Introduction
The Declaration of Distribution Resolution a document that outlines how the entity determines to distribute its income.
This document contains a more concise and consolidated format to show the entity's income distribution. For those looking for a more detailed breakdown of the entity's income and its components, check out the Trustee Resolution Report.
Pre-requisites before preparing the Declaration of Distribution Resolution
Before preparing the Declaration of Distribution Resolution, the first two steps of the Close Period process must be completed, as the figures calculated in Step 2 are used to create the report. This includes:
- Calculating Taxable Income.
- Calculating Profit (Loss) and Distributing Profit.
For more information on completing these steps, please see the Close Period article.
Navigation
| Navigate to Reports from the Main toolbar on the left side | |
| Further select the Reports section |
Instruction
1. Search for Declaration of Distribution Resolution using the Search Report bar. Alternatively, locate the Declaration of Distribution Resolution under Letters/Minutes.
2. Add the Declaration of Distribution Resolution to Report Pack by selecting the Add To Pack arrow.
3. To customise and input distribution details, click theicon
Within the Settings page, users can change the Report Date, determine whether amounts are entered as dollar values or percentages, and even input their own custom text for the Determination of Trust Income.
To Review/update Distribution amounts, click .
This will navigate you to the Period Compliance screen where you can check or change income allocation amounts.
4. Users have the option to preview it or download it as a PDF, Excel, or Word document. Select to remove the document.