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JCS70's avatar
JCS70
User
2 years ago

QBCC Project Trust Accounts

Does MYOB have an ability to comply with the QBCC record keeping obligations under BIF Act - with regard to the maintenance of a "Seperate Trust Account Ledger" capable of providing seperate ledgers and information for each beneficiary and trial balance for the Project Trust Account.  This is seperate to the financial general ledger that MYOB maintains.  If so, can you please advise how this is done. Thank you.

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  • Sunny17's avatar
    Sunny17
    Experienced Cover User
    2 years ago

    I'd like to know this to please otherwise I will need to look at other software options.

    In particular if MYOB is a complying software platform as:

    * the software platform cannot be capable of deleting all or any part of the trust account ledger or record of deposits and withdrawals (which MYOB lets you do) and

    * if you are able to include all the payment details on remittance advices ie, BSB and Account number

     

     

  • Phoenix01's avatar
    Phoenix01
    Experienced Cover User
    2 years ago

    So did any of you guys get an answer. I've been asking MYOB the same question for the last 2 years and still waiting....

    • Sunny17's avatar
      Sunny17
      Experienced Cover User
      2 years ago

      Nope.

      Disappointing MYOB is not looking into this.  They could potentially lose a lot of businesses if they can't accomodate to industry requirements.

      • Phoenix01's avatar
        Phoenix01
        Experienced Cover User
        2 years ago

        Would someone from MYOB please reply to this post? We have only a few months to go and really don't want to change software.