Entering Accrued Interest in Opening Balances in Strata Master

Summary

Prior management reports may contain Accrued Interest Balances on Lots. Where these figures are not yet charged to the Lots, and therefore showing on Balance Sheet or I&E reports, they will need to be entered in Opening Balances as charged amounts. Learn how to enter these accrued interest figures into Strata Master.

Overview

There are 2 options to entering the figures in Opening Balances. One can be done while in the Opening Balance screen, while the other can be done after Opening Balances are completed -

1. Enter in Opening Balances as Interest Charged.  Note that this will create a change to the Balance Sheet.

2. Enter as Miscellaneous Owner Invoices once the Opening Balances have been completed. 

Enter in Opening Balances as Interest Charged

Accrued interest can be entered in Opening Balances, however figures that were a 'record' on the Lot in the prior management financials, but not yet charged, will become charged in Strata Master and show on the Lot as an opening balance due.  This will add figures to your Balance Sheet of funds that are 'receivable'. Depending on your Plan settings and taxation statuses, it could change other reports as well. Checking that your opening balance entries are correct, by checking balances, could be less simple.

1. While in Opening Balances, enter all other items and check your reports. Save copies.

2. Before saving the entries, click on the Levies tab.

3. Enter the accrued interest amounts into the columns for A/F Interest and S/F Interest.  You may have only one figure. Enter as you see fit.

4. Check your reports again and note the variation as a result of the interest. Save copies as the records can be used to explain any Balance Sheet difference.

Enter as Miscellaneous Owner Invoices

This can be done after the Opening Balances are completed, and verified as correct. 

1. While in Opening Balances, enter all other items and check your reports. Save copies.

2. Save your Opening Balance entries.

3. Refer the linked article on creating a Miscellaneous Owner Invoice. Create a Miscellaneous Owner Invoice for each Lot that has accrued interest. Note that if there is more than one Lot affected, you can use the Multiple Miscellaneous Invoice screen.

4. Note in the invoice description, "from Prior Management" or "Opening Balances" or similar. Below is an example of a Multiple Miscellaneous Invoice screen.

5. If using the screen as shown in step 4, change delivery method to Print. You can do this by clicking on 'email' and a drop down option becomes available.

6. Save the invoice/s created.