Recently we received a new client using three different bank accounts. One for levies, one for admin fund and one for sinking fund. Hundreds of transactions between three different accounts quickly pile up into a complicated tangle that will take ages to unravel come EOFY. This system is both complex and unnecessary! With sophisticated software (such as our own) one bank account is all you need, and significantly simpler.
Another banking complication we often find with clients is issuing both discounts and penalties on levy payment. Without good software to track payments this system quickly becomes increasingly complex as everyone pays a different amount.
Remember, Keep It Simple! Your records will be easier to follow and your free time will increase.