Bank Account Setup

The instructions in this article relate to Bank Account Setup. The icon may be located on your StrataMax Desktop or found using the StrataMax Search.

As bank forms are not available for print until an account has been set up, this is where the details are added. First, you need to set up an account with the bank, then enter the details of this account into the fields listed below.

Any building using a Sub-Group will use the same details set in Bank Account Setup in the Main building, which will settle payments to the Sub-Group debtors, based on the building setup and the payment reference numbers issued from each group.

An overdraft limit and hold accessed in Set Bank Account Limits can also be configured from Bank Account Setup. 

Setup a New SCM Operating or Investment Bank Account

If a new StrataCash Management account has been opened and the details have not already been entered in the Bank Account Setup screen, it will appear in the Process Bank Statements screen under a section named 'Additional StrataCash Management accounts not set up in StrataMax'. By clicking the blue Set up icon on the far right, the bank account details will automatically be entered into StrataMax, in the Bank Account Setup screen. If there are no new or additional StrataCash Management accounts to be setup, this section will not be displayed.

1. Search or select Process Bank Statements.
2. From the top area of this screen, any new SCM accounts will be displayed, and the blue Set up icon can be clicked.
3. This will open the Bank Account Setup screen with all the bank account details.
   • For an investment account, additional information, including the SCM Reference wording, maturity and interest rate, will populate automatically on the first download of statement data. When using this method for investment accounts, the account and fund need to be selected, and will determine how the funds are displayed on Financial Statements.
4. Both operating and investment accounts will default to Import and Reconcile (recommended).
5. Click Save.

Enter a New Operating Bank Account

This option will be available for all other banks and can be entered into Bank Account Setup.

1. Search or select Bank Account Setup.
2. Click the Add button, and the form will appear.
3. The Operating Account radio button will be selected by default.
4. The Account field will automatically default to '012 CASH AT BANK' as the operating account.
5. Click the BSB drop-down to display the list of available banks. You can use the Filter field to find the BSB, bank, and branch to search. 
   
   
6. Type the bank account number into the Account Number field. 
7. Type the Account Name in the same named field if required (if Account Name is left blank the building name will be the default on bank reports and the statement produced in StrataMax).
8. Tick any of the following boxes if they apply:
   • Import and Reconcile should be ticked if the bank account is supported and will ensure the account is included in the Process Bank Statements screen and Bank Reconciliation to be processed automatically, even if the building is currently 'Inactive'.

   • The Manual Entry and Reconcile box affects the Bank Reconciliation screen, allowing items to be added to this screen.  Manual Entry and Reconcile may be used if data is unavailable (un-supported bank) or when a transaction, such as a closing balance or transferred funds entry, is missing and required.
     Manual Entry and Reconcile will prevent any current banking from downloading, and this should be considered when using this setting. Remember to turn it off after any required manual entries.

   • Other Investment Account - Use where statement files are not available and reconciliation is not required. Use simplified entry of interest and fees in Other Investment Accounts.
   • This Closed box should only be ticked to indicate the bank account is closed. This prevents new payments from being processed in Payments (ensure that Import and Reconcile is not selected so account will no longer be reported in Process Bank Statements). When 'Closed' is noted in Process Bank Statements and when the balance is back to 0.00 click on the red cross in Process Bank Statements to remove the closed bank account.
   • The Post and Finalise in Bank Reconciliation Only affects the Bank Reconciliation screen. When ticked, it displays a preview of the various transactions that will occur in the building before the user can then Auto Process the statement.
9. Select the most appropriate option for the reporting of the account address for Bank reports:
   • Use building address as account owner. 
   • Use manager address as account owner.
10. Click the Save button, then Close.
11. If the 'Import and Reconcile' box was ticked in step 8, and this is the first time the Bank has had a new account setup, then a new UNC download path will be visible in the Process Bank Statements screen.
    
    
12. Once the file has been imported or banking file dragged and dropped into Process Bank Statements, follow the steps to process the bank statement data.

Enter a New Investment Bank Account

1. Search or select Bank Account Setup.
2. Click the Add button, and the form will appear.
3. Select the Investment Account radio button.
4. Click the Account ellipsis button to open the 'Account Code List' window and select the required account (most likely 01301, 01302, 01401, 01402, etc.).
5. Click the BSB drop-down to display the list of available banks, where you can use the Filter field to find the bank and branch you need. You can filter by any of the columns displayed - BSB, Bank, Branch, etc. In this example we've used '184-' in the Filter.
   
