Account Maintenance

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


Please note that Account Maintenance replaces Add/Change/Delete as of version 5.6.96

Account Maintenance is where you create, manage and delete account codes, such as income and expense codes. To create creditor codes, check out our Creditor Maintenance article.

Codes can be added to the local building from the Master Chart using the Add From Master Chart button. Also, any new account codes created in a building will automatically create that code in the Master Chart so the new code can be added to other buildings.

This area is also where you manage the tax code for an income or expense code, whether the code is a non-mutual account code, review if an account code is part of an Account Group, and set the Account Category (for the Statement of Key Financial Information applicable to NSW).

To clean up any account codes locally or globally, there must have been no activity on this account to allow the account to be deleted (no transactions at all) or the restrict access option can be used to hide from display. 





Security Setup

Access to this menu is held within Security Setup under the Menu category and is titled "Add / Change / Delete".


Account Maintenance Video


Account Code Explanation

Each account code in the chart of accounts is assigned a name and a unique number by which it can be identified. Account codes can have up to 8 digits. The number of the account code will determine the reporting position on the Financial Statements and if it is a Balance Sheet code, an Admin Fund or a Sinking (Capital, Maintenance or Reserve) Fund code.

Account codes are organised into the following ranges:

Balance Sheet 
001 - 099
Capital Account
001 - 009
Assets
Debtors
010 - 0598
021 prefix
Liabilities
Creditors
0599 - 098
082 prefix


Income and Expenditure
100 - 399
Administrative Fund
Admin Fund Income
Admin Fund Expenditure
100 - 199
100 - 1191
121 - 189
Sinking (Capital, Maintenance or Reserve) Fund
Sinking Fund Income
Sinking Fund Expenditure
200 - 299
200 - 2191
221 - 289
Additional Funds
Additional Funds Income and Expenditure
300 - 399
31100 to 39199
Appropriation
400 - 410


Additional Funds300 - 399
Income301 - 3199
Expenditure321 - 3299

 

Code numbers do not need to be consecutive. For example, Repairs and maintenance codes may be broken down into many codes and will depend on how you want the account names to appear on your financial statements. You may use up to eight numbers for an account code to ensure that it will be in alphabetical order, as financial statements are sorted into code number order. Note that these code numbers appear on Management Financial Reports only, they do not appear on Presentation Financial Reports. 

For example, one building has the following codes for repairs and maintenance:

1501
R & M - Air-Conditioning
1502
R & M - Building
1507
R & M - Electricity
15075
R & M - Elevator
(Note the code number of this one. It needed the extra ‘5’ to appear alphabetically after "R & M - Electricity" and before "R & M - Fire Equipment". You can use up to 8 Digits to do this.)
1508
R & M - Fire Equipment
1509
R & M - Gardens and Grounds
1510
R & M - Keys and Locks

Another building may have only:

1501
R & M - Air-Conditioning
1502
R & M - Building
1507
R & M - Electricity
1509
R & M - Gardens and Grounds


Configuration

Below are the settings within Account Maintenance that must be considered when creating a new account code, as these will affect how the account codes function. The advanced settings in the next section are not essential for the account codes to function but are additional configurations.

Type (H/P/1-9X)

The Code Type field indicates the type of account code and how StrataMax will treat it.

Posting
Indicates that the account code is a 'Posting' account to which transactions can be posted.

Calculated
This will report a total of postings accounts based on system flags.

Debtor Main
The financial statements will show the total of primary debtors.

Second Debtor Main
The financial statements will show the total of the second debtors.

Creditor Main
The financial statements will show the total of the creditors.

Main (Other)
The financial statements will show the total of account codes, which start with the same three characters and are marked as System Flag 'Other Sub Account'.

Header
Transactions cannot be posted to this account. Header account codes will appear in bold on the financial statements. 

Header (Report Group)
The Financial Statements will show as a header, but with the total of the defined.

Total 1-9
These numbers are used for designating accounts to hold the totals for reporting on the balance sheet and income and expenditure statements. In most cases, these have been preset and will not require any adjustment. If changes do need to be made, take note that the totaling system works on the following basis:

  • All accounts preceding the type number will be added to the following previous same type number.
  • To see an example of how this works, print out a Master List and see the occurrences of the numbers.

Ledger Type

This field will control where this account reports on the Financial Statements. 

Capital (equity) - Balance Sheet
Asset - Balance Sheet
Liability - Balance Sheet
Income (Revenue) - Income and Expenditure Statement
Expense - Income and Expenditure Statement
Surplus/ Deficit - System Account Codes
Other/ Appropriation - System Account Codes

System Flag

This flag should systematically be set and will only require adjustment to align an account for a specific purpose.

None
GST Gross
Withholding Tax
GST Clearing
PAYG Clearing
Rounding Adjustment
Capital Balance
Brought Forward
Overdue Interest
Appropriation
Levies Billed Not Yet Due
Generated Levies Billed Not Yet Due
Generated Levies Paid in Advance
Other Sub Account

Trading Fund

This field assigns which fund the account code will report to, as a standard, this fund will be systematically set based on the number convention of the account code.

