Issue

For this financial year, as there is no present beneficiary, the trustee of the trust needs to pay tax on the trust's taxable income. How do I process this in Class?

Resolution

Step 1: Include tax in the Statement of Financial Position

Navigate to Fund Level > Periodic Processing > Period update > select the financial year

1. Click on "View/Rollback" link of the last period update to 30 June for the year
2. Click on "Post fund Income tax expense" link
   
   
3. Click "Edit" at the bottom
4. Enter the Liability of tax payable (positive) / refundable (negative)
5. Click on Save

Step 2: When the trust is paying the tax

Navigate to Fund Level > Transactions > Fund Expense > Fund Income Tax payment 

1. Enter the amount into Tax Paid/(Refunded) field