Family Trust Fund Account

Marianna
Marianna Member Posts: 3 Novice Member Novice Member
in Accounts Hosted

How do I set up a Family Trust Fund Account in Reckon Premier, and how do I record payments.

Thanks in advance.

Comments

  • cosmic
    cosmic Reckon Developer Partner Posts: 1,117 Reckon Legend Reckon Legend

    You cant set properly Trust Funds using normal accounting package as such .

    Your Tax Accountant will do this in their Trust Tax Practice software.

    I use Reckon Elite Tax software to manage Trust Accounts as a Tax Agent.

    You will just record as normal entries in Premier and your Accountant will do the rest.

    Does this help you?

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

  • Marianna
    Marianna Member Posts: 3 Novice Member Novice Member

    So I set up a bank account and just transfer funds as normal?

  • cosmic
    cosmic Reckon Developer Partner Posts: 1,117 Reckon Legend Reckon Legend

    I cant answer properly without having better knowledge of what you doing.

    If you want you can call me on 0407068942

    CHANDRA

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

  • Bruce
    Bruce Member Posts: 442 Professional Partner Professional Partner

    I record the transactions through bank as they occur.

    At the end of the year I rely on the Tax Agent to provide all the journals relating loan accounts, distributions to beneficiaries etc. (If this is not provided, all the Reckon file does is show "dollars in, dollars out" and is essentially worthless for reporting purposes - especially the balance sheet.)

  • Marianna
    Marianna Member Posts: 3 Novice Member Novice Member

    Thanks Bruce, this makes sense.

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