How to Setup Strata in REST Professional  

Overview

You are able to set up strata managements or body corporates in REST Professional however if you have several strata managements or more, we would recommend using strata specific trust accounting software as you are simply improvising to allow this set up in REST Professional.  For more information on STRATA Master please click HERE.

You can set up the strata plan, property and owner, invoice the owner for their quarterly levies, receipt the levies and process fees and disbursements; however you cannot run any of the statuary reporting required or budgets.

This document will cover:

• How to Setup the Strata Company as Owner

• How to Setup the Strata Lot as Property

• How to Setup the Strata Owner as Tenant

• How to Charge Strata Management Fees

• How to Invoice for Strata Levies

How to Setup Strata Company as Owner

Set up the Strata Company/Body Corporate as an Owner master file

1. Go to Files > Owner and click on Add Mode-F4

2. Enter the relevant criteria:

• Set the alpha index to be the strata plan number. i.e. SP12897
• Click on the Payments tab and change the payment method to Carried Forward

NOTE: You may like to change the owner group so that all body corporates are the same group i.e. change the group to “B” for example

• Set all fees to zero ($0.00).
• Leave the GST fields blank on the Taxes and charges tab

3. Click OK-F12

For more information on how to setup the owner card, please see document “How to Add a New Owner Card in REST”.

How to Setup each Strata Lot as Property

Setup each Strata Lots as a Property master file.

It is recommended that you put SP before the alpha index to identify that this is a strata management rather then the usual property management i.e. 1/24 Smith Street would be set up as alpha index SPSMIT24/1 (this will also save confusion if you manage the property as well as strata managers for it)

1. Go to Files > Property and click on Add Mode-F4

2. Enter the relevant criteria for each Property/Strata Lot:

• Set the alpha index to SP followed by the property address
• Change the class to commercial
• Set fees, inspections etc. to zero

3. Click OK-F12

   NOTE: It is recommended that you set up an extra property called COMMON PROPERTY so that all disbursements can be paid from, this could be set up as the strata plan no. i.e./ SP12897 – Common Property.  Ensure that the class is set to common

For more information on how to setup the owner card, please see document “How to Add a New Property Card in REST”.
 

How to Setup the Strata Owner as Tenant

Set up each Strata Owner as a Tenant master file.

To give you the ability to invoice and receipt to the strata owner this will be setup as a Tenant and relevant columns populated to reflect the strata levies.

1. Go to Files > Tenant and Click on Add Mode-F4

2. Enter the criteria for each strata owner

3. On the Rental tab add the details of the strata levies:

• Description - Column 1 description to “Admin Levy” (example only)

- Column 2 description to “Sinking Fund” (example only)

• Amount - Make the rental amounts the levy amounts
• Period – Choose M3 or the required period
• Paid to Last Month/ Paid to Date – this should be set to the day before the quarterly levy is date
• Account Code -   Allocate an account code that will be used
• NOTE: If the Body Corporate is liable for GST, enter a GST collectable date in the Commercial Tab

4. Click OK-F12

For more information on how to setup the owner card, please see document “How to Add a New Tenant Card in REST”.

How to Charge Strata Management Fees

We recommend that the strata management fee be charged as a recurring transaction if the admin fee is made up of different expenses i.e. common area maintenance, gardening but also includes the strata management fee. To do this go to Transactions > Recurring Transactions > Maintain Recurring Transactions, enter the criteria.  This will process as part of your mid month/end of month processing. For more information, please see document “How to Setup and Use Recurring Transactions in REST”.

How to Invoice for Strata Levies

Owner Strata Levies can be sent to them by producing a tenant invoice i.e. Reports > Tenant > Statement Invoice Printing, select the Tenants (strata owners) un-tick print invoices only and advance the due date for rents to collect the strata levies due.  For more information, please see document “How to Produce a Rent Invoice in REST”.