If your company withholds retention from contractors, you're required to hold their retention amounts in a retention trust account (RTA).
You can have one RTA for all your trust account projects, or you can open multiple RTAs. For each RTA, you also need to create a new cash account.
Before adding a retention trust account, make sure you've:
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Opened an RTA with an approved financial institution.
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Created a new cash account for it on the Cash Accounts form (CA2020PL).
Add a retention trust account
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In MYOB Acumatica, go to the Trust Accounts form (MYCR3000).
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On the form toolbar, click the Add New Record icon (
).
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Complete the fields:
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Account ID – Enter a short name for the account.
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Trust Account Type – Select Retention.
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Financial Institution – The approved bank you opened your RTA with.
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Cash Account – Select the cash account you set up specifically for the RTA. This automatically completes the Account Name, BSB and Account Number fields.
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Account Status – Select Active.
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Date Of Opening – The date the RTA was opened with the financial institution.
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Date of Closure – Leave this blank.
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Date of Intended Use – The date when you'll start using the RTA for trust projects.
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Date of Transfer – Leave this blank.
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Transferred To – Leave this blank.
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On the form toolbar, click the Save icon (
).
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Notify your trust beneficiaries that you've opened the account.
What's next?
Notify the relevant trust parties that you've created a trust account.
Then, you're ready to start making payments to and from your trust accounts. If you need to, you can also make changes to your trust accounts.