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How to keep the accounting of a community of owners

December 9, 2019
How to keep the accounting of a community of owners

Living in a community of neighbors requires compliance with a series of rules and behaviors that ensure a good coexistence and the well-being of each of the members that are part of it. But this is not the only aspect that must be shared since the management of accounts in a community of owners is an unavoidable task that must be carried out with precision. In this article, we tell you in detail how to keep the accounting of a community of owners.

Steps to follow:

1. In the communities of owners, all residents must be informed of common accounts. Therefore, the holding of the owners’ meetings will be used to approve the accounts of each year, take stock of expenses and income, and make the pertinent decisions about future movements or actions.

2. Normally, the figure of the president or the administrator of farms (if they have hired their services) is responsible for keeping accounts and ensuring the proper functioning of economic activity in the community. Despite being available to the capital of the community, the person responsible for accounting cannot use it without the authorization of the rest of the owners, who must make a joint determination beforehand.

3. To make optimal management of the accounting of a community of neighbors, the responsible person must write down in an Account Book all the income and general expenses of the community. In other words, being up to date with the usual transactions such as payment of owner fees, spills, reserve funds, payments for cleaning services, employees, etc. up to other extra income for rental of premises, advertising posters, etc.

4. Once the annual exercise is finished, the community accounts must be approved in a neighborhood meeting, as we pointed out. At this time, details will be presented on all expenses and income, debts if they exist, and, also, a review of the fees of each of the owners must be carried out and the forecast for the following year must be reported.

5. Being in charge of the accounting of a community of owners can be a rather complex task and, in many cases, it is convenient to have professional advice for better management and avoid conflicts at the same time. Now, thanks to the online accounting managers, there is the possibility of doing accounting management in a simple, agile way and without having any type of knowledge in the matter.