Construction trust accounting

If your construction company has projects in Queensland, the ConstructionCompliance customisation helps you comply with legal requirements for paying subcontractors from trust accounts. By keeping your project funds in a trust account, you'll always be ready to pay your subcontractors by the due date. You can get the ConstructionCompliance customisation from MYOB or your MYOB Partner.

There are two types of trust account: retention trust account (RTA) and project trust account (PTA). If your company requires an RTA, only a qualified RTA trustee is allowed to operate it.

These help pages explain how to set up both types of account in MYOB Acumatica Construction Edition, as well as how to make payments from them.

For details on all trust accounting requirements, see the Queensland Building and Construction Commission (QBCC) website.

In this section:

Setting up trust accounting

Adding a retention trust account

Starting a new trust accounts project

Changing trust accounts and notifying trust parties

Making trust payments

Trust account reporting