April 1, 2020 at 8:50 am #157482RichelleModerator
Listen to this podcast episode here.April 3, 2020 at 5:54 pm #163894mcMember
Just a note about waiving interest on levies for a period for strata managers using industry software. We have been told to be very careful when doing this as simply turning interest off and then on again later in the software may result in recalculations across all arrears.
For example, when you make interest zero it is zero for all arrears and credits may appear where owners have paid some interest. When you resume it at 10% it will go back and calculate 10% on all arrears even if the owners have decided for a certain period inteerst should be zero. We have been advised that there are very specific steps that have to be taken on a levy by levy, owner by owner basis to be able to isolate it to particular levy periods (we use Stratamaster). We are waiting for more guidance on this issue from them.April 7, 2020 at 1:27 pm #172628Amanda FarmerExpert
I asked Reena about this – she uses StrataMax. She says they have not had a problem waiving interest ‘in bulk’. Perhaps tell StrataMaster they need to up their game on this quick-smart!
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