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Funded accounts

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The Autoload makes it possible to produce funded accounts which have one column for each beneficiary and, perhaps, a total column. There are several ways of using nominal codes to indicate the beneficiary:

  • Using divisions, where each beneficiary is represented by a division. This has two drawbacks:
    • Divisional figures are not available for prior years.
    • Trust Accounts requires that each entry is only posted to a single division, i.e. all the debits and credits on a single nominal entry are posted to the same division. This means that multiple entries are required for transfers between divisions or for a division of net income between beneficiaries.
  • Using a subaccount for each beneficiary. This has the drawback that RangeDef commands are very complicated for listing single subaccounts in a column in VAP and this feature is not currently available in CCH Accounts Production.
  • Using a character in the nominal code to indicate the beneficiary. For instance, all accounts with a 1 as the second digit relate to beneficiary 1; all those with a 2 relate to beneficiary 2 etc. This is the most common nominal coding system, but it is impossible to use a RangeDef to list the beneficiaries’ accounts in a columnar style.

Given these drawbacks, most users set up a separate client for each beneficiary and produce a full set of accounts for each. The accounts are then collated. Multiple Trust Accounts clients can be set up to update a single SA900 in Personal Tax.

Users who are happy with their existing methods for producing funded accounts should continue with them, as the new method is a little complicated. But users who wish to produce funded accounts with one column for each beneficiary should investigate the Autoload, and particularly Beneficiary TBs.


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