How to Create an Investment Account
This article will assist you to enter the appropriate settings to enable receipting to a New Investment Account.
This Investment may be one where funds are being transferred from existing Admin or Sinking funds, or from an Investment account being opened to hold funds received from another agent.
As the first step requires entry of a bank account, unless already done so, you will need to open the bank account and provide funds to do so, prior to completing the records in Strata Master.
Once an investment account is opened, it is to be periodically reconciled to the bank statement/records of balance.
The first step is to enter the bank account onto Strata Master.
MENU: CONFIGURE>BANK ACCOUNTS>NEW (F2)
|Bank||Select the Bank the investment account is held at. E.g. MBL|
|BSB||BSB for the investment account|
|Account no||Account number|
|Branch||Suburb of branch|
|Account Name||The name of the account|
|Active||This box should be ticked to indicate it is a current account|
|Operating Account||Not selected for investment accounts|
When the bank account is created, it needs to be assigned to a strata plan.
MENU: MANAGE>OWNERS CORPORATIONS
- Enter strata plan number
- Click on the Bank Account tab
- Click on Edit (F3)
- Under the Investment Accounts (bottom of the screen) in the Bank Account column, select the bank account you created above from the drop down list
- In the next column ‘G.L. Account’ select the account code you wish to use from the dropdown list
- Click on Save (F5)
You have now created an investment account and attached it to the strata plan.
3. To Receipt funds to the Investment Account
This depends on when and where the funds are being received.
It is not recommended that you receipt funds that you are aware of but do not yet have control over, for example when taking on a Strata Plan from another Agency.
Briefly you have the following options -
1. Add through Opening Balances when you are receiving new funds
2. Journal entry, being debit investment account to increase the asset and credit Equity to increase the equity when you are receiving new funds
3. When the funds are being moved from Admin or Sinking funds, go to Accounting > Make One Off Payment > Transfer to Investment.
Adding an Investment Account to the Chart of Accounts
There is 1 Investment account set as a default account in your Chart of Accounts for Admin fund and 1 for Capital Works/Sinking.
If they have already been allocated or linked to an account in the relevant Strata Plan Corp screen, you would need to add an account in Chart of Accounts.
1. Check your existing Chart of Accounts and select a suitable account number that sits within the Investment account Assets. Formatted Reports > Chart of Accounts.
2. Select Configure > Chart of Accounts > Add
3. Complete as below. Note you can name the account whatever suits your Agency, however be aware that the Chart of Accounts is general across all Plans, so best to avoid making the name specific to one Plan.