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Glossary

Account Statement

Is an summary of all financial transactions occurring over a given period of time on a deposit account, savings account, a credit card, or any other type of account offered by a financial instituition.

 

Account Journal (on this site)

Account journal is the chronological, day-to-day transactions of the Bank Account.

 

Cash Journal (on this site)

Account journal is the chronological, day-to-day transactions made in Cash.

 

Condominium

A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the term is often used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined as an "apartment" that the resident "owns" as opposed to rents.

Condominium is the legal term used in the United States and in most provinces of Canada. In Australia and the Canadian province of British Columbia it is referred to as strata title. In Quebec the term "divided co-property" (French: co-propriété divisée) is used, although the colloquial name remains 'condominium'. In England and Wales the equivalent is commonhold, a form of ownership introduced in 2004 and still uncommon in most places. In France the equivalent is called Copropriété (co-ownership), usually managed by the Syndic.

Reference: Wikipedia

 

Homeowners Council

 A homeowners association, consisting of all the members, manages the condominium through a board of directors elected by the membership. The same concept exists under different names depending on the jurisdiction, such as "unit title", "sectional title", "commonhold," "strata council," or "tenant-owner's association", "body corporate", "Owners Corporation", "condominium corporation" or "condominium association." Another variation of this concept is the "time share" although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute.

Reference: Wikipedia

 

Income Statement (on this site)

Income statement, also referred as earnings statement, operating statement or statement of operations, is a Condominium financial statement that indicates how the revenue is transformed into assets. It displays income for a specific period, and the expenses charges against that income.

Fee or Quota (on this site)

A portion of the expenses charged  to the homeowner. Normaly the value of the quota is proportional to the commercial value of the fraction  holded.