Retention Payable in Reckon when we have to transfer the funds to a Trust Bank Acc

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BRDCAccounts1
BRDCAccounts1 Member Posts: 1 āœ­
in Accounts Hosted

We need to deduct Retention from Suppliers Invoices which we do with an Item to the Liability Account. However, we now have to pay this liability into a Trust Bank Account due to new legislation in WA. Can anyone provide the process to on how to do this? Thank you

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  • Acctd4
    Acctd4 Accredited Partner Posts: 3,437 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited April 16 Answer āœ“
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    Hi There

    Enter a Write Cheque (presumably, it's to to the Retention Trust Scheme ?) for the relevant amount, using this retention liability account to pick up the amount from there.

    IMPORTANT: Do NOT use any tax codes on this as it's just a liability payment (like GST & PAYGW)

    šŸ˜Š

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)

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