Cloud software solution provider, Class, has added a beneficiary accounting functionality to Class Portfolio to help increase efficiency in accountants' work processes.
The functionality allows accountants to set up discretionary trusts and add beneficiaries in Class Portfolio. Class said auto journaling allowed the system to select the correct general ledger accounts and automatically posted journal entries to same time.
Class chief executive, Kevin Bungard, said: "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 benefits to the industry," he said.