Adding a retention trust account
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:
Opened an RTA with an approved financial institution.
Created a new cash account for it on the Cash Accounts form (CA2020PL).
In MYOB Acumatica, go to the Trust Accounts form (MYCR3000).
On the form toolbar, click the Add New Record icon (
).
Complete the fields:
Account ID – Enter a short name for the account.
Trust Account Type – Select Retention.
Financial Institution – The approved bank you opened your RTA with.
Cash Account – Select the cash account you set up specifically for the RTA. This automatically completes the Account Name, BSB and Account Number fields.
Account Status – Select Active.
Date Of Opening – The date the RTA was opened with the financial institution.
Date of Closure – Leave this blank.
Date of Intended Use – The date when you'll start using the RTA for trust projects.
Date of Transfer – Leave this blank.
Transferred To – Leave this blank.
On the form toolbar, click the Save icon (
).
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.