- Trust Account
- Specialist Computer Software
- Handling Levies and Transactions
- Invoices and Payments
Strata operates an audited Trust Account. The operation of this account is for all practical purposes identical to how a solicitor’s Trust Account is operated.
Taking proper care of your money is important to us. We have instant access to online bank statements, so we can monitor all transactions and make timely electronic payments to Body Corporate service providers. The account is independently audited every two months, giving you peace of mind that your funds are properly accounted for.
You’ll benefit from Strata’s specialist Body Corporate software system.
This is used to record transactions, reconcile Body Corporate balances within the Trust account, and integrate other Body Corporate data such as the ownership register.
Our software also creates transaction and ledger reports for your Body Corporate’s annual accounts. These reports are included in the agenda distributed to owners for each Annual General Meeting.
By using your secure login details, many of these records are also available online so you’ll always have access to the information you need.
Levies are the share each owner pays towards the Body Corporate’s annual budget, and they’re received and processed daily. Payments to Body Corporate suppliers and service providers are also authorised and processed each day.
We’ll pay your invoices and expenses promptly, either electronically or by cheque. All relevant information is recorded in our software system, so records are complete and we can prepare reports for you in future. Source documents are filed and kept for easy retrieval and auditing.
The financial statements produced for Annual General Meetings detail the funds received, payments made and the financial position of the Body Corporate.
We take care to track and verify payments for your peace of mind.
A Body Corporate Manager will approve an invoice for payment only after receiving appropriate authorisation from the Body Corporate.
The invoice is then passed to accounts staff for processing, either electronically or by cheque. Next, electronic transfers are checked before being authorised. Cheques are verified against the source document before being signed and posted.
At least three staff members are involved in processing all payments.
We take care to be transparent in our management of your Body Corporate, and this is especially important with your finances.
Strata’s Trust Account is internally reconciled twice a week and a hard copy record is kept on file. For consistency, staff are guided by detailed internal procedures.
Strata’s Trust Account is reconciled monthly and audited independently every two months by Chartered Accountants. Apart from their role as auditors of the trust account, Strata has no connection with the firm that completes the audits.
The firm randomly select Bodies Corporate to audit, and are sent a copy of the month’s end bank reconciliation of the Trust Account for review
Audit certificates are issued every two months. These give a ‘seal of approval’ that proper accounting records have been kept and that financial statements prepared for the Bodies Corporate comply with generally accepted accounting practice. The most recent audit certificate is always attached to the agenda for each Annual General Meeting.
This procedure ensures you can have peace of mind that your funds are being managed correctly.
“Both the committee and I found Strata to be professional and efficient in every aspect of their role, and have been thankful for Strata’s guidance and reasonable administration fees since their appointment. Moreover we find their managing of Trust Funds are more transparent as compared to the other Body Corporate secretary we’ve dealt with in the past. I’d undoubtedly recommend Strata’s service to any Body Corporate” – Ravi