Every time your company takes on a project eligible for trust accounts, you need to add a new project trust account to MYOB Acumatica.
Add a project 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 Project.
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Financial Institution – The approved bank you opened your PTA with.
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Cash Account – Select the cash account you set up specifically for the PTA. 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 PTA 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 PTA 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.
Create a trust accounts project
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In MYOB Acumatica, go to the Projects form (PM301000).
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Add a new project as you normally would.
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In the summary section, select the Trust Accounts Project checkbox.
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On the Trust Accounts tab, click the Add Row icon (
).
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In the new row, add the details of the PTA you created for this project.
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If you have a retention trust account (RTA), repeat steps 4–5 for it.
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On the Commitments tab, add the subcontractors that are beneficiaries of this project's PTA.
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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.
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.