Set up reporting for more than five stakeholders
Xero’s standard report templates and chart of accounts are designed for up to 5 stakeholders (shareholders, beneficiaries, or partners). If an entity has more than 5 stakeholders, follow these steps to set up the additional stakeholders.
Here is a worked example for a trust with a sixth beneficiary, Beneficiary 6.
Set up the accounts for the new beneficiary
Beneficiary 6 needs the following accounts:
- Opening balance
- Share of profit
- Capital contributed
The account settings should be the same as the accounts for the existing beneficiaries.
Map the generic owner report codes for the accounts for Beneficiary 6
The report codes for owner accounts of the existing beneficiaries end with a number that identifies the beneficiary. For example, Beneficiary 1 has an account for drawings mapped to report code LIA.NCL.DRA.1.
The report codes for Beneficiary 6's accounts are the same as those for the other owners accounts but without the number on the end. For example, map the drawing account for Beneficiary 6 to the report code LIA.NCL.DRA.
Use similar mapping for all of the other accounts for Beneficiary 6.
Update the Beneficiary Accounts report template
Go to Adviser and click Report Templates.
Open your client's beneficiary account report template and click Edit Layout. The accounts for Beneficiary 6 will be in the Other Beneficiaries group at the bottom of the report.
Select the Other Beneficiaries group, and in the Group panel on the right-hand side, update the details for the group. For this example:
- Under Name, enter 'Beneficiary 6'.
- In Display Balance, select Credit Positive.
- Select the Opening Balance and Total checkboxes.
When you've finished editing the report layout, click Done.
To use this report in future years, you can copy the published report template and edit it to cover the appropriate date range.