Link a PBA Trust Account to a Contract

You can assign specific CM accounts to contracts or subcontracts subject to use of a project bank account (PBA).

Use these steps when you want to designate specific CM accounts to contracts and subcontracts that require use of project bank accounts (PBA). You can either take these steps when first setting up a project or at a later time if/when the project becomes qualified for PBA tracking. Stay apprised of state-specific rules for PBA qualification so you can flag contracts and subcontracts for PBA tracking appropriately.
  1. In the CM Accounts form, create one or more new bank account records that reflect the trust account(s) you set up with your bank
  2. Assign the trust account(s) you set up in the CM Accounts form to the contract using either of the following forms (in the CM Trust Accounts section):
    • PM Contracts
    • JC Contracts
    Note: Your entries in one form update the other form automatically.
  3. If you need to assign the PBA trust account to a subcontract, select the Qualified for PBA Reporting check box in either of the following forms (in the Project Bank Account Reporting section):
    • PM Subcontracts
    • SL Subcontract Entry (PBA tab)
    Note: Only subcontracts of PBA-eligible head contracts can be qualified for PBA reporting. However, your state laws may indicate that not all subcontracts are subject to PBA reporting.
You can now track and report trust account activity for the selected contracts and/or subcontracts. See About Project Bank Accounts (AU) for more details.

When you apply receipts to the head contract (AR Cash Receipts) or make payments on subcontracts (SL Subcontract Claims or AP), Vista uses the accounts you have designated for PBA at the head contract. The CM PBA Reconciliation report includes these transactions, along with held subcontract retention. To learn more about this report, see About the CM PBA Reconciliation Report.