   
6. If the data is available in the txn file, there will be an additional bank button next to the BSB to select the Bank Account from the file. Example:
   
7. Type the bank account number into the Account Number field.
8. Type the Account Name field.
   • If Account Name is left blank the building name will be the default on bank reports and the statement produced in StrataMax).
9. Tick any of the following boxes if they apply:
   • Import and Reconcile should be ticked if the bank account is supported and will ensure the account is included in the Process Bank Statements screen and Bank Reconciliation to be processed automatically, even if the building is currently 'Inactive'.

   • The Manual Entry and Reconcile box affects the Bank Reconciliation screen, allowing items to be added to this screen.  Manual Entry and Reconcile  may be used if data is unavailable (un-supported bank) or when a transaction, such as a closing balance or transferred funds entry, is missing and required.
     Manual Entry and Reconcile will prevent any current banking from downloading, and this should be considered when using this setting. Remember to turn it off after any required manual entries.

   • Other Investment Account - Use where statement files are not available, and reconciliation is not required. Use simplified entry of interest and fees in Other Investment Accounts.
   • This Closed box should only be ticked to indicate the bank account is closed. This prevents new payments to be processed in Payments (ensure that Import and Reconcile is not selected so account will no longer be reported in Process Bank Statements).
   • The Post and Finalise in Bank Reconciliation Only affects the Bank Reconciliation screen. When ticked, it displays a preview of the various transactions that will occur in the building before the user can then Auto Process the statement.
10. Select the most appropriate option for the reporting of the account address for bank reports:
    • Use building address as account owner. 
    • Use manager address as account owner.
11. Enter the Maturity Date and the Interest Rate, if available can be manually entered for all banks except SCM.
12. Select a fund from the Fund drop-down menu.
13. Last Import Date will only be visible if the Reconcile box was not ticked in step 8.
    
14. Investment Interest will only be visible if the Reconcile box was not ticked in step 8 and is the account that interest will be posted to. Only enter an account here if you want it to be a different account that is set up in Global Investment Legends.
15. Investment Fees will only be visible if the Reconcile box was not ticked in step 8 and is the account that fees will be posted to. Only enter an account here if you want it to be a different account that is set up in Global Investment Legends.
16. Click the Save button, then Close.
17. If the Reconcile box was ticked in step 6, then a new UNC download path will be visible in the Process Bank Statements screen.
    
    
    
    
18. Once the file has been imported or the banking file dragged and dropped into Process Bank Statements, follow the steps to process the bank statement data.

Managing transactions for an At-Call Bank Account

Transferring funds from the operational account to the at-call account, and recording the interest:

• Create a Balance Sheet Asset Account in Account Maintenance for the At-Call Bank Account. This account must be linked to the relevant fund and associated with the Trading Fund.
• Create a Creditor Account Contact in Creditor Maintenance for the bank account associated with the at‑call account. This creditor will be used when processing payments to or from the at‑call account.
• Raise a Creditor Invoice using the Creditor Account for the at-call bank account and Balance Sheet Asset Account.
• Review Interactive Reports to confirm transactions are appearing correctly and balances reconcile as expected.

Managing Interest:
Once the bank statement is received and the interest amounts are identified, create a Journal Set in Journal Preparation using the date the interest was received. This should debit the Balance Sheet Account and credit the appropriate fund interest income account X070.  This will need to be completed each time there is interest received.

Managing transfers:
When funds are transferred from the at-call bank account back to the operating account, allocate the transaction to the Balance Sheet account. This will reduce the balance and ensure it reflects the actual balance held in the bank account.

Edit Bank Account Details or Change Banks

Editing the bank account details may be necessary if the building has moved to a new bank.

1. Search or select Bank Account Setup.
2. The Operating and Investment Account radio buttons cannot be changed.
3. The Account field will automatically have '012 CASH AT BANK' in it and cannot be changed.
4. Click the BSB drop-down to display the list of available banks, where you can use the Filter field to find the bank and branch you need. You can filter by any of the columns displayed - BSB, Bank, Branch, etc. In this example we've used '184-' in the Filter.
   
