New South Wales Consolidated Regulations

STRATA SCHEMES MANAGEMENT REGULATION 2005 - REG 7

7 Cash record

(1) As soon as practicable after a transaction is effected, the treasurer must enter:

(a) in a receipts section of the cash record-particulars of all money received, and

(b) in a payments section of the cash record-particulars of all money disbursed.

(2) At the end of each prescribed period, the cash record must be balanced and the balance carried forward to the commencement of the next prescribed period and to a ledger account provided for that purpose.

(3) At the end of each prescribed period, the treasurer must:

(a) compare the entries in the cash record with the banking records for the account of the owners corporation, and

(b) enter in the cash record:

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

(ii) 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 in the cash record at the end of the entries for the relevant prescribed period.

(5) In this clause:
"banking records" means the passbook, deposit book, or statement of deposits and withdrawals required to be kept under clause 5 for the account of an owners corporation.
"prescribed period" means 6 months or, if an annual general meeting of the owners corporation determines a shorter period, that shorter period.