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Banana Accounting allows you to manage all key aspects of a trust's accounting in one place: assets and investments, income and expenses, capital and reserves, beneficiary accounts and distributions, while keeping income and capital transactions clearly separated.
You always have an up-to-date balance sheet and income statement, and can customize the chart of accounts to reflect the specific structure and requirements of each trust.
Trust accounting records how a trustee manages money, investments and other assets held for the benefit of beneficiaries. Unlike ordinary business accounting, it requires a structure that distinguishes capital (principal) from income and clearly tracks distributions to beneficiaries. For example, a property held in a trust forms part of its capital, while the rent it generates is income; different beneficiaries may have different rights to each.
With Banana Accounting Plus, you can start from a dedicated template, customise the chart of accounts to suit the trust’s needs, and generate a balance sheet and income statement while keeping income and capital transactions clearly separated.
- Double-Entry Accounting for Trust
For managing a trust in a single currency, with a predefined chart of accounts covering assets, investments, income and expenses, capital and reserves, beneficiary accounts and distributions. - Multi-Currency Accounting for Trust
For trusts with bank accounts, investments or transactions in different currencies, combining the dedicated trust accounting structure with foreign-currency management.