How to Close a Building – Individual Bank Account Configuration in STRATA Master

Checklist

  1. Management Fees

Ensure any final management fees/disbursements owing to the agency have been paid.  If the plan is being closed/management ended during the month, calculate the fee amounts manually and process a Creditor Invoice to the AGENCY creditor and process the payment.

  1. Reconcile Bank Account

    • Unpresented Deposits - These will need to be banked/receipts cancelled. (Accounting>Adjustments>Search/Cancel Receipt)

    • Unpresented Cheques - Check the manual bank reconciliation for any unpresented cheques.These cheques will need to be cancelled (Accounting>Adjustments>Search/Cancel Payment) and a “Stop Payment” placed on the cheque.

  1. Reconcile Investment Account

    Enter any closing interest/fees as necessary. (Accounting > Adjustments > Investment Reconciliation). Check that the balance of the investment account/s on the balance sheet matches the close of account cheque received.

  2. Unpaid Invoices

    Check for any unpaid invoices by printing the “Outstanding Creditors” report.  If there are unpaid invoices, they will need to be cancelled and invoices provided to the new agent to be paid.

  3. Reports

    Generate strata roll and financial reports for new managing agent. These can include but not limited to:

    • Cash Management

    • Balance Sheet/Statement of Financial Position

    • Income and Expenditure Statement/Statement of Financial Performance

    • Insurance

    • Levy Positions

    • Outstanding Owner Invoices

    • Strata Roll

    • GST (if GST registered)


NOTE: For individual accounts Steps 6, 7 & 8 are OPTIONAL.

  1. Review Balance Sheet for Cash At Bank - Unallocated

If a balance is found, review the Levy Positions Report to determine which lots as these amounts will need to be taken up. 

  1. Transfer to New Agent

    Accounting > Adjustments > Quick Pay

  • Select Other Payee by Cheque
  • Draw one quick cheque with two dissections
    • Admin Fund Portion: Admin—Other Expenses--Admin (154400)
    • Sinking Fund Portion: Admin--Other Expenses—Sinking (254400)

For the amounts showing in the Financial Snapshot on screen under – Cash At Bank

  1. Balance Check

    Under formatted reports, print the Strata Bank Balances Report and make sure that all balances for the lost plan are zero.

  2. Management Ended Date

    Enter the Management Ended Date on the Structure tab of Corporation screen.

  3. Deactivate Bank Account

    Configure > Bank Accounts > Select Account. F3 or Edit and de-select Active option check box.

28/06/2018 10:46 am AEST

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