We would like to update you on our development and new capabilities released to manage Project Trust Accounts (PTA) and Subcontracts Retention Trust Accounts (RTA).

Workbench will apply for the QBCC Building and Construction Industry Trust Accounts Voluntary Software Assessment Framework, which QBCC will be implementing soon, to become an approved software provider that the industry can use to manage the PTAs and RTAs.

Below is an overview of the functionality and stages in which this is being delivered:

Stage 1 - Released January 2024:

• PTA maintenance: Easily maintain PTA details and assign them to specific projects.
• Visibility on Contract Claims: Display PTA details on Contract Claims Payment Certificates for improved transparency.
• PTA Eligible Costs: Identify eligible costs for payment from the PTA, along with a new report detailing which Subcontract Claims and AP Invoices can be paid from specific PTAs.
• RTA maintenance: Configure Retention Trust Accounts and assign them to subcontracts.
• RTA visibility on Subcontract Claim Payment Certificate: On each Payment Certificate display details of the historic Payment Certificates’ retentions, Retention balance, and specifics on what is held and where.
• Subcontract Retention Balance statements: Regularly communicate with subcontractors. Send Retention balance statements to subbies with our Bulk send capability.

Stage 2 - March 2024:

• Transaction Viewing: View trust account transactions directly from a Contract.
• Trust Account Ledger: Comprehensive PTA & RTA Ledgers showcasing all trust account transactions capable of providing separate information for each beneficiary of the trust.
  Including:

                                        -Subcontract claims to be paid
                                        -Payments of Subcontract Claims
                                        -Transfer of Retention funds from PTA to RTA
                                        -PTA Top-ups (when funds are unsufficient)
                                        -PTA withdrawals (as revenue)

• Using API integration to get the relevant data from the financial system, and be able to build the Trust Ledgers
• Automated Notifications:
  • Automated payment notifications by email within 5 business days as stated by QBCC.
  • Automated email notifications for retention fund transfers from PTA to RTA to subcontractors within 5 business days as stated by QBCC.

Stage 3 - Future Release:

• Additional Compliance Reports: Additional reports required by the QBCC: Record of deposits and withdrawals, Trial Balance report.
• Any changes or enhancements based on feedback from our clients.

 Webinar Announcement:

Following the Stage 2 release, we will host a webinar to demonstrate the new functionality. Please let Maria Harreguy (mariah@wbi.co.nz) know if this would be of interest, and we will ensure to send you the meeting invite.

Tips:

Useful QBCC links:

- Operating a trust account: Rules and requirements for opening and using trust accounts

- Establish whether your projects require trust accounts: Check out this tool from QBCC to assist you with this.

Finetune your business processes:
Business processes that will be important and help you with cashflow when implementing PTAs are things like Cashflow Forecasting, aligning payment terms. Introduction of Automation tools can greatly speed up your Accounts Payable functions leaving you more time for checking and approval and following up on outstanding job invoices. If you need assistance, our Consulting and Support team are available to help you understand how you can achieve this with Workbench.

We understand the importance of adapting to new regulations, and we believe our software can significantly ease the burden of managing Project Trust Accounts and Retention Trust Accounts. By streamlining the compliance processes, we aim to improve the relationship between Head Contractors and Subcontractors.