We have been in the habit of reporting income for our trusts as defined by the trust deed. This means that some define income as per the income tax assessment act and include franking credits and discount capital gains. Others are as per generally accepted accounting principles. Some are a hybrid e.g. as per GAAP, but including taxable capital gains. We have not usually included movements in market values in the Income Statement, but just taken any movement in value directly to a revaluation reserve.
It would be great if SI360 could somehow have a series of switches to either include or exclude different types of income from the Income statement.
This then follows to the beneficiary accounts. It seems that at the moment the account names are very inflexible and cannot even be renamed. Our solution previously in our old software for distributing franking credits (as they are not a cash distribution) has been to Dr the beneficiay account with their share of the franking credit and Cr the Income Statement. We would also do this for foreign tax credits.
The flexibility to add/change/rename accounts in the beneficiary area would help here.