Statement of Key Financial Information
A short video explaining how STRATA Master generates the figures for the Statement of Key Financial Information required by the NSW Strata Schemes Management Act 2015.
The information presented in the video below is most accurate for STRATA Master Version 9.5.1. Additional changes to the calculations for certain figures have been made in Version 9.5.2 and have been detailed below the video.
Additional Changes in STRATA Master Version 9.5.2
Some changes have been made in calculating the figure for Total income received during reporting period. Generally, this figure will be equal to the sum of Total Paid (equal to Levies Paid + Interest Paid) on the Cash Management Report, plus the total of Other Income for the same fund. However there are exceptions in regards to specific transactions.
Interest Paid affected by Miscellaneous Invoices
If "Charge Unpaid Interest" is ticked when processing a manual receipt, a miscellaneous invoice is created. This figure will NOT show under the Levies Paid total in the Cash Management Report, however it is included in the figure for Total income received during reporting period on the Statement of Key Financial Information.
A more reliable figure can be calculated from the sum of Levies Paid and Other Income on the Cash Management Report, added to the sum of Interest on Arrears, Interest on Investments, and Bank Interest from the Income & Expenditure Statement.
Other Income affected by GST
GST Payments and receipts will not be included in the Total income received during reporting period. Any transactions under Other Income with the description "BAS return refund" should be deducted from the total of Other Income before being added to the Total income received during reporting period figure.