StrataCash Accounts

StrataCash accounts, developed in conjunction with one of Australia's leading banks, have been specifically designed to cater for the needs of the strata industry. They deliver all of the normal account functionality such as EFTs, cheques, credit interest, statements and more. The accounts can also be integrated with StrataMax and StrataPay, as well as other software programs.

StrataCash accounts are used by over 17,000 owners corporations and bodies corporate managed by some of the largest strata management firms in Australia. StrataCash helps strata managers streamline processes and save time with the daily banking tasks.

• StrataCash account functions
• Opening or closing an account
• Term Deposit Management
• Traces and recalls
• Transaction enquiries
• General banking enquiries
• Periodic Payments
• Stop Cheque Payment request
• Certificate of balance request
• Statement request
• Authorise EFT payments
• View log
  
  

Cheques

The printing of in-house cheques is regulated by the Australian Paper Clearing System (APCS), which is overseen by the Australian Payments Network (AusPay). Please refer to their web site for all procedures and regulations pertaining to cheques, here: https://www.auspaynet.com.au/resources/cheques

Print a sample cheque from a building that uses the bank required so that the MICR line location/alignment can be checked. This should be done on the printer normally used for cheque printing that uses MICR toner, as different printers print slightly differently.
The sample(s) should also be printed on actual cheque paper. There are strict rules governing the MICR line location for cheque formatting, in order for issued cheques to be able to be read electronically for bank transaction processing. For this reason, particular care should be taken when loading the cheque paper into the printer. If this is not perfectly aligned, a discrepancy of a couple of millimetres could be enough for the MICR line position to be outside of the required area, regardless of whether the settings are correct.

Print Sample Cheques

1. Search or select Payments.
2. Click the Print Payments tab.
3. Select the Sample radio button under the Payment Select section.
4. Select the printer by clicking the ellipsis button […] button, (both cheque and EFT printing is required).
5. Select the Original Only radio button in the copies section.
6. Click the Print Payments 
   • Right-click this button to preview the cheque on screen first, before printing.

Checking MICR line

Once a sample cheque has been printed, place the cheque page in the gauge.

Sample of MICR gauge

The position they should be located:

Adjusting the MICR Line

Use MICR/OCR Setup to set the exact location for printing the MICR line or the OCR line, and individual elements each is made up of. Your bank will inform you if the MICR line is out of position and needs adjusting. You should also periodically check the alignment of the MICR line on cheques you print to make sure it is in an acceptable position.

1. Search or select Payments.
2. Select the Tools > MICR/OCR Setup.
3. In the Format Name table select SCM, and click the Edit button.
4. Adjust the positions as required, starting with the MICR Print Line, as it easier to adjust one item at a time.  Once the MICR Print Line is correct, move on to each field to ensure its position is correct.

7. Now adjust the other field positions as required.
8. Repeat the process until each field is in correct alignment, both vertically, and in the figure/box positions as per the cheque printing gauge.
9. Once all positions are correct, print ten sample cheques using the MICR toner & printer, and cheque paper.
10. Complete the AusPay Printer Identifier Registration Form, found on the AusPay web site (link above).
11. Send the form and sample cheques to StrataCash.

Levy payments by cheque

If an owner uses a cheque for payment of their levies, the previously printed Levy Notice (containing the StrataPay deposit slip) will need to be printed out again and sent with the cheque to StrataCash.

To print the levy notice again, follow the instructions in Levy Notice Stored Report.

Non-Levy Deposits

When a payment is received for other income besides levies (Insurance Claim Refund or searches). You may want to consider your deposit method based on the banking facilities you have locally, and/or the type of deposit (cheque, cash etc).

Bank of Queensland Branch
If a BOQ branch is nearby, deposit the cash or cheques using the Bank Slip Report method.

Australia Post Branch
If an Australia Post branch is nearby, cash and/or cheques can be deposited using the Print Deposit Form method with a StrataPay slip.

StrataPay Team
Cheques can be sent to the StrataPay Team using the Print Deposit Form method with a StrataPay payment slip. Cash cannot processed through this channel.

StrataCash Team
Alternatively cheques can be sent to the StrataCash team using the Bank Slip Report method with a printed bank deposit slip.  Cash cannot processed through this channel.

Print Deposit form to Deposit Funds

To print a deposit form for StrataMax, the account code/s must be set up so the system can automatically process the funds through the banking process. Please refer to the  Print Deposit Forms article for more information.

Receipt Payment | Bank Slip Report

This is a two-step process - Receipt the payment in StrataMax first, then print the Bank Slip Report:

Receipt Payments in StrataMax 

1. Search or select Receipt Entry.
2. Ensure the type is New Entry in the red box on the right.
3. Select the account code to receipt the payment to, e.g.: Insurance Claim Refund Code.
4. Enter the details, including if you received cash or a cheque.
5. Press Save.

Print  ‘Bank Slip Report’

1. Search or select Bank Slip Report.
2. Daily Banking will be tagged by default, and if you use this report regularly, the system will pick up all unpresented receipts since the report was last printed. Alternatively a date range can be specified.
3. Tag the box next to the building name in Selected Building Only if applicable, or tag all buildings.
4. Click Proceed.

If the receipt and Bank Slip Report dates are different, there will be an unpresented receipt, which will need to manually be tagged when the deposit comes through in the banking:

1. In Bank Reconciliation select the unmatched deposit transaction.
2. Click the Tag List button to view all unpresented transactions on the account.
3. Click on the appropriate unpresented receipt, and then click on ‘Add/Subtract’ so that the ‘Item to Match’ amount is the same as the ‘Total Addition’ amount at the top of the window.
4. When these match, click the Tag Marked button and the close the window.
5. The deposit in the Statement Entry/Processing tab should now be matched.