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Produce QBCC Suggested Receipts

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  • Produce QBCC Suggested Receipts
  • By intesolsdev
  • February 17, 2023
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Features Highlights

  • Statutory Trust Accounting Vs Business Accounting is a question that many have and QBCC Reporting standards have made it very easy for building industry participants in Queensland to understand the difference. QBCC is the governing body for the construction industry in Queensland that helps protect the interest of many stakeholders. Queensland is the first state to lead the initiative to expand the construction projects trust accounting regime to projects over $3 million AUD* (public or private), with different timeframes for different sized projects. QBCC provides guidance and best practice to protect the participants stay compliant and as a result maintain the trust in the construction sector. One such initiative is to protect the interest of subcontractors by making sure that they receive the necessary confirmation about the money that they receive from PTA and funds withheld by head contactors on their behalf in a retention trust account (RTA).
  • QBCC reporting requirements suggest that a receipt is issued to subbies for the amount withheld in retention trust account (RTA) along with a running balance every time funds are withheld into a RTA. BuildTrust is not just a cloud software but a powerful cloud platform to manage PTA and RTA on the same platform and let the accounting firm and head contractors work collaboratively to stay compliant.
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