Understanding a Lot Owner Ledger in Strata Master Article 2

The first article is available on this link - https://kb.rockend.com/help/understanding-a-lot-owner-ledger

The first article covered the basics -

  • the sections of the Ledger
  • how levies and misc owner invoices are reflected in the ledger
  • how receipts reflect which levy or invoice was paid
  • current unallocated funds, arrears and interest accrued but not yet charged or paid
  • how the ledger changes when unallocated funds are allocated
  • how a Credit Lot is shown on the ledger

In this article we will use the ledger below to cover -

  • more complex levy struck
  • more complex receipt allocation
  • more complex reflection of interest

The 1st page is the Levies and the 2nd page is the receipts.

1. The Levies have been processed with 2 levies on the respective dates. You will note that the second levy is not noted as being a special levy type but 'standard' so you know how it was processed.

2. Lines 2, 4, 6 and 8 show interest paid. This interest applies to the levy that is on that line.  For example $11.00 interest was paid for the levy on line 2, the Q1 Comm Garage Admin Levy.

3. The "Interest on levy arrears $133.24" is not part of the interest paid in point 2. This is interest that has accrued but not yet actually charged or paid. This interest could be deleted or reduced when receipting the next receipt. Refer this link for more information - https://kb.rockend.com/help/editing-or-cancelling-penalty-interest-on-levies-in-strata-master

4. The first receipt showing is dated 05/05/2021 in the sum of $2475.00.  It was allocated to levies 1, 3, 5 and 7, which have then been fully paid. You can tell they were fully paid with that receipt because, apart from $618.75 x 4 = $2475.00, the next and only receipt funds were allocated to different levies.

Caution - Note that if you are accessing a ledger from the Lot screen, the ledger will only show the last 2 years of activity so a receipt can be allocated to levies not on the screen.  In this case the levy number will be blank. To access a full ledger, go to Formatted reports > owner Ledger.

5. The receipt dated 10/11/2021 for $380.97 shows that $30.97 was paid to interest, so this is where the interest discussed in Point 2, was paid. If you had to remove that interest paid, this is the receipt that you would cancel and re-receipt. Refer to this article on reversing receipts, in case your ledger shows you may also have to reverse other receipts first https://kb.rockend.com/help/cancel-a-lot-owner-receipt

Useful Links


Check for more articles on the Owner Ledger as more will be added over time.

28/10/2022 5:52 pm AEDT

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