Starting a new trust accounts project
Every time your company takes on a project eligible for trust accounts, you need to add a new project trust account to MYOB Advanced.
- In MYOB Advanced, 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 Advanced, 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.
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.