How to prepare for the Job
When being assigned to manage the condominium, by the Homeowners Association council, don't forget to verify:
- If the amount of cash money is correct according to the Income Statement.
- If the bank account balances are according width the Income Statement.
- If there is some Quote record pending (may occur if someone decides to pay after the end of the Accounting Period).
If possible, acquire all contacts of non resident unit owners from the former administrator. Other important matters to take knowledge are the pay dates to providers and payment types used.
After the meeting its needed to go to the bank and change the owners of the bank account's. The requirements to change ownership of accounts change from country to country. In some country's its only need the Meeting Minutes document signed by elements of the meeting, in other country's its required also the presence of the former Bank account owners. If possible subscribe home banking service to be able to consult account transactions at any time you like.
After the meeting take some time to get to know the tasks and organize the documentation. Get a new folder, schedule the payments, archive documents, record contacts, ...
Following this guide along the year will ensure that you always be organized. By keeping the documents in order, you will be able to confront Journal Balance's width the respective Bank Account Balance, check Cash Balance, and early detected problems like credit's in Bank Account without the necessary information to pin the homeowner of that transaction, pending debts, ...
At the end of the accounting period, closing tasks will be easy, fast and without surprises.