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Accounting Services
In This Section
Accounting Services
- To prepare an estimate in respect of annual service charges in accordance with Section 18 of the Multi-Unit Developments Act 2011, for consideration by the OMC.
- To calculate and apportion the service charges for each unit based on the budget adopted by the OMC, to be applied in accordance with the provisions in the Lease.
- To issue each unit owner with a statement of demand for service charges to incorporate the Sinking Fund contribution (if applicable) together with a copy of the approved budget and the calculations used to arrive at the charge payable by each unit owner (including a breakdown of amount due for current financial year and any arrears balance brought forward from prior years).
- To advise the OMC on the establishment of a Sinking Fund in accordance with Section 19 of the Multi-Unit Developments Act 2011.
- To apportion the amount of contribution, payable by each unit owner, in accordance with Section 19 of the Multi-Unit Developments Act 2011 and regulations made thereunder.
- To debit service charges and sinking fund contributions approved by the OMC.
- To issue up to two Reminder service charge statements per service charge period. Thereafter, charge interest in accordance with the terms of the Lease and issue Final Demand Notice. Forward account details to Debt Recovery Office for collection. Debt recovery charges may apply to the unit in default and where charges are not recovered, the cost would be offset against the interest collected.
- To administer penalties for late payments as directed by the OMC where permissible.
- To answer queries from owners on service charges and sinking funds.
- To prepare a report of overdue service charges for OMC directors quarterly or as otherwise directed.
- To provide receipts for all cash received.
- To provide a copy, on request by a unit owner, of the annual statement of the unit owner’s services charge payments and sinking fund contributions.
- To administer the OMC’s finances in accordance with the provisions of the Property Services (Regulation) Act 2011 and regulations made thereunder.
- To provide income and expenditure reports for OMC directors' meetings and as otherwise requested by the OMC.
- To reconcile bank statements and provide reconciliation reports to the OMC's Auditor.
- To pay invoices for goods and services, in accordance with the approved service charge budget.
- Prepare and provide the relevant accounting records for the OMC’s accountants and auditors.
- Respond to accountants and auditors queries arising from the preparation and audit of the OMC’s accounts.
- To prepare an estimate in respect of annual service charges in accordance with Section 18 of the Multi-Unit Developments Act 2011, for consideration by the OMC.
- To calculate and apportion the service charges for each unit based on the budget adopted by the OMC, to be applied in accordance with the provisions in the Lease.
- To issue each unit owner with a statement of demand for service charges to incorporate the Sinking Fund contribution (if applicable) together with a copy of the approved budget and the calculations used to arrive at the charge payable by each unit owner (including a breakdown of amount due for current financial year and any arrears balance brought forward from prior years).
- To advise the OMC on the establishment of a Sinking Fund in accordance with Section 19 of the Multi-Unit Developments Act 2011.
- To apportion the amount of contribution, payable by each unit owner, in accordance with Section 19 of the Multi-Unit Developments Act 2011 and regulations made thereunder.
- To debit service charges and sinking fund contributions approved by the OMC.
- To issue up to two Reminder service charge statements per service charge period. Thereafter, charge interest in accordance with the terms of the Lease and issue Final Demand Notice. Forward account details to Debt Recovery Office for collection. Debt recovery charges may apply to the unit in default and where charges are not recovered, the cost would be offset against the interest collected.
- To administer penalties for late payments as directed by the OMC where permissible.
- To answer queries from owners on service charges and sinking funds.
- To prepare a report of overdue service charges for OMC directors quarterly or as otherwise directed.
- To provide receipts for all cash received.
- To provide a copy, on request by a unit owner, of the annual statement of the unit owner’s services charge payments and sinking fund contributions.
- To administer the OMC’s finances in accordance with the provisions of the Property Services (Regulation) Act 2011 and regulations made thereunder.
- To provide income and expenditure reports for OMC directors' meetings and as otherwise requested by the OMC.
- To reconcile bank statements and provide reconciliation reports to the OMC's Auditor.
- To pay invoices for goods and services, in accordance with the approved service charge budget.
- Prepare and provide the relevant accounting records for the OMC’s accountants and auditors.
- Respond to accountants and auditors queries arising from the preparation and audit of the OMC’s accounts.
