It uses auto journaling to select the general ledger accounts and automatically posts journal entries.

“Accountants can quickly deal with different aspects of discretionary trusts, for example equity contributions and withdrawals, retained earnings and unpaid present entitlements, with everything recorded in the statement of financial position and notes to the financial statements,” Class said.

Class’ chief executive Kevin Bungard said he is excited to announce the availability of beneficiary accounting for Class Portfolio.

“Our goal is to enable accountants to achieve the same levels of processing efficiency and timely reporting across all the entities in which their clients hold their wealth. This unique solution is set to deliver significant benefit to the industry,” Mr Bungard said.