4.11.1 How do you manage the Reserve Fund?
The Blocks Online system allows the management of reserve funds separately from service charge funds. In order to use this facility the following actions need to be taken:
- A reserve fund bank account needs to be created.
- Access via the menu option: Finance -> Set-up -> Funds
- Select Type as ‘Reserve Fund’ and Primary Account as ‘Yes’
- The annual budget needs to include Reserve Fund figures:
- Access via the menu option: finance -> -> annual budget
- Include the reserve fund values in the ‘Reserve Fund Collection’ area
- When funds are received they will always be recorded into the primary Service Charge account. In order to track the reserve fund balance, the receipted funds need to be ‘matched’ against demands:
- Either by using the [Save & Match]option when the receipt is recorded (Finance -> fees and receipts -> record receipt)
- Or directly via the ‘Matching’ screen (Finance -> fees and receipts -> match receipts and invoices)
- Once a receipt is matched to the reserve fund component of a demand an ‘Inter Fund Transfer’ is automatically created between the Service Charge account and the Reserve Fund account. NOTE: There is NO NEED to create a separate transfer of funds from service charge to reserves as these will be automatically created by the system.
- To record expenditure from the Reserve Fund, a supplier invoice can be recorded with a Fee Type of ‘Reserve Fund’
- The bank statement can be viewed in the usual fashion:
- Access via the menu option: finance -> reconcile bank -> view bank statements
- If the reserve fund is being managed in the same physical bank account as the service charge fund then there is no need to separately reconcile the reserve fund. All receipts and payment will be visible by reconciling the service charge bank account.
Related Articles
4.11.11 How do you collect money into the service charge fund from people who don't own a unit or the money is not associated to a budget?
Whenever agents are collecting money into the service charge fund from people who don't own a unit and where the amount they pay is not associated to the budget, they can raise an ad-hoc demand using the 'Landlord / Third-party invoice' option. ...
4.2.4 STEP 4 - Create Funds and Bank Accounts
Access via Finance -> Set-up -> Funds To watch a video on how to carry out this process, please click on this video: 4.2.4 STEP 4 - Create Funds and Bank Accounts The screen displays the following: Columns: Fund Name - This is a name used in the ...
4.11.10 Why am I unable to match Invoices to Receipts
Should you find that you are unable to match Invoices to Receipts, for example, when you go to the Finance -> Fees & Receipts -> Match Receipts and Invoices screen, when you select a unit you would expect to see all the Unpaid Invoices relating to ...
3.4.12 Demands
The Demands screen in the Workbench enables you to view Demands across all the Blocks which you manage. To access the screen go to: Finance -> Accounts Receivable -> Demands. The screen has various filters that you can search by including Block name, ...
3.3.3 Supplier Invoices List Screen
The Supplier Invoices screen in the Workbench enables you to view and edit supplier invoices across all the Blocks which you manage. To access the screen go to: Finance -> Accounts Payable -> Supplier Invoices. The screen has various filters that you ...