Accounting Features
- Electronic payment gateway for payment of service charges
- Budgeting for annual service charges
- Invoicing of Service Charges including ability to e-mail all invoices
- Invoicing of other charges such as security keys or swipe cards
- Automatic reconciliation of service charge payments to Owners Association bank account (where a support bank is used)
- Ability to set-up multiple ‘accounts’ such as investment and security deposit accounts
- General Ledger
- Accounts Payable Ledger
- Accounts Receivable Ledger
- GST/VAT reporting
- Individual Owner and 3rd Party Ledgers
- Management Fee and Disbursement Invoicing
- Automated tracking and billing of disbursements and time-related billing
- Extensive industry-wide chart of accounts that can be customized for each building
- Extensive financial reporting on a building-by-building basis and across multiple buildings
Chart of Accounts
Strataware has developed an extensive industry-wide chart of accounts that is undoubtedly the most comprehensive in the professional industry. The chart is suitable for all types of schemes and all jurisdictions.
The chart was developed in consultation with our existing professional clients and a wide range of industry stakeholders including accountants, tax auditors, quantity surveyors and committee members.
The result is a chart that meets the needs of all schemes – from very small schemes with 2 or 3 lots to large complex schemes with over 500+ lots.
The chart of accounts has been designed to:
- Automate the rules around posting to particular funds
- Automatically track mutual and non-mutual income
- Allow managers to budget more efficiently
- Provide accurate information in relation to capital expenditure which can be used to update sinking fund forecasts
- Provide information to apartment owners for income tax purposes
- Facilitate the future introduction of benchmarking tools for use by Strataware clients and their bodies corporate
The work Mystrata has done on developing a global, standardized chart of accounts demonstrates our commitment to improving the professional standards of the industry.