JCS70
Joined 3 years ago
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Re: QBCC Project Trust Accounts
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.766Views0likes4CommentsQBCC 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 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.2.3KViews4likes15Comments