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NewTreasurer's avatar
NewTreasurer
User
24 days ago

Chart of Accounts for Self Managed Strata Company

Hi, I am the new (and first) treasurer of a new self-managed small (20 lots) Strata Company.

I am looking for advice how to best setup the Chart of Accounts. Especially how to keep track of the legally required distinction between Admin Funds and Reserve Funds. The quarterly Strata levies contain a Reserve Fund and an Admin fund component. They are paid into the same Bank Account. However at any point in time I need to be able to determine how much each of these funds contain. Day-to-day running expenses will be taken out of the Admin Fund and only major repair maintenance works come out of the Reserve Fund. We will also need to keep track of Construction Bonds. But I guess once I got an understanding how to model the Admin Fund vs the Reserve Fund the Construction Bonds could be managed similarly.

Thanks

chart of accounts

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    23 days ago

     

    Hi NewTreasurer

     

    I understand you want to ensure you have the correct chart of accounts for your strata company. Unfortunately, as moderators, we can't provide financial advice. Hopefully, a professional accountant or financial advisor can give you a recommendation soon.

     

    If you need any other help with MYOB, feel free to let us know. We're happy to assist.

     

    Thanks,
    Genreve