Set up stakeholder accounts for year-end reporting
Xero’s standard report templates and chart of accounts have separate reporting accounts for each stakeholder, up to five. If an entity does not have these accounts, follow these steps to set up the stakeholder accounts.
How it works
The report codes for stakeholder accounts for the first five stakeholders end with a number that identifies the stakeholder. For example, the drawings account for Beneficiary 1 is mapped to report code LIA.NCL.DRA.1.
The report codes for any additional stakeholder accounts omit the number on the end. For example, map the drawing account for Beneficiary 6 to the report code LIA.NCL.DRA.
All of the other accounts for each stakeholder use similar mappings.
Set up and map the report codes for the accounts for each stakeholder
If they’re not already set up, add the following accounts to your chart of accounts for each stakeholder and map each account to the report codes as shown.
Trust beneficiaries
Account name | Account type | Report codes for Beneficiary 1-5 | Report codes for Beneficiary 6 and above |
---|---|---|---|
Opening Balance - [Beneficiary Name] | Non-Current Liability | LIA.NCL.ADV.[n] | LIA.NCL.ADV |
Dividends Received - [Beneficiary Name] | Non-Current Liability | LIA.NCL.PFT.[n] | LIA.NCL.PFT |
Capital Contributed - [Beneficiary Name] | Non-Current Liability | LIA.NCL.ADV.[n] | LIA.NCL.ADV |
Drawings - [Beneficiary Name] | Non-Current Liability | LIA.NCL.DRA.[n] | LIA.NCL.DRA |
Distribution Paid Expense - [Beneficiary Name] | Expense | EXP.DIS | EXP.DIS |
Prior Period Losses Applied | Expense | EXP.CFL | EXP.CFL |
Company shareholders
Account name | Account type | Report codes for Shareholder 1-5 | Report codes for Shareholder 6 and above |
---|---|---|---|
Opening Balance - [Shareholder Name] | Non-Current Liability | LIA.NCL.ADV.[n] | LIA.NCL.ADV |
Dividends Received - [Shareholder Name] | Non-Current Liability | LIA.NCL.PFT.[n] | LIA.NCL.PFT |
Capital Contributed - [Shareholder Name] | Non-Current Liability | LIA.NCL.ADV.[n] | LIA.NCL.ADV |
Drawings - [Shareholder Name] | Non-Current Liability | LIA.NCL.DRA.[n] | LIA.NCL.DRA |
Distribution Paid Expense - [Shareholder Name] | Expense | EXP.DIV | EXP.DIV |
Prior Period Losses Applied | Expense | EXP.CFL | EXP.CFL |
Partners in a partnership
Account name | Account type | Report codes for Partner 1-5 | Report codes for Partner 6 and above |
---|---|---|---|
Opening Balance - [Partner Name] | Equity | EQU.OWN.[n] | EQU.OWN |
Share of Profit/(Loss) - [Partner Name] | Equity | EQU.PFT.[n] | EQU.PFT |
Capital Contributed - [Partner Name] | Equity | EQU.OWN.[n] | EQU.OWN |
Drawings - [Partner Name] | Equity | EQU.OWN.DRA.[n] | EQU.OWN.DRA |
Distribution of Profit/(Loss) - [Partner Name] | Expense | EXP.DIS | EXP.DIS |
Sole trader
Account names | Account type | Report codes |
---|---|---|
Opening Balance | Equity | EQU.OWN |
Share of Profit/(Loss) | Equity | EQU.PFT |
Capital Contributed | Equity | EQU.OWN |
Drawings | Equity | EQU.OWN.DRA |
Distribution of Profit/(Loss) | Expense | EXP.DIS |
Carried Forward Losses | Equity | EQU.RET |