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 ...
Forum Discussion
Hi Everyone
AccountRight/ MYOB Business will store all the account information and transactions recorded in the system into one company file/MYOB Business.
If you need to differentiate a transaction or group of transactions it can be done through Jobs or Categories. Alternatively, depending on the requirements, a fully separate company file.
Hi Steven,
I've attached a couple of links which highlight the details required:
trustee-guide-trust-accounting.pdf (qbcc.qld.gov.au)
refer to page 7 - Software platforms for keeping trust records
example-trust-project-advice-to-beneficiary-of-withdrawal.pdf (qbcc.qld.gov.au)
payment advice template must include BSB and Account Number
Does MYOB or even MYOB Advanced Construction software have the capability to include these requirements?
Thank You.
Hi Everyone
I would recommend speaking to your accounting advisor to ensure that your MYOB software is meeting your individual reporting requirements.Based on the information supplied, I would recommend ensuring that you have a separate MYOB Business/company file with AccountRight for each trust account that you do need to set up. While, it's possible with jobs or categories, based on the additional information it would probably not be in your best interests to go down that path and would recommend a separate MYOB Business/company file with AccountRight.
Ok, looks like we'll be looking for other accounting software.
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.
