ACCOUNTING OF AN OWNER’S ASSOCIATION
Owner’s Association (OA) accounting is specific, in that it is accounted like a non-profit organization (meaning it has a different directing accounting chart). All expenditures are therefore billed as a usage of administrative backups and there should never be a deficit by the end of the year. Though OA can manage simple-range accounting, due to the activity of the association we recommend going the way of double-entry bookkeeping.
A committee is responsible for the accounting of an OA and in the case of an RS inspection the sanctions are 3 and 6 % of the assets’ value. Because of this, we recommend the services of professionals who work in this field and have the knowledge how to deal with it.
Standard range of provided services:
- OA accounting schedule processing
- billing of all accounting documents
- accounting diary management
- ledger management
- cash book management
- claims and obligations book management
- monitoring of the individual accounts’ balances
- keeping records of the fund of repairs by individual owners
- Internet banking payments
- processing of corporate income tax returns, balance sheet, profit and loss statement and attachments
- consulting and inspections before the RS