Features Highlights
- The BuildTrust team has done extensive research and consultations to develop software for builders in Australia. If you are drowned by invoices sent by subbies and want an easier way to pay them; .aba files can help you streamline the entire payment process with a few clicks.
- .ABA files are commonly used to make online payments to multiple beneficiaries (subbies) in one go. For example, you pay twice a month to all the sub-contractors (one in the middle of the month and second at the end) and instead of paying them one by one, .aba files can help you make these payments in one go. In BuildTrust, when trust payment schedules are entered, it smartly gives the option to create a .aba file for the payments to subcontractors and for the amount to be retained in the retention trust account (RTA). Therefore, users can create a .aba file for the payment to be made to the beneficiary and amount to be retained in the retention trust (RTA) simultaneously for multiple sub contractors.
- It’s a huge time saver as you can save subbies bank details once in the system and thereafter, by creating .aba files, you can make the payment to subbies and to the retention trust account in one go. Moreover, BuildTrust, a purpose built software for builders in Australia, can automatically record these transactions for you. Accounting Firms in Australia have been using this feature of .aba files to manage “Fee From Refund” and lots of businesses use it for payroll. If you are new to this concept, have a go and try using the BuildTrust feature to auto generate .aba files for a newer more streamlined process comparatively.
- However, you don’t have to use this feature. If you have made the payment via other forms, you can record it in the trust payment section of BuildTrust and it will create .aba files for you automatically.
