Your First 30 Days as a New Strata Treasurer

You've just been elected treasurer of a self-managed scheme, and somewhere between the AGM and now it has dawned on you that "treasurer" doesn't come with a filing cabinet. There's a bank account you can't yet see into, an insurance policy you've never read, a levy run due at some point, and a predecessor who may or may not answer their phone. The job isn't hard once you can see the money — the hard part is the first month, when you're chasing access to things other people control. This guide is a 30-day plan for exactly that: getting hold of the accounts, the insurance, the roll, the records and the logins in the right order, so that by day 30 you're actually running the finances instead of guessing at them.

What the treasurer role actually is

Before the checklist, it's worth being clear about the job you've taken on, because the size of it drives how urgently you chase things down. On a self-managed scheme the treasurer is responsible for:

• The bank accounts in the scheme's name — usually an administrative fund account and a capital works (sinking) fund account — including who is authorised to operate them.
• Levies — raising them against each lot, issuing notices, banking the money, and chasing arrears.
• Payments — settling the scheme's invoices (insurance, utilities, repairs) with a proper record of each one.
• The books — keeping the two funds separate and reconciled, and being able to produce financial statements for the AGM.
• The records — the financial records the legislation requires the scheme to keep, retrievable when an owner or auditor asks.

None of that works until you have access. So the first 30 days are mostly about access, not accounting.

Why the first month matters

• Levies and bills don't pause for a handover. Insurance renews, utilities fall due, and a levy period ticks over whether or not you can see the account. A gap in access becomes a gap in payments.
• Access walks out the door with people. The single most common self-managed disaster is the only person who knew the bank logins moving out or falling out with the committee. Every day you don't have your own authority in place is a day you're relying on someone else's goodwill.
• You're now accountable for records you haven't seen. From the day you're elected you're responsible for the scheme's financial records — including whatever state they were left in. You want to know that state early, while you can still fix it calmly.

The four things you're really chasing

Everything in the next 30 days ladders up to getting hold of four things. If you do nothing else, get these:

1. Bank access and signing authority — the ability to see the accounts and to authorise payments, with your name on the mandate.
2. The insurance certificate of currency — proof the building is insured right now, and the renewal date.
3. The strata roll and owners' contact details — who owns what, and how to reach them.
4. The records and the logins — the financial history, and every username and password the scheme runs on.

The plan below just sequences those sensibly across four weeks.

Week 1: establish authority and stop the bleeding

The first week is about making sure nothing critical fails while you get organised, and starting the slowest process — the bank — immediately, because it takes the longest.

Get the paperwork that proves you're treasurer

• Get a copy of the AGM minutes recording your election (and the election of any co-signatories). The bank will want this.
• Confirm exactly who else was elected — chairperson, secretary, other committee members — and their contact details.
• Find the scheme's registration details: the strata plan number, the owners corporation / body corporate / strata company name exactly as registered, and the ABN if it has one.

Start the bank change of authority — today

Changing who can operate a strata account is the single slowest task in the handover, so start it in week 1 even if everything else waits.

• Identify which bank and which accounts the scheme holds. There should be at least an admin fund account; there is very often a separate capital works / sinking fund account.
• Ask the bank for its change-of-signatory process for an unincorporated association / owners corporation. Expect to need the AGM minutes, ID for each new signatory, and possibly a completed bank form signed by outgoing and incoming signatories.
• If the outgoing treasurer is cooperative, get them to co-sign the change now, while they're still willing.
• Set the mandate up so more than one person can see the accounts and payments need two authorisers if your scheme's size makes that practical. A sole-signatory account is how schemes lose money and knowledge in one move.

Confirm nothing urgent is about to lapse

• Ask when insurance renews and whether the current premium is paid. An unpaid renewal is the emergency that can't wait for the full handover.
• Check whether a levy notice is due to go out in the next few weeks.
• List any direct debits or recurring payments coming out of the account, so you know what's scheduled before you can see the statements.

Week 2: get the records and the logins

With the bank change in motion, week 2 is a collection exercise. Your goal is to have, in your own hands, everything the scheme's finances run on.

Documents and information to collect

• Bank statements for at least the last 12 months for every account.
• The current insurance policy and certificate of currency, plus the most recent building valuation used to set the sum insured.
• The strata roll: every lot, its owner(s), unit entitlements, and current contact details.
• The latest financial statements and the budget approved at the last AGM.
• The levy register — what's been levied against each lot, what's been paid, and who's in arrears.
• Outstanding invoices and any unpaid bills.
• The capital works forecast / maintenance plan, if one exists.
• Copies of the scheme's by-laws and any prior AGM/committee minutes.

The logins — write down every single one

Passwords are where handovers quietly fail. Sit down with the outgoing treasurer (or whoever has them) and capture:

• Online banking logins and any security devices or tokens.
• The email address the scheme uses, and its password — insurers, the bank and owners may all send things here.
• Any strata software, accounting tool, or spreadsheet the scheme's books live in, and where the files are stored.
• Logins for the insurer's portal, utility accounts, and any government or council portals.
• The domain or website login, if the scheme has one.

Change the passwords once they're handed to you, and store them somewhere a second committee member can also reach in an emergency. The point of the handover is that the scheme never again depends on one person's memory.

