How can I manage the funds being contributed into a Testamentary Trust?
These contributed funds can be managed in Simple Invest 360 by keeping these contributions segregated from the existing Testamentary Trust.
While segregation is not natively supported, this can be achieved by creating separate bank accounts and investment accounts to effectively achieve segregation.
|To create these accounts, select Accounting|
|Then select Chart of Accounts|
- Select Add Account, then select desired type of account:
- Create the account as normal, ensuring that a unique Code and Name are entered to signify the account is related to these new contributions:
These accounts can now be used for regular processing.
Note - Processing Distributions
During the year-end process, discretionary amounts can be allocated on the Distribute Profits screen based on the actual segregated amount, allowing you to effectively segregate the income recorded in Simple Invest 360.