Forum Discussion

Back_Office_Guy's avatar
18 days ago

Trust Account transactions

Hi All, Can someone please guide me on how to process a trust account transaction in MYOB AccountRight Plus?

The issue is that I have one Trust Account with my bank, but each client that makes a trust account deposit needs to have that tracked in their own ledger account.

With regular bank accounts, we issue a bill, this becomes a receivable until the payment is made to the bank account at which time we increase the bank account ledger account and decrease the accounts receivable ledger account, but with the trust receipts, they are typically made before anything is billed, so no receivable is generated.

I am thinking maybe have a head trust account that aggregates all the client ledger trust accounts???

1 Reply

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    17 days ago

    HI Back_Office_Guy

     

    Getting the Trust Account transactions spot on is pretty important. It's best to check in with your accountant or a financial advisor to make sure it’s all done the right way.


    Regards,
    Genreve