QBCC Trust accounting compliance
cabenet was the first cloud software certified for Australian legal practice compliance. We have applied this experience and expertise to develop a Project (PTA) and Retention (RTA) trust accounting solution that complies with the requirements of the Queensland Building and Construction Commission Trust Accounting (QBCC) framework.
General accounting and trust accounting packages are not suitable for use, due to specific processes and reporting requirements of the QBCC framework.
Project Trust Ledgers
A Project Trust Account (PTA) is a bank account opened with an Approved Deposit Institution (ADI) through which regulated construction project payments are received and paid.
A PTA bank account keeps project separate from funds of other projects and the head contractor’s other cashflow. A separate PTA is needed for each eligible contract. Your cabenet subscription provides unlimited PTA ledgers to manage all PTAs through one system.
Easily record contractor claims and track pending liability for PTA withdrawals, to ensure sufficient trust funds are held to cover eligible claims when due to be paid.
Retention Trust Account
A Retention Trust Account (RTA) is a bank account opened with an Approved Deposit Institution (ADI), where ‘eligible’ retention amounts are withheld until they are due to be paid.
RTA deposits and withdrawals for amounts withheld from payment to subcontractors, under applicable QLD contracts must recorded in the RTA ledger.
Due to the nature of retention amounts both the contracting and contracted party have a beneficial interest in the amounts held in the retention trust. cabenet provides for easy notification of retention transactions to beneficiaries.
