Simple Invest 360 creates the following beneficiary accounts when a new beneficiary is added in the beneficiaries screen.
When setting up opening balances for beneficiary accounts, you have two options:
Enter the beneficiary account balances for each beneficiary against the 58700/BENEFICIARYCODE account.
For example:
| CR | 58700/001 Opening Balance - BENEFICIARY A | 5000.00 |
| CR | 58700/002 Opening Balance - BENEFICIARY B | 4900.00 |
| DR | 99800 Unspecified Data Clearing Account | 9900.00 |
Under this method, you don’t have to close the period for the year you are setting up opening balances. The total will be carried forward to the next financial year under the opening balance account.
A Sample Balance sheet and Detailed Balance Sheet are shown below:
Use this method if you want to show a breakdown of the beneficiary account balance as part of the Detailed Balance Sheet.
In this case, upon setting up opening balances, journal the beneficiary balances to the following accounts:
For example:
| CR | 58710/001 Capital Contributed Change - BENEFICIARY A | 5000.00 |
| CR | 58710/002 Capital Contributed Change - BENEFICIARY B | 4900.00 |
| CR | 58800/001 Unpaid trust Distributions - BENEFICIARY A | 7000.00 |
| CR | 58800/002 Unpaid trust Distributions - BENEFICIARY B | 6000,00 |
| DR | 58950/001 Drawings - BENEFICIARY A | 3400.00 |
| DR | 58950/002 Drawings - BENEFICIARY B | 4400.00 |
| DR | 99800 Unspecified Data Clearing Account | 15100.00 |
After entering the beneficiary opening balances to separate accounts it is then recommended to close period after setting up all the opening balances.
The close period will then move the balances in each of the above accounts to the 58700 - Opening Balance account as of 01/07 of the next FY.
A Sample Balance sheet and Detailed Balance Sheet are shown below:
