Fees Charged for Closed Investment Account in Strata Master
When you have closed an Investment Account and 'redeemed' the balance of funds back to the Operating Trust Account, your Bank may charge fees.
You will generally find that the Bank
1. Charges the operating trust account, or in an unlikely scenario,
2. Charge the closed Investment Account and request you pay funds to bring the balance back to zero.
In this article we are covering the first, and most common, scenario.
The bank deducts the charge from your operating trust account and therefore the bank reconciliation does not balance. You should find that the Bank Statements side of the reconciliation is less than the Strata Master Ledger side. In the example below, the fee was $40.
Where The Relevant Plan Has an Individual Trust Account
When the Plan that had the investment account has its own bank account, you can resolve this issue quickly in the manual bank reconciliation screen.
1. Click on the withdrawal tab.
2. At the bottom of the screen see the section for entering 'direct charges' .
3. Click the Add button on the right.
4. In the blank line that appears, enter details as below. Make your own checks in regard to which account to select and to see if gst applies, refer bank statement or Tax Office website.
5. Click save button
6. Check that your bank reconciliation now balances.
Where The Relevant Plan Is Part of a General/Single Trust Account
In this case a journal will be required to process the fee to the relevant Strata Plan.
1. Navigate to Accounting > Adjustments > Journal Entry.
2. Select General Ledger and enter the relevant Plan number.
3. Enter details as below. Make your own checks in regard to which account to select and to see if gst applies, refer bank statement or Tax Office website.
4. Click save button
5. Check that your bank reconciliation now balances.