Part 1: Set Up the Strata Owner.

1. Create the owner record before creating the property.

2. Enter the Company Name in the format:
   “The Owners of [Property Address] / SP[Strata Plan Number]”

3. Set Tax Status:

   • Select GST only if the strata entity is registered for GST.

   • Leave GST off if not registered.

Part 2: Set Up the Strata Property

1. Create a new property record.

2. Enter the Property Code and Name using the strata plan number:
   Example:

   • Code: SP13584

   • Name: Strata Plan 13584

3. Tick or flag the property as Strata.

   • This ensures invoices use the correct terminology (e.g., “manage property”).

4. Ensure Auto Pay Owner remains unticked (off).

Part 3: Raising Strata Levy Invoices

1. Strata levies are typically raised quarterly.

2. Use the following accounts:

   • 0118 – Strata levies (administration fund)

   • 0116 – Reserve fund

3. Issue invoices to the owners.

4. Owners pay these invoices so the strata entity can meet upcoming expenses.

Part 4: When an Owner Wants Tenancy Income to Cover Levies

If an owner leases their unit and wants rent funds used to pay strata levies:

Step 1: Set Up the Unit Normally

1. Set up the individual unit as a managed property.

2. Set up the tenant and lease as usual.

Step 2: Tenant Charges

Tenant charges usually include:

• Rent

• Variable outgoings

Step 3: Enter the Strata Levy as a Payable

Instead of the owner paying directly:

1. Enter the levy invoice as an Accounts Payable invoice to the managed unit.

2. Use:

   • Variable outgoings code: 6415

   • Supplier code: Linked to the trust account
     Example: REAGENT_TR – Real Estate Agent Trust Account

Step 4: Payment and Internal Transfer

1. When the invoice is paid:

   • Receipt the amount into the strata entity owner’s account.

2. This is effectively:

   • An internal transfer

   • Within the same bank account

   • No physical transfer of funds is required. 

Quick Checklist

Setup Order

1. Create Owner

2. Create Strata Property

3. Raise Levy Invoices

4. Handle payments or tenancy-funded levies

Key Codes

• 0118 – Strata levies

• 0116 – Reserve fund

• 6415 – Variable outgoings (levies paid via managed unit)