Transactions in StrataMax

This article contains general information about transactions in StrataMax, and will help you determine what type of transaction should be used in a specific scenario. It also covers the various transaction types, when to use and how best report and review.

Reporting and identifying the references used is most commonly done in these screens:

StrataMax Transaction Types Video 

Transaction Types

When a transaction is written to the general ledger in StrataMax, it will have a Reference number. Understanding what these reference numbers mean and what process created them, will help when having to troubleshoot particular issues, or when adjustments need to be made.

Below is a list of the different references used throughout StrataMax:

Transaction Status

As transactions are created using these references, they may also go through a different status, this will also be evident on some reports – mainly internal (non-owner) reports such as the transaction list.

Different statuses include:

  • P – for an item that is presented on the Bank reconciliation but also P for printed for a payment – EFT / BPay / Cheque or Direct Debit.
  • Reversal – for an item that has been entered and subsequently reversed, possibly and reported in the extra detail’s column on the transaction list o a receipt o a payment o an invoice.
  • X – for a pair or set of transactions that total $0.00 and will be hidden on some reports. Transactions on a Lot as an example – completed by the system to rationalise the balance of each fund when a levy is generated; Manual entries that meet these criteria can also be hidden by the user using Transaction Report Manager.
  • E-012 – Receipts for sub-group.
  • EDIT – Creditor – to update some details on a creditor invoice, prior to being paid (not able to be edited if already paid) like CRN / Invoice Number / details.

Transaction Numbers

Each transaction, regardless of type or status will have a unique number; Some numbers are associated together with similar number – like a receipt that is split into several funds. Other numbers are also used on transactions such as:

  • A Levy Number when generated from Levy Management – will be associated with all transactions created to each lot and be reported on the transaction list in the special Ref column.
  • Invoice Code numbers – these are numbers that predominantly apply to Lot transactions to help allocate to the correct fund. Levies / Interest / Other invoice codes have associated numbers and receipts also then apply correctly based on the posting priority and these can be reviewed in Levy Invoice Code Setup.
  • Posting Period – the 12 months of the year are identified on each transaction with a posting period; this determines which month to report items in mainly when using a back dated set of reports so that some months are excluded. For example in financials statements / trial balance / GST Report to a prior end of month, quarter, etc. July = posting period 17; August = posting period 18 and so on;

Other Items

Some transactions may report with special characters to help internally recognise a particular transaction type. These will help internally or if an accountant or auditor is reviewing the general ledger transaction list:

  • An ‘**’ on the transaction list (in either preview or report mode, indicates that there is No GST on this transaction)
  • A ‘#’ symbol indicates a transaction that is on hold for payment at a later date or possibly a building that has invoices on hold for approval on the Invoice Hub.

Transaction Types to Use

Some areas of processing should only use certain transaction types, this is important to ensure that the processes work as expected:

  • Creditor / Supplier Invoices
    • Only amend the balance of a creditor with a
      • Creditor Invoice or Credit Note
      • Reversal of unpaid invoice or a
      • Payment or Payment Reversal 

The process for successfully being able to pay a supplier’s invoice needs the transactions to be a particular reference type of ‘D’ for the invoice and then when the payment is trying to add up what should be paid these records are used to determine the total of the payment. The processing of the Payment (EFT / BPay / Cheque) then will mark (tag) these invoices as paid

In the instance where a journal is entered to a Creditor account, this amount doesn’t have the correct reference type and may cause issues – as an example in the case of a creditor that is paid via BPay – a journal doesn’t have the ability to record a CRN or Customer Reference Number and therefore will not be able to be paid.

If you have inadvertently caused issues with invoices and creditor accounts once the balance of the account returns to $0.00 all invoices will be marked as paid.

So, using a credit note or invoice to balance to nil may allow re-entry of the required invoice (not journal) to successfully record the correct reference type and payment to be made.

  • Lot Owner / Debtor Invoices / Levies
    • Only amend the balance for a Lot with Debtor Adjustments
    • Levies via Levy Management
    • Invoice entry to create a new entry or reversal as a credit
    • Receipts from the Bank Reconciliation (maybe a receipt reversal)

Managing lot/debtor accounts with these transaction types ensures that applying of funds on a receipt can try and identify which items, such as levies with a due date, should be paid first based on levy invoice code priority. Journals to a lot/debtor account don’t have an associated due date – similar to items currently processed as Other.

Opening Balances
Always use Opening Balance Setup, which will allow checking amounts balance, saving for later and then processing of journals for the current year or creation of an old year.

Journal Preparation (Current Year)
Using the above options should limit the requirement for journals to be processed, particularly in the current year.

Journal Preparation (Old Year)
Processing in the old year will only allow journals which is appropriate when entering amounts for accrued expenses, received after the end of the financial year or possibly if prepayments were not processed at the time the invoice was entered and if amounts now relate to the current year.

Alternatives to consider in the old year, for existing transactions, prior to the use of journals should be:

Change Transaction Code
Used for entries that need to be moved from one code to another (in the same fund) or if a creditor expense, may be allowed to be transferred to another fund to help with budget alignment.

GST balance Adjustments
Always should be used to correct GST on an invoice not done correctly at the time – this ensures the amounts are reported correctly on the current period BAS with the correct details for the system to recognise