About Project Bank Accounts (AU)
This topic provides a summary of the actions you must take in order to set up and use the (Australia-only) Project Bank Account (PBA) functionality.
Use project bank accounts when you are required to deposit the funds you receive from the principal/owner of the PBA-qualified project into a specific trust account and then pay subcontractor claims from that same account while holding retention in another trust account.
Set up and linking:
Up to three project bank accounts are required for each project/contract that meets the PBA stipulations. You must set up these accounts with your bank and within Vista using the CM Accounts form just like you would any bank account, with only one additional step: make a selection in the PBA Type drop down.
You must link the PBA CM Accounts to the projects/contracts using either the JC Jobs or the PM Projects form. For detailed instructions, see Link a PBA Trust Account to a Contract.
With the proper set up completed, you don't need to do anything different when performing these actions:
Setting up subcontracts. When you set up a subcontract whose head contract is subject to PBA, the system links the subcontract to the same account(s).
Using the SL Claims form. By default, the system uses those same account(s) for payments toward eligible subcontracts' claims.
Entering AP invoices. As long as you select 7-SL in the Type drop down (in the footer), Vista uses the general PBA account assigned in the contract header for the invoice payment.
Entering AR receipts. When you apply a payment to a contract invoice that you've linked with PBA, Vista applies the funds to the general PBA account assigned in the contract header.
Receipts applied to and claims paid from the PBA account(s) appear as transactions in the CM PBA Reconciliation report. To learn more about this report, see About the CM PBA Reconciliation Report.