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.
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