   
5. Type the bank account number into the Account Number field.
6. Type the account name into the Deposit Slip Account Title (1), (2) and (3) fields.
7. Tick any of the following boxes if they apply:
   • Reconcile should be ticked by default.
   • This Closed box should only be ticked to indicate the bank account is closed. This prevents new payments to be processed in Payments (ensure that Import and Reconcile is not selected so account will no longer be reported in Process Bank Statements).
   • The Manual Entry box affects the Bank Reconciliation screen and will allow you to add items to the bank statement in the Bank Reconciliation screen - such as a Closing Balance or transferred funds.
   • The Post and Finalise in Bank Reconciliation Only affects the Bank Reconciliation screen. When ticked, it displays a preview of the various transactions that will occur in the building before the user can then Auto Process the statement.
8. Select the most appropriate option for the reporting of the account address for Bank reports:
   • Use building address as account owner. 
   • Use manager address as account owner.
9. Click the Save button, then Close.

Managing Transferred Funds using 011 Cash on Hand

If a building has changed banks or transferred to your portfolio from another manager, review the steps below for the posting of the transferred funds in the Bank Reconciliation.

If a new banking institution has been configured for your portfolio, review EFT Manager for the new bank account configuration.

1. Search or select Bank Reconciliation.
2. Depending on timing, when the closing balance is sitting in the Bank Reconciliation from the previous bank account, post the funds to 011 Cash on Hand (or another balance sheet code). This will act as the old bank account.
3. Action any other transactions in the Bank Reconciliation statement. When the opening balance downloads from the new bank, firstly identify where the closing balance was posted. To do so view the Financial Statements and check if there is a bank balance in 012 Cash at Bank or 011 Cash on Hand. Once the account code has been identified as 011 Cash on Hand the deposit can also be posted to 011 Cash on Hand if this is where the transferred balance is currently reporting, then click Save and Auto Process to finalise the statement.
4. If the old bank has charged a fee for the transfer of the funds, the deposited amount in Bank Reconciliation will reflect this and will not match the 012 Cash At Bank amount on the building's Financial Statement. To manage this, you need to process a journal set for the transfer fee in Journal Preparation as follows:
   • Debit (DR) an expense code for bank charges.
   • Credit (CR) the 011 Cash on Hand account.

Closing Bank Accounts

If you are with SCM, you can request the closure of the building's bank account by following these steps: Account Closure Request | Operating. Otherwise, you will need to contact the building's bank to initiate closure.

1. Search or select Bank Account Setup.
2. Tick the Closed box to indicate the bank account is closed.
   • This prevents new payments from being processed in Payments.
3. When the funds have been withdrawn, they can be processed in the Bank Reconciliation screen, where they need to be posted to account '011 Cash on Hand' or another balance sheet code of your choice.
4. Depending on your circumstances, the building status can then be changed to 'Lost' (see Before changing the status to lost).
   • If the building is being transferred to another StrataMax drive or strata management company, then the building status will be changed to 'Lost' automatically upon transfer.
   • If it's not being transferred, then use the Building Information screen to change the status manually. See Change Building Status to Lost | Building Information.
5. If you are not ready to change the status to 'Lost', or if the Bank Account is closed, you can remove the bank account by clicking the Remove button in Bank Account Setup and Save.

Remove Bank Account

Removing a bank account will stop data from downloading into Process Bank Statements, which will be used after an account has been closed, as outlined in the above instructions. Other examples may include removing an account due to an incorrect setup or manually managing an account. The Bank Transaction Report (include removed accounts) will still be available for any data downloaded historically.

Deposit Slips and Cheques Account Titles

Account Title fields will be available in Bank Account Setup for the main operating account (012) and are used for Deposit Slips and cheques for the dual bank account slip setups (MBL and StrataPay). The information displayed here may be populated based on previous versions and existing data. If there is no field information, it can be manually populated.

1. Search or select Bank Account Setup.
2. Expand the Operating Account, and review or update the Deposit Slip Account Title (1), (2) and (3) as required.
3. Click Save to update any changed information.

Overdraft Limit

To include an Overdraft Limit warning, or to hold all global and auto payments for individual buildings refer to Set Bank Account Limits article.