This is general information, not tax or legal advice. Check GOV.UK or ask an accountant about your own situation.
Residents’ associations, tenant management companies and right-to-manage companies collect service charges, pay for repairs and often hold reserve funds. The people paying want clear accounts. In the US this is called an HOA; the UK equivalent has its own rules, so take advice.
Income accounts
- Service charges (regular).
- Reserve or sinking fund contributions.
- Ground rent, if you collect it.
- Interest and other income.
Expense accounts
- Buildings insurance.
- Repairs and maintenance.
- Cleaning, gardening and communal utilities.
- Management and accountancy fees.
- Lift and fire safety servicing.
Balance sheet accounts
- Service charges owed by leaseholders.
- Reserve fund (held separately).
- Bank accounts for each fund.
Keep funds separate
Service charge money is often required to be held separately from the company’s own funds, and reserve funds may need their own bank account. Use a bank account for each fund and reconcile each one. See bank reconciliation explained.
Budget against actual
Set an annual budget and compare it each quarter. See budgeting software.
Share the accounts
Run a clear profit and loss and balance sheet for the committee, and send them as a report pack.
How AvrioBooks fits
Edit the chart of accounts, add several bank accounts, set budgets and run reports. AvrioBooks is not a property management system, so it does not issue demand schedules or manage leaseholder portals.
What AvrioBooks does not do: it is accounting software, not a payroll, time-tracking or job-scheduling system, and it has no automatic bank feeds (it imports CSV, OFX, QFX and QIF statements). Use specialist tools for those jobs and bring the figures into your books.
Frequently asked questions
Can I customise the chart of accounts?
Yes. Add and edit accounts to match your structure.
Can I keep the reserve fund separate?
Yes. Add a bank account for each fund and reconcile each one.
Does AvrioBooks manage leaseholders and demands?
No. It is accounting software, not property management software.
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