QBCC Project Trust Accounts

[JCS70]

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.

[ambergarthon]

I'd also like to know this!

[Sunny17]

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]

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]

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]

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.

[Steven_M]

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.

[Sunny17]

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.  

[Phoenix01]

Hi Stephen

This is not what we are asking about. We need a Trust Accounting progamme (yes, we are aware that transactions can be locked but this is not good enough for the QBCC) that is capable of providing individual project trust account ledgers (meaning 1 ledger for each job/project not separate data files). These ledgers must be capable of producing reports for each individual beneficiary (the subcontractor).  Only project trust work is entered into this trust ledger. All other costs (material supply, labour hours etc) are entered into a separate ledger (but in the same data file). I've attached a couple of files from the QBCC so that you can understand better.  It would also be very beneficial to have multiple Electronic Clearing Accounts.

[Steven_M]

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.