The Sky Trusts Administration menu tree is indicated below.
There are 3 aspects of Trusts that can be processed in Sky. They are trust secretarial work, tax and administration. In Trust section we are handling accounting.
It is important to note that the purpose of Sky Trust Accountig is to generate the necessary data for the IT3-T uploads and for the prepopulation Tax Returns. Make a decision on which accounting route you wish to use, as there are a number of methods in order to get to the same end result. See the setup Sky Trust Administration Setup.
We have designed a chart of accounts that will facilitate the preparation of the IT3-T and Tax Return. If our chart of accounts is used this will facilitate the whole process of getting the data on the tax return.
The Trial balance can be imported from Excel and can be mapped to our chart of accounts.
The Journal and cashbook can be used for your own entries and is recomended for smaller trusts,.
