The system is designed so that it can manage strata units as well as residential properties. When dealing with strata's, the Body Corporate becomes the Lessor and the Lessors of the individual units are entered as the tenants. The system is then run in a very similar fashion to residential, with the strata levies collected as rent for the properties.
To set up a block of strata's, proceed as follows:
|•||Create a New Lessor record with the name of the strata as the name of the Lessor. E.g. 'Murray Mews, The Lessors of'. The Lessor type must be set to Strata.|
|•||Create a New Property record connected to the Lessor record for each unit in the strata. The levy amount and period is entered as rent.|
|•||Create one additional master property named something like 'Murray Mews - Master'. Set the management fee against this property. All other properties are set at zero management fees.|
|•||Create a New Tenant for each property, with the name of the Lessor (lot holder) as the name of the tenant. In some cases, the address may be that of the managing rental agents for the property.|
If a unit is also being managed as a rental property, this is handled as a separate entity to collect the rent.
Levies are receipted using the tenant rent receipt. Lessor levy statements are generated as Tenant Statements. Interest on overdue amounts will be automatically charged. The Lessor Summary and History Statements are designed as Financial Statements.
To be able to differentiate between rental and strata properties, it can be useful to prefix the name with a full stop. E.g. '.1/Murray Mews'. In this way, there is less room for confusion if properties are being handled as rentals as well as strata's. In this case, there can be two property records with the same address.
Where a Strata Company is registered for GST and payments are made to the ATO, see GST Applied to Strata Properties.
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