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How to run reports for 36 beneficiaries in 60 seconds

This post is for Xero report templates users who need detailed beneficiary / shareholder / partner reporting, and also need it to work REALLY quickly.

Okay, so if you fit the above, stay.

If you don't, go away. You won't be able to handle the technical aspects of this post.

Definitions: Owner = beneficiary, shareholder, partner, income recipient

​Painful Reporting

Okay, so you have used Xero report templates for your beneficiary accounts and now you realise that 5 beneficiaries is the limit?......oh no, Xero has its reporting limitations.

But what if you have 25 beneficiaries in a trust?

How on earth will you do that?How will you show your client who drew what, who advanced what and who got what profit?

Your other software does it, why can't Xero?

How will you solve those family arguments?If you can do it, how many headaches will you get? and how long will it take?

All good questions.

​Report Codes

Just remember, the number of report codes is limited.

They are controlled by Xero, you can't create your own.

Therefore, reporting can only be "stretched" so far until they break.

Account codes are unlimited but 100% irrelevant here on the single ledger. AKA who cares what they are?

Each region around the world has similar but not identical report codes.

In Australia, we have 18 equity report codes and 18 liability report codes for "owners".
36 in total.

The usual method recommended by Xero, is 3 report codes per owner. 1 for advances, 1 for drawings and 1 for profit.

But here is the key, just because it is recommended, does not mean that you have to do it.

If I did everything that was recommended, I would not have a successful and thriving business.

​I bend shXX

If you have worked with me, you know that I bend Xero report templates as far as they can go...................before they break and create more chaos than the effort was worth.

That is my mission, helping you get your monies worth. It gets me out of bed in the morning..............as well as my kids asking me for tim-tams for breakfast.

So I've just had one of those "ah ha" moments...............again.The recent moment arose the other day when I was training a client in Armidale NSW. 

She said "I have a client who has 28 beneficiaries, how do we do that easily?"

I thought, oh crap, your screwed that will take around 25 minutes per client or maybe longer if your screw it up..... how do I help you so that doesn't happen?....

Then I remembered, "Oh yeah, this has come up before, what was that idea I had back last year after six beers?.......................there was something...........what was it?......shXX........think think.....................nope its gone.................bugger, I forgot"

Then I left the training session with this weight on me.

I helped them a lot, except for this.What was that bloody idea again?

So I jumped in the taxi, as there is no Uber in Armidale NSW and headed to the airport early, to beat the rush hour traffic. It took 9 minutes to get there. There was no rush hour traffic.

The taxi driver was training someone. 

So I sat in the back while they talked.9 minutes.

No wifi.

No-one to talk to.

What do I do?

Bang!

The idea came back.

​Get it done, in 60 seconds

Now you can win by watching the video.

The video below shows you:
  1. How to set up this new report for a maximum of 36 owners
  2. What you need to do to the client who needs the report
  3. How it takes only 60 seconds to prepare the report

The video is around 20 minutes long, as that is how long it takes to build it and understand what you are building.

It will save you around 20 minutes per client.

So well worth it if this is a common problem.

Summary

So it works and it works well.

You just need to set it up properly first.

Go DIY or get in touch.

Cheers,
Donnie Buchanan



 

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