Forum Discussion

JCS70's avatar
JCS70
3 years ago

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 ...
Sunny17's avatar
Sunny17
Experienced Cover User

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's avatar
Phoenix01
Experienced Cover User
2 years ago

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's avatar
    Steven_M
    Former Staff
    2 years ago

    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's avatar
      Sunny17
      Experienced Cover User
      2 years ago

      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.  

      • Steven_M's avatar
        Steven_M
        Former Staff
        2 years ago

        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.

    • Phoenix01's avatar
      Phoenix01
      Experienced Cover User
      2 years ago

      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.