TC44: INTRODUCTION TO ACCOUNTING FOR SERVICE CHARGES
ARMA ONLINE TRAINING
As you are aware, we are all in unprecedented times. We know that the COVID-19 Pandemic will have an impact on people and companies on an unparalleled scale and exactly how it will unfold is still uncertain.
Recently imposed restrictions to daily life have forced us to quickly adopt different ways of working, learning and connecting with each other.
We know that social distancing measures will be in place for the foreseeable future and during this time ARMA has adapted its classroom training courses and will now offer them as live online training.
We are aware during these difficult times that training courses will need to be run to suit our members needs and rather than running a full-day course over one full-day we are running these over consecutive days to allow you to plan your day accordingly around this. Full details of the dates and times are provided on each course by selecting READ MORE/BOOK.
We are able to offer block bookings to members at a further discounted rate and also provide online in-house training courses for your staff. Please also contact us directly for further information on this: firstname.lastname@example.org
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A 6-hour course being be run over 3 consecutive days (2-hours per day) walking through the financial year of a property. This course is aimed at individuals with less than 18 months experience in the industry.
What the course covers:
• Understanding the difference between the management agreement and the lease in the context of financial management
• Understand the difference between corporate and service charge accounting
• Key pieces of legislation to be aware of
• How to ensure you set a site up in accordance with the lease from the start of the management
• Best practice for setting a budget
• Billing and collection requirements
• Handling lessee’s money
• Appointment of contractors and placing of contracts
• Processing of invoices and common mistakes to consider
• Use of reserve funds and benefit of long-term maintenance plans
• Periodic client reporting: budget v actuals and cashflows
• Production and understanding of service charge accounts
• Being prepared for accounts discussions with clients
• Leaseholders rights to financial information
• Treatment of surplus/deficits
Accounts staff who are new to the role/the industry and need an understanding of what is required from them.
Property managers and assistants who are new to the role and will be required to work with clients in a financial capacity i.e. budget setting and reviewing service charge accounts.
This course would also be suitable for those in lettings moving into residential leasehold management.
NOTE: This course is not designed to teach book-keeping.