Financial Reporting by Group
What is Financial Reporting by Group?
Financial Reporting by Group enables you to create detailed financial statements for reporting groups within an owners corporation. The enhancement will provide greater flexibility of the existing comprehensive reporting.
This feature can be adapted to meet different needs, depending on each plan’s reporting requirements. On a plan by plan basis you are able to choose the extent to which the reporting groups are utilised.
You may have the situation where a plan resolves to raise a levy for a special purpose and you simply need to identify the levy income separately.
At the other extreme, you may have the need to create a Financial Reporting Group to assist with the management of a Capital Works Project which includes both Administrative and Sinking Funds over multiple reporting periods.
STRATA Master is able to report on the financial group over financial years, as the surplus/deficit is calculated and rolled over during the normal year end rollover function.
Managements which do not require this type of specialised reporting are not affected by the changes made.
There are changes to many transaction screens to allow for the financial group selection, but where there is no requirement to associate a transaction to a financial reporting group, there is no additional data entry.
Configure | Group Reporting Types
Each financial reporting group required is added at the database level by a user with the required security access settings. When adding the financial reporting group you are required to enter a full name of the group and a short name.
The full name will be used for headings of financial reports, and the short name will be used within reports and levy notices.
Setting up a plan to report by Financial Group
Manage | Group Reporting
Once the financial reporting group has been added to the database, it can be applied to any plan wanting to use the group via Manage > Group Reporting.
When selecting the group you must also select a default entitlement set, which is the allocation which will be used when creating a levy posting for the group, for the selected plan.
The default setting is active. If a financial reporting group has been used in the past for a plan, and there should not be any new entries made against the group, (in cases such as Capital Works etc.) the user can set the group to inactive.
All reporting will remain enables but no new transactions will be created.
Once the active group has been added to the plan, then the user may select the group to assign transactions.
* Changing report terminology for group None
Where transactions are not associated with a financial reporting group, they are shown by default in formatted reports as General, None or the field is left blank.
To allow for consistency and flexibility you are able to change the naming convention for these transactions.
The name can be a maximum of 50 characters, and the short name a maximum of 12.
* Note: This renaming functionality is only available from version 7 onwards.
Assigning transactions against a Financial Group
Selecting a financial reporting group when posting a levy will allow you to produce more detailed reports in regard to the levies raised on the Income and Expenditure Statement, as well as a providing more detail when creating a levy positions report.
Note: If you assign a financial reporting group to a levy in error, you can simply reverse the levy posting and re-post the levy with no group selected.
Entering Creditor Invoices
When entering a creditor invoice, if the cost should be allocated against a financial reporting group you can simply select the group in the invoice entry screen.
Once the group is selected the available cash for the financial reporting group will also be displayed so you can determine if the invoice should be set to Pay or if you should manually place the funds On-Hold awaiting further income for the group.
Note: STRATA Master will use the total available cash when determining whether the invoice should be set to Pay or On-Hold.
Levy or Owner Invoice
STRATA Master will automatically assign a levy receipt to the financial reporting group which was associated with the levy posting.
Other Receipt to Owners Corporations
When posting receipts for Insurance Claims or any other general receipts, you are able to select a financial reporting group if required.
Additional search criteria have been added to the screen, as well as displaying financial reporting groups in the search results on screen.
You are able to create journal entries to adjust balances within any fund, by selecting the financial reporting group if required.
New Group in Formatted Reports
As well as changes to existing reports, a new sub-set of formatted reports named Financial Grp has been created. New reports will be available to display the financial reporting group allocations.