The QBCC Project Trust Account framework is designed to strengthen the security of payments to subcontractors in Queensland’s building and construction industry. It is expected that other states will introduce similar requirements for building and construction contracts in coming years. 

General business accounting software is NOT suitable for trust accounting. Therefore, construction firms required to hold funds in project and retention trust accounts need to implement specialised software to be confident of meeting audit standards.

cabenet supplies a compliant cloud software solution to meet the Qld Building and Construction Commission (QBCC) for trust accounting and recordkeeping requirements for trustee organizations, to protect payments for contractors working on building and construction projects.

Provides the capacity to record deposits and progress withdrawals on trust bank accounts, setup for projects contracted requiring trust accounting. You may create as many PTA ledgers as needed.

Record deposits and withdrawals from a retention trust bank account (RTA), for amounts withheld from payment to subcontractors, under an applicable QLD contract.

A month-end (EOM) reconciliation is a regulatory requirement for under QBCC requirement for running PTA and or RTA trust accounts.

cabenet provides a simple, compliant reconciliation process and month end statutory compliance report that includes; all required information that is, receipt and payment journals, the month end reconciliation summary, trust trial balance, and the control account balance table.

A key aspect of BCC trust accounting requirements is the provision of deposit and payment notifications for each transaction and beneficiary information and reports.

cabenet ensures compliance with notification requirements and beneficiary information and statements.

Local help team, email helpdesk, online training and help library. We provide expert advice and assistance in implementation of RTA and PTA trust accounting and ensure trust records are established for ongoing compliance.

Our support team has a thorough understanding of trust accounting compliance requirements, and we are happy to share our expertise.

Software updates for new compliance requirements and technology changes are immediately available, without effort or additional cost to you.