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 customize the reports in your client’s organization 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.

Image showing the details of the Drawings account for Beneficiary 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.

Image showing the details of the Drawings account for Beneficiary 6

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 nameAccount typeReport codes for Beneficiary 1-5Report codes for Beneficiary 6 and above
Opening Balance - [Beneficiary Name]Non-Current LiabilityLIA.NCL.ADV.[n]LIA.NCL.ADV
Dividends Received - [Beneficiary Name]Non-Current LiabilityLIA.NCL.PFT.[n]LIA.NCL.PFT
Capital Contributed - [Beneficiary Name]Non-Current LiabilityLIA.NCL.ADV.[n]LIA.NCL.ADV
Drawings - [Beneficiary Name]Non-Current LiabilityLIA.NCL.DRA.[n]LIA.NCL.DRA
Distribution Paid Expense - [Beneficiary Name]ExpenseEXP.DISEXP.DIS
Prior Period Losses AppliedExpenseEXP.CFLEXP.CFL

Company shareholders

Account nameAccount typeReport codes for Shareholder 1-5Report codes for Shareholder 6 and above
Opening Balance - [Shareholder Name]Non-Current LiabilityLIA.NCL.ADV.[n]LIA.NCL.ADV
Dividends Received - [Shareholder Name]Non-Current LiabilityLIA.NCL.PFT.[n]LIA.NCL.PFT
Capital Contributed - [Shareholder Name]Non-Current LiabilityLIA.NCL.ADV.[n]LIA.NCL.ADV
Drawings - [Shareholder Name]Non-Current LiabilityLIA.NCL.DRA.[n]LIA.NCL.DRA
Distribution Paid Expense - [Shareholder Name]ExpenseEXP.DIVEXP.DIV
Prior Period Losses AppliedExpenseEXP.CFLEXP.CFL

Partners in a partnership

Account nameAccount typeReport codes for Partner 1-5Report codes for Partner 6 and above
Opening Balance - [Partner Name]EquityEQU.ADV.[n]EQU.ADV
Share of Profit/(Loss) - [Partner Name]EquityEQU.PFT.[n]EQU.PFT
Capital Contributed - [Partner Name]EquityEQU.ADV.[n]EQU.ADV
Drawings - [Partner Name]EquityEQU.DRA.[n]EQU.DRA
Distribution of Profit/(Loss) - [Partner Name]ExpenseEXP.DISEXP.DIS

Sole trader

Account namesAccount typeReport codes
Opening BalanceEquityEQU.ADV
Share of Profit/(Loss)EquityEQU.PFT
Capital ContributedEquityEQU.ADV
DrawingsEquityEQU.DRA
Distribution of Profit/(Loss)ExpenseEXP.DIS
Carried Forward LossesEquityEQU.RET