There are four ways in which beneficiary balances can be displayed. You must choose the relevant beneficiary type click: Trust Distributions in HandiLedger and its relation to Beneficiary Types for more information on the beneficiaries types.
Distributions in Trusts
Log in to HandiLedger and Select your entity.
Go to View, Beneficiaries Details.
To add name details of the first individual, click New.
After completing the individuals’ names, specify their profit distribution.
Click Year, New.
Tip: When using for the first time, any new clients will default to the Type ‘Beneficiary Loan’. However, if required, you can change this to ‘Non-Equity (UPE)’ via the drop-down box after saving it. The two equity ranges will be locked, as these would not have been present in the previous year. You will need to create a new beneficiary to choose the beneficiary type Corp Beneficiary.
Type the accounting year to which the distribution relates.
Use either the Amount or the Percentage column to type details of the distribution.
Click Save, then Close.
Tip: Where 100% distribution is specified, HandiLedger will distribute the remaining balance of profit to that person, and this avoids any rounding issues.
Important: It is strongly recommended that you do not delete beneficiaries with postings or profit distributions in any year, as this will cause errors in the financial statements and the profit distribution summary.