TC44: INTRODUCTION TO ACCOUNTING FOR SERVICE CHARGES
A one-day interactive course 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.