Features Highlights
- Statutory Trust Accounting Software for builders requires trustees to maintain the record of deposits (receipts) and withdrawals (payments) for the project. The Trust account must be a consolidated record, which lists the transactions in chronological order of the date the transactions occurred.
Statutory Trust Accounting Software for Builder must include the following information for each deposit and withdrawal:
- Date of the deposit or withdrawal
- A unique identifier for the deposit or withdrawal (for example, transaction/audit number)
- Either the payment claim details or other reason for the deposit or withdrawal
- Deposit or withdrawal amount
- For a deposit-the entity that made the deposit
- For a withdrawal—the beneficiary or other person for whom the withdrawal was made, including the following information for the account to which the amount of the withdrawal was deposited into:
- Account name
- BSB
- Account number
- The balance of the project trust account after the deposit or withdrawal is made.
- You will be amazed to see how simple it is to make trust payments in BuildTrust, a statutory trust accounting software for builders. Under the reports section, the report of deposits and withdrawal records all the necessary details required under the new framework.
- The user interface is very intuitive and the user can easily filter these transactions based on a particular subcontractor (beneficiary) or based on a date range.
