Trial Balance by Category Report
We are a medium sized construction company and with the Trust Accounting requirements needed by the QBCC, the only way I can see to use MYOB is by creating 'Categories' for each Trust Account. One st...
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Hi Phoenix01
Currently all the reports that AccountRight can produce can be found in the Reports section. That said AccountRight doesn’t allow for a trial balance report to be generated on categories assigned to transactions. All of the category specific reports can be found on our help article Accounts Reports
That's not very helpful when the QBCC are bringing in this legislation.... Are MYOB going to create a Trust Accounting programme for the Construction industry to suit QBCC ??
Hi Phoenix01
Apologies for the delay in response. The categories are generally used to track a cost centres, separate departments, or offices within a company. For example, tracking different divisions such as accounts, marketing, sales, operations.
As trusts are separate entities, we usually would see a separate datafile being created for each trust. You might find it easier to report on if you do it this way or have a look at our advanced software if you need something more tailored to the construction industry.
if you have any further questions Please let me know.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Hi Samara
The trusts, in this case, are not separate entities - only the subcontractor works for the projects are the trusts. So, again, only parts of the project are allocated to the trust account. I had already thought about separate data files but that would be a nightmare with BAS's, company tax etc etc etc plus you would have subcontractors' works of a particular project in the trust data file and all other costs for that project in the normal company working data file as under the QBCC legislation you can only have Project Trust Work (which is subcontractors) in the Trust account. And there will be multitudes of trust data files as each particular job (currently works over $10M, from 1/7/22 works over $3M and 1/1/23 works over $1M - these dates except for the $10M projects are expected to be extended for 9 months) require trust accounts.
That is why I thought 'Categories' may be an option. I have used them with other companies of ours who have different entities under the one company name but not with our construction company. What would be the effect if we were to implement 'Categories' now in an existing data file?
I've had a quick look at your "Advanced Construction" software but if it doesn't have the ability to create trust accounts, it won't work either.
Thoughts please
Hi Phoenix01
You could turn on category tracking by doing the following:
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Go to the Setup menu and choose Preferences.
- Click the System tab.
- Select the Turn on Category Tracking option.
- If you want to make the selection of a category mandatory for all transactions, choose Required from the list.
Alternatively if you need more advanced software tailored to your specific needs I'd be more than happy to see if we have any other suitable software. Feel free to send me a private message with the below details - and I can arrange a call from one of our consultants.
- Entity name
- Phone number
- Email address
- Serial Number
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
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