RTA and PTA Bank Reconciliation Reports changes

Overview

This article explains the recent patch updates to the RTA and PTA Bank Reconciliation reports and the RTA Ledger, made to align with QBCC requirements for certification.

RTA and PTA Bank Reconciliation Reports

• Statement details — Enter the Statement date and the Reconciled Statement value at that date to generate the PTA or RTA Bank Rec.
• Transaction matching — All transactions in the bank section of the PTA or RTA Ledgers are included in the corresponding Bank Recs, with presentation dates matching those of the corresponding Jobpac transactions.
• Presentation dates — For Retention Transfers and other trust journals, the Transaction date on the Trust Journal is the presentation date — unless you use the new Bank Rec, where Trust Journals can be presented on a different date to the Trust Journal transaction date.
• Trust Journal Work Centre — Action all transfers on the Retention Transfer, Paid From Wrong Account, and Received To Wrong Account tabs.

RTA Ledger updates

• New sections — The report now includes dedicated Bank Account and Trustee sections.
• Debit/credit signage — Transaction signs now match the required debits/credits to align with accounting principles and QBCC requirements. For example, a negative value represents a credit (an increase in beneficial interest, such as retention held for a subcontractor), while a positive/debit value represents a retention release.
• Reconciliation — Reconcile by reviewing the RTA Ledger and matching the retention held and retention released for each subcontractor. This should match back to the PTA Reconciliation Report when run for the same date.
• Beneficial interest accounting — Retention is only accounted for as beneficial interest in the RTA Ledger once payment is made on the invoice holding the retention.