Administrative Fund
Sinking Fund / Capital Fund / Maintenance Fund

Tax Code

The Tax Code field controls the type of tax for the account code and may create transactions to assist with GST and Tax reporting.  Tax codes are normally assigned to an account code as the account is created and added to the master chart.

A GST Registered Building (in Building Information) will have the default tax type of 

  • Tax Code 00 - GST 10% on all Income and Expenses 
  • Tax Code 11 - Not Included on BAS for all Balance Sheet account codes.  

If an account code is not to calculate GST, the Tax Code field may need to be set to '02 Tax-Free'.  See below for other tax codes types.

Bank Account Fees are set to be '01 Input Taxed'.

Usually, there will be only one instalment tax account, one wages excluding tax account and one tax on wages account (or one wages account).

Within each account code is the functionality to update the tax code and how StrataMax will treat these account codes. The following can be configured:

Tax Code 00 | GST 10%
All income/expenses/assets subject to GST should use this tax code.

Tax Code 01 | Input Taxed 0% 
Input-taxed sales do not include GST – the two most common are financial supplies and selling/renting residential premises.

Tax Code 02 | Tax-Free 0% 
No GST included but will report on the BAS totals (Tax-Free - Stamp duty on Insurance)

Tax Code 03 | Withholding Tax 49% 
ABN Withholding Tax – to be remitted to the ATO if no ABN is quoted on Creditor Invoices over $82.50.

Tax Code 04 | Export 0% 
Refer to your accountant for further details 

Tax Code 05 | Wages 0% 
See Wages Setup 

Tax Code 06 | Tax on Wages 0% 
See Wages Setup

Tax Code 07 | FBT 0% 
Refer to your accountant for further details

Tax Code 08 | Instalment Tax 0% 
This code must be used for the PAYG / Income Tax Instalment Expense Account - See BAS Info Setup.

Tax Code 09 | Non-Claimable Item 0% 
Items that are not claimable - i.e. private use expenses, non-tax-deductible items. Non-Claimable (No Tax Invoice)

Tax Code 10 | Wages Excluding Tax 0% 
See Wages Setup

Tax Code 11 | Not Included in BAS 0% 
Account codes with this tax code will not be reported on the BAS. Not Included in BAS (Superannuation, Depreciation, Tax expenses)

Non-Mutual Income

Non-mutual income refers to any income the building receives from activities other than levies—for example, interest on investments or renting out some common property. If a code has been flagged as non-mutual income, it will be used to calculate the payable tax on the Business Activity Statement if set up in BAS Info Editor as Option 2. A Non-Mutual Income Report can be produced to list all Non-Mutual Income account codes for the building.

To flag an account this way, tick Non-Mutual Income within the account maintenance set-up window.

Comments

This field is a free type field and will allow comments to be added to an account code. An example may include a comment for a GST-free account versus a GST account for Bank Charge type expenses. 

Report Group

This field is used with the Type-Header Report and will use a user-defined numbering system. This Report Group field will allow accounts to report under the same group. This will report the total of the defined report group on the Financial Statements. This output allows for the financials to be set for Heading Underline.

Restrict Access

This aims to prevent posting to specific accounts in specific buildings. Selecting this option will restrict the account from being able to be used for posting transactions. This can be useful in maintenance examples to ensure that the account code is no longer available for selection in the Master Chart and Buildings. To review these accounts, tick 'Show Hidden/Restricted'.

Account Group

The Account Group field is not editable in Account Maintenance if transactions already exist for the account code. New Account Codes can be set up in Account Group Setup. This field will display the account group to which the account code belongs. This is designed for properties with multiple layers within a registered scheme (primarily Victoria with Multi Owners Corporations registered). 

Category

This field applies to New South Wales strata plans, specifically for the Statement of Key Financial Information. The legislation was introduced in 2016, requiring it to report expenditure breakdowns to the Administrative and Capital Works Funds, identifying Administrative and Capital Works expenses and the income gained from bank interest. 

Administrative expenses, Capital Works expenses, and bank interest are the three categories to select from in this field. The Account Categories are set in the relevant account codes, and synchronisation will apply based on the code number and description, updating this field where the account is used in buildings, including the Old Year. This will ensure that the Statement of Key Financial Information is correctly reported.

Apply Changes to Master & Buildings

This tick box will ensure that any changes made in the Master Chart building or a local building update the account in all areas. It will be controlled via Security Setup for access. Please note that buildings that may use specific account codes when completing Budgets or specific code descriptions will update this in all areas if this setting is applied. 

Take care when using this setting.


Add New Account Code

When adding a new account code, review the Master Chart to determine the account code number to use and the description that will be created. Remember that the account code number will dictate the position where the code will appear on Financial Statements.

