Starting a new trust accounts project

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 Project.

• Financial Institution – The approved bank you opened your PTA with.

• Cash Account – Select the cash account you set up specifically for the PTA. This automatically completes the Account Name, BSB and Account Number fields.

• Account Status – Select Active.

• Date Of Opening – The date the PTA was opened with the financial institution.

• Date of Closure – Leave this blank.

• Date of Intended Use – The date when you'll start using the PTA 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.

In MYOB Acumatica, go to the Projects form (PM301000).

Add a new project as you normally would.

In the summary section, select the Trust Accounts Project checkbox.

On the Trust Accounts tab, click the Add Row icon (

).

In the new row, add the details of the PTA you created for this project.

If you have a retention trust account (RTA), repeat steps 4–5 for it.

On the Commitments tab, add the subcontractors that are beneficiaries of this project's PTA.

On the form toolbar, click the Save icon (

This project gets added to the Trust Accounts form, in the Projects Using This Trust Account for the relevant PTA.