New South Wales Consolidated Acts

STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 98

98 Transaction records

(1) The treasurer of an owners corporation must record particulars of money received or money disbursed by the owners corporation as soon as practicable after each transaction occurs.

(2) The treasurer must balance the records of transactions and carry the balance forward at the end of each prescribed period.

(3) At the end of each prescribed period, the treasurer must compare the entries in the records of transactions with the banking records for the account of the owners corporation and enter in the records of transactions--

(a) the amounts credited to the account and appearing in the banking records for which no receipt had been given, and

(b) the amounts debited to the account and appearing in the banking records for which no cheque had been drawn.

(4) Any necessary reconciliation (showing the balance in the account of the owners corporation as indicated in the banking records, and adding any money received but not banked and deducting any cheques drawn but not presented for payment) must be entered by the treasurer in the record of transactions at the end of the entries for the relevant prescribed period.

(5) In this section--

"prescribed period" means 12 months or, if an annual general meeting of the owners corporation determines a shorter period, that shorter period.