Workbench Release Notes
IN PROGRESS
Announcements:
💰👷♀️ New regulations for Construction companies on trust accounts in Australia and New Zealand
Workbench is pleased to announce that we are working with Construction industry experts to bring new functionality to enable our construction industry clients to comply with new regulations on trust accounts in Australia and New Zealand. This will allow head contractors to easily manage both project trust accounts (PTA) and retention trust accounts (RTA), as well as regularly provide retention balance reports to subcontractors.
Recent changes in Construction Acts in Australia and New Zealand require head contractors to hold retention funds on trust accounts to protect subcontractors' payment claim funds. Additionally, specific construction projects in Australia must hold project funds on trust accounts dedicated to that project. Managing these trust accounts can be time-consuming and complicated, leading to potential non-compliance and financial risks for head contractors.
To address this challenge, Workbench is designing new functionality that allows head contractors to specify the details of separate trust accounts for each construction project, as well as for each subcontract if required. Head contractors will be able to report regularly to subcontractors following a simple process. Reporting will include details of retention transaction history and retention balances, and provide them with the necessary trust account details for their peace of mind. Specific General Ledger accounts can be configured on each Trust Account to facilitate transaction reporting once the information is exported to the financial system. Appropriate reports will be available to facilitate auditors' work and be able to trace all the transactions in a Project.
We will update you via our blog and Release Notes as we progress. We estimate the work will be available for Beta testing in July. We take the opportunity to thank our clients that have kindly provided their feedback in this process.
Beta Release 4.6.8.1
Scheduled Release - 22 May 2023
New Features
Plant
Feature Revisions
Dockets & Daysheets
Daysheets:
Purchasing
AP Invoices:
Subcontracts
Plant
Quotes
System Setup
Reporting: