To distribute the net profit/loss the Distribution journal needs to be setup first.
In Reportance, select the Client Info tab and then the dataset you want to set up the distribution for, then select edit.
Select the Automation tab and then the Distributions button. (Once you have set up one year, you will be able to copy this year's configuration to next year).
Now enter the distribution journal. If your accounts don't exist, Reportance will create them for you. Please note if you do this you will need to allocate the accounts to the correct area of the Chart of Accounts after processing the journal.
**NOTE - You should not select to distribute when there are losses in companies and trusts.
Some sample journals are as follows:-
Company
DR Dividend Paid (Equity)
CR Provision for Dividend (Liability)
Trust
DR Distribution of Profit
CR Distribution Received Beneficiary 1
CR Distribution Received Beneficiary 2 (etc)
Partnership (Please note you cannot distribute losses as dollars, only percentages. The dollars option is designed to pay a partners salary or where someone is always entitled to a fixed dollar amount.)
DR Distribution of Profit
CR Share of Profit/Loss Partner 1
CR Share of Profit/Loss Partner 2 (etc)
CR Partners Salary
Sole Trader
DR Distribution of Profit
CR Share of Profit/Loss
You can preview the journal before you complete the setup. Selecting the preview button will display as per the screenshot below. Click close to exit the preview and make any necessary adjustments.
Select OK to exit the distribution screen.
Select process automatic journals and you will get a notice to say it has been processed successfully. Select OK.
You can run your reports and the profit or loss will have been distributed.
Should you need to make any other adjustments, or you need to refresh the client's data, press the Automatic Journals button again and it will update the existing journal with the new figures.