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

Question

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

Acctd4 · Accepted Answer

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)

😊