When adding a new code to a local building the code will also be added to the old year, for the purpose of processing journals and adding codes in Budget Update.

The following instructions include creating a new account code, '14210 Insurance Premium'.

  1. Search or select Account Maintenance.
  2. Click Add New.
  3. In the Code field, enter the nominated number, and the description of the account code capitalisation on the description should be applied.



  4. Enter any other information as required, and the critical fields to check include the Tax Code and Non-Mutual Income. For NSW buildings, use the Category field.  For further information, review the configuration areas above if they are required.
  5. Click Save.

If adding the account code from the Master Chart building, additional Default Update Codes for Sub-Groups are available. Further information on this type of setup is available here.


Copy an Account Code to Buildings from the Master Chart

To copy an account code from the Master Chart to either a single or multiple buildings, the process below can be applied. Security Setup will apply to this area.

  1. Search or select Account Maintenance from the Master Chart building.
  2. Use the Search field from the Account code list to enter either the description or number of the required account code. 
  3. Select the Copy Account to Other Buildings icon.
  4. From the Building Selection window, tag the required plans. If all buildings are required, Crtl+A will tag all.
  5. Click Select.



  6. There will be a message to confirm that the account code has been copied to the selected buildings.


Adding an Account Code to a Building from the Master Chart

The following instructions will show you how to add an account code that already exists in the Master Chart to a single building. 

  1. In the building to which you wish to add the account code, search or select Account Maintenance.
  2. Click Add From Master Chart.
  3. Use the Search field from the Account code list to enter either the description or number of the required account code. If unsure, scroll through the list to find the account code.
  4. Select the account code and click OK.


Editing an Account Code

StrataMax allows you to edit the description, type, account type, comments, tax code, non-material item, restricted access, account group, and account category of an account code. Editing an account code should be done with extreme care, as this will be updated in both the Master Chart building and any building that may be using this account code.

  1. From either the Master Chart Building or the local building, search or select Account Maintenance.
  2. From the Account Maintenance window, use the Search field from the Account code list to enter either the description or number of the required account code. Click the pencil icon to edit the account setup. Note the number cannot be changed.
  3. Review the fields of information and adjust as required.
  4. Apply Changes to Master Chart & Buildings will be ticked by default. This setting should be considered and unselected if the change should not affect the Master Chart or other buildings.
  5. Click Save.


Deleting an Account Code

An account code can only be deleted if there has never been any transactions posted in the selected building.  If the account has previous transactions then the restrict access option can be used as an alternative.

If there are multiple entries for the same or similar account codes, Change Code Number can merge two codes and all respective transactions within those codes will be merged into the same account code.

The instructions below show how to delete an account code.

  1. If you wish to delete the account code in the building, search or select Account Maintenance.
  2. Use the Search field from the Account code list to enter either the description or number of the required account code.
  3. Click Delete on the account code that needs to be removed.
  4. Click OK to message: Are you sure you want to delete account XXXX from this building.


Account Codes that cannot be deleted due to existing transactions will receive the below message:


Deleting Account Codes that include Levy Income Accounts

If an account that requires deletion is an income account, it may be assigned in the Levy Invoice Code Setup area. In that case, this area will need review, and the account code will be removed before being allowed to delete the income account.

  1. Save this adjusted setup after deleting the income account's non-used Levy Invoice Code Setup line. Close out of this window.
  2. Search or select Account Maintenance.
  3. Use the Search field from the Account code list to enter either the description or number of the required account code.
  4. Click Delete on the income account code that needs to be removed.
  5. Click OK to message: Are you sure you want to delete account XXXX from this building.


Account Codes that have not had the Levy Invoice Code Setup update applied first will receive the below message:


Second Debtor Main

Secondary Debtors are used for billing purposes outside of a standard owner and levy billing scenario. This Second Debtor Main type is generally set at the install stage, and the Master Chart will contain this balance sheet for the Second Debtor Main account type. This type of account is used to create individual debtor accounts, total these accounts, and report on the Balance Sheet. A Secondary Debtor Setup is no longer required.

If existing second debtor codes exist, the local code cannot be changed, and the total balance will be reported using the Second Debtor's Main account. 

When processing a Building Transfer, if no second debtors are included, the Master Chart balance sheet Second Debtor Main account can be added to the local building using the Add From Master Chart button, and second debtors can be added as needed.


Export

To export the Account Maintenance table into an Excel report from either the Master Chart or the local building, apply the below. The Master Chart will include all codes, and the local building will include the ones for the specific building; 

  1. Search or select Account Maintenance.
  2. Click Export.
  3. This will export the information into an Excel worksheet, including any Hidden or Restricted account codes. 


Log

To review log information around changes made to account codes, this area will offer a search screen using the Category: GeneralLedge. This can be set to look at a building or the Master Chart (0000) type. Any recent search, including the advanced settings, can be saved to load as a saved search for future use.