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Topic
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Hello everyone,
Are SMs (in the ACT) required to provide access to a portal showing the financial ledger?
We are in the process of selecting a new Strata Manager (in Canberra). Some companies provide access to a portal allowing the EC to see the financial ledger showing all transactions (money in and money out). Others appear to only offer reports when requested. Getting access to the ledger was important (with the last SM) as it showed a number of anomalies e.g. insurance claims that were not submitted, units that were significantly behind in their levies, payment for work not done or not authorised etc.
Are SMs (in the ACT) required to provide access to a portal showing the financial ledger?
Thanks in advance,
WoodWalker
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Many of the Treasurer’s functions (s.43 UTMA) can be delegated to a managing agent on a day to day basis but the Treasurer is still responsible to see that those functions are carried out properly. I don’t see how that would be possible without access to financial reports. More than a decade ago all of our EC members had access to financial records via our managing agent’s website and could create reports on demand and automatically.
A strata manager has to give EC members access to records. Doing that electronically will save them a lot of bother compared with producing paper records! I would simply let any prospective manager know that EC access to on-line financial records is an essential criterion for you when selecting a manager.