Changing Standard Management Fee for 1 Plan in Strata Master

Management Fees are configured at the Portfolio or Agency level (referred to as Agency in this article) and also at the Strata Plan or Owners Corporation level (referred to as Plan in this article). So the Configuration at the Plan level will over-ride the Agency level.

Changing Fee at Agency level

Refer to this article - https://kb.rockend.com/help/changing-management-fee-for-all-plans-in-strata-master

This instruction applies to the Standard Management Fee also.

In addition - https://kb.rockend.com/help/list-of-management-fees-charged-to-strata-plans-in-strata-master

Changing Fee at Plan Level

This instruction will apply for example when the fee for only one only 1 Plan is to be updated.

Changing Fee now for end of month Processing

By far the easiest and most reliable (due to less risk of set error) method of making a change is to use this method.

1.  Open to Corp screen. 

2.  Select the Management Fee icon. 

3. Highlight the Standard Management Fee 

4. Click Edit button and edit both the current and the new rate fields to the new rate.

5. Click Save

6. This will then be set to charge at this rate in the next Management Fee run.

Changing Fee to a Set Amount on a Set Date

As above to step 3.

4. Tick the box "Fee subject to auto increment for the selected code" 

5. Change New rate field as relevant.

6. Enter the date for the change. The date needs to be a future date as fees for past dates have already been charged.

7. Click Save.

8. If you are increasing Fees by CPI or by a percentage, you would usually be able to calculate the new amount and use the method above. To use CPI or % you will still enter the new rate in the New Rate field.

If you have any further queries about using the CPI or %, log a case with Strata Master Support.

Useful Links

https://kb.rockend.com/help/list-of-management-fees-charged-to-strata-plans-in-strata-master