.
Create the Chart of Accounts
The standard chart of accounts can be generated automatically.
When you click on Chart of accounts button one can decide on the type of accounts required by ticking the options shown on the screen below. Think about which group of accounts the trust will need very carefully or generate them all as there is no harm.
By ticking the green tick the system will generate the chart of accounts including the groups as selected. By ticking All the full chart of accounts will be generated.
The structure of the chart of accounts will be found here.
Period
The next part is to create the period and ensure that the correct period is selected for the accounting period you wish to work on. On the screen below the period to 28/02/2023 is the period ticked and will worked on.
Set the set of accounts to the default.
Connections
The Connections will show the beneficiaries who will share in the distributions.
All connections will be shown on the above screen.
The connected persons can be entered on the screen above. This screen will be the same as on the Secretarial part of the screen. Other Connection Tab.
When you click on Chart of accounts button one can decide on the type of accounts required by ticking the options shown on the screen below. Think about which group of accounts the trust will need very carefully or generate them all as there is no harm.
