TC11: RESIDENTIAL SERVICE CHARGE ACCOUNTS GUIDANCE

A one day interactive discussion forum addressing best practice for service charge accounting.

WHAT YOU WILL GET OUT OF IT:

• Understand the difference between corporate and service charge accounting
• Gain an overview of corporate accounts: RMCs, dormant companies, legal requirements, etc.
• Learn best practice for service charge accounting from budget to year end
• Find out about the management of receipts and payments
• Explore the procedures for the accurate allocation of costs
• Learn bout the production of accounts under lease and legal requirements
• Explaining service charge accounts - accruals, prepayments, balance sheet
• Understand reserve fund expenditure
• Find out how to treat year end surpluses and deficits
• Learn about the chain of responsibility including who signs off the accounts
• Appreciate the benefits of adopting new articles for RMCos
• Understand taxation issues in connection with RMCos and with service charge accounts/income
• Get the opportunity to discuss common problems encountered in presenting accounts to clients and leaseholders

WHO SHOULD ATTEND:

• Accounts staff who need to understand the requirements of lease and law in the production of accounts
• Property managers whose input is required during the service charge year from their clients
• It may also be suitable for senior managers who are responsible for the corporate strategy within their accounts department

This course has been revised to provide for discussion on the recent release of FRED 50 (the Financial Reporting Council draft on RMC's Accounts) and its implications for property managers, their clients and external accountants.

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