Bank Account Balances: Admin, Capital Works, Available Cash, Investment and Reserve Funds

When managing Work and Quote Requests, Strata Managers can view bank account balances for the Building. This helps to determine if a Building can promptly pay an invoice submitted by the Service Provider. 

Bank balances are also displayed on Documents and Invoices to assist in any decision-making processes that may impact the Building's financial position. 

Work and Quote Requests

Both the Admin, Capital Works, and Investment Funds are listed at the top right of the Work Summary page.

If a Strata Manager creates a Work Request and the total bank account balance for the Building is less than $1,000, a pop-up will appear:

Attention

This Plan has less than $1,000 in the bank. Do you still want to proceed?

Click 'Confirm' to send the Work Request or 'Cancel' to cancel the request.

Documents and Invoices

A second way to view the building's bank balances is on a Document or Invoice page of a Building. Along with the Admin and Capital Works Funds, additional information is provided including the Total Balance, Available Cash, Investment Fund, and Reserve Funds.

Balance is the total amount of the Admin and Capital Works Funds before any pending payments.

Available Cash is the total balance minus any pending payments.

Investment Fund is an investment account that can be a 'Term Deposit' account, an 'At Call' account, or similar, where funds are removed from the ‘Cash’ of the Plan and deposited to a separate account as a contingency or for a special purpose.

Reserve Fund is the minimum amount of money that the Owners Corporations must have in the bank.

Note: When invoices are processed they will automatically export to Strata Master and be placed On Hold if the Available Cash amount minus the Reserve Fund is less than the invoice amount.

This information is listed below the address of the Building.

What happens when Available Cash shows that there aren't enough funds? 

The balance will appear red, however, the Portal doesn't stop invoices processing to Strata Master. This is just a warning to the approver that the remaining balance is insufficient to cover the cost of the invoice and any outstanding payments. It is up to the Invoice Approvers whether or not to process the payment. 

When an invoice is approved with an Admin or CWF GL Code, a check will be run to review if sufficient funds are available in the Admin or CWF balance.

If there are insufficient funds the approver will be alerted but can choose to proceed in approving the invoice if required.

For more information, please see Schedule an Invoice for Payment.

Strata Managers should contact us with any further questions regarding this process.