If there's no one to hand over from

Sometimes there's no cooperative predecessor — they've sold up, resigned in anger, or simply gone quiet. Don't burn week 2 waiting. Reconstruct from the outside: the bank can re-issue statements to the correctly authorised committee, the insurer can confirm the policy and re-send the certificate, and the land titles office / owners records can rebuild the roll. There's a dedicated playbook for this exact situation — see Your Treasurer Resigned and No One Can Access the Bank or Find the Records.

Week 3: reconcile and understand the numbers

By now you can (or nearly can) see the accounts. Week 3 is where you turn a pile of documents into an accurate picture of where the scheme actually stands.

Reconcile the position

1. Confirm the bank balances across both funds against the latest statements.
2. Separate the two funds in your head and in the books — administrative fund and capital works fund are legally distinct, and money raised for one generally can't be spent on the other. If you're unsure what each covers, read Admin Fund vs Capital Works Fund: What Can You Legally Spend From Each?.
3. Reconcile the levy register — for each lot, does what's been paid match what's landed in the account? Note every discrepancy.
4. List the arrears — who owes what, and for how long. This is your starting point for fair, consistent follow-up.
5. List committed spending — invoices due, scheduled works, the next insurance premium.

Things to verify

• The sum insured on the building policy looks current against the most recent valuation — under-insurance is one of the biggest risks a scheme carries.
• The budget the last AGM approved matches what's actually being levied.
• Unit entitlements in the roll are the figures being used to split levies — an error here quietly makes every levy wrong.
• There are no mystery transactions in the statements you can't tie to an invoice or a levy.

Week 4: set up your system and close the loop

The last week is about making sure month two runs on rails rather than memory.

Put a simple system in place

• Decide where the books live — a spreadsheet is fine for a small scheme, provided it's backed up and a second person can reach it.
• Set a routine: a monthly reconciliation, a levy run each period, arrears followed up on a consistent schedule.
• Diarise the fixed dates: insurance renewal, levy due dates, the AGM, and any state compliance deadlines.
• Establish dual visibility — at least one other committee member can see the accounts and knows where everything is. Continuity is a governance requirement, not a nicety.

Records to keep from day one

• Every levy notice issued and payment received.
• Every invoice paid, matched to its payment.
• Monthly reconciliations tying the books to the bank.
• The insurance certificate and valuation.
• Minutes of every meeting where money is decided.

Common mistakes in the first month

1. Leaving the bank change until "later"

The change of signatory is the slowest thing on the list and the one most exposed to a predecessor going cold. Start it in week 1, every time.

2. Accepting a sole-signatory account

If only one person can operate the account, the scheme is one house-move away from losing control of its own money. Build in a second authoriser as part of the handover.

3. Taking the arrears figure on faith

The levy register and the bank statements often disagree. Reconcile them yourself before you chase anyone — you don't want to demand money from an owner who actually paid.

4. Never changing the handed-over passwords

Logins passed to you should be changed and re-stored somewhere a second committee member can reach. Otherwise the "handover" just moved the single point of failure from one person to another.

5. Forgetting the insurance renewal

Everything else can wait a fortnight; a lapsed building policy can't. Confirm the renewal date and payment status in week 1.

Frequently asked questions

How long does getting bank access actually take?

Plan for weeks, not days. Bank change-of-authority processes for owners corporations are slower and more paperwork-heavy than a personal account, and they often need the AGM minutes plus ID for every new signatory. Starting on day one is the whole point.

The old treasurer won't hand anything over. What now?

Don't stall the scheme waiting. Rebuild access from the institutions directly — the bank, the insurer, and the owners/titles records can each re-establish what you need against the correctly authorised committee. The treasurer-resigned recovery guide walks through it step by step.

Do I need accounting qualifications to be treasurer?

No. A self-managed scheme's books are small and the arithmetic is simple. What the job actually needs is reliability and a system — issuing levies on time, reconciling monthly, and keeping records you can produce on request.

Can we pay for professional help just for the setup?

Yes. Many schemes self-manage day-to-day but pay a one-off fee to get the books straight, especially when they've inherited a mess. Self-management isn't all-or-nothing.

Quick checklist: your first 30 days

• [ ] Obtained the AGM minutes recording your election and confirmed all office holders
• [ ] Started the bank change-of-signatory process (in week 1)
• [ ] Confirmed insurance renewal date and that the premium is paid
• [ ] Collected 12 months of bank statements for every account
• [ ] Obtained the strata roll, budget, financial statements and levy register
• [ ] Captured and re-secured every login, with a second person able to reach them
• [ ] Reconciled both fund balances and the levy register against the bank
• [ ] Set up a monthly routine and diarised insurance, levies, AGM and compliance dates
• [ ] Ensured at least one other committee member has visibility of the accounts

Related resources

• Your Treasurer Resigned and No One Can Access the Bank or Find the Records
• Admin Fund vs Capital Works Fund: What Can You Legally Spend From Each?
• How to Prepare for Your First AGM as Strata Treasurer

This guide is general information for self-managed strata schemes in Australia. It is not legal advice. The treasurer's obligations and the records a scheme must keep differ between states — always check the strata legislation that applies to your scheme and seek professional advice where required.