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.

This page explains the process for accountants and bookkeepers who are Xero partners to set up the reporting accounts for stakeholders using the default report templates in Partner Edition for the specific type of entity. If you don’t have access to report templates, you can customise the reports in your client’s organisation instead.

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

Image showing all accounts for Beneficiary 1 as an example

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.ADV.[n]	EQU.ADV
Share of Profit/(Loss) - [Partner Name]	Equity	EQU.PFT.[n]	EQU.PFT
Capital Contributed - [Partner Name]	Equity	EQU.ADV.[n]	EQU.ADV
Drawings - [Partner Name]	Equity	EQU.DRA.[n]	EQU.DRA
Distribution of Profit/(Loss) - [Partner Name]	Expense	EXP.DIS	EXP.DIS

Sole trader

Account names	Account type	Report codes
Opening Balance	Equity	EQU.ADV
Share of Profit/(Loss)	Equity	EQU.PFT
Capital Contributed	Equity	EQU.ADV
Drawings	Equity	EQU.DRA
Distribution of Profit/(Loss)	Expense	EXP.DIS
Carried Forward Losses	Equity	EQU.RET