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.
My strong belief is that this problem comes from the legislation, not from our software providers. The industry needs to talk further as this legislation is impossible to comply with as it is currently written. Anyone with an understanding of double entry book keeping will understand that you CANNOT keep bookkeeping records for the trust transactions with a different method. Our Trust accounts can still be successfully maintained and audited using standard double entry accounting rules which can still used to prove that we are holding sufficient trust funds at all times. I believe that the pressure needs to go back to the QBCC and our industry representatives instead of our software providers, to address this major issue.
JCS70 That is so true... Master Builders have been negotiating with the QBCC for how many years now, firstly with the Project Bank Accounts and now with the Project Trust Accounts.
Has anybody had a call from MYOB in relation to their MYOB Construction Advanced software? They called me yesterday and said they were calling all of their construction clients to try to upgrade them to this new platform. The person who called me didn't know if the new construction specific software covers any of the above mentioned requirements so a representative is going to get back to me in the next week or so.
They rang me July and August. Couldn't help me with the QBCC specific requirements as that was my main interest in the programme. Were really only interested in selling it - between $60K to $80K. Sent me a demo but it doesn't show much and couldn't answer any of my questions.
I'm not holding my breath that it can accommodate if the guy who rang me didn't know anything.
Thanks for the heads up :)
