Record accounting transactions of the condominium syndicate when the revenue is earned and when the expense is incurred rather than when cash is received or disbursed.
The accounting of the co-ownership is managed by the members of the board of directors, or the condo manager designated by the latter. It is necessary for them to understand the rules of accounting in order to ensure the effective management of the syndicate of co-owners on a daily basis and measure its result in a reliable way. However, not all directors and co-owners are accountants by trade. It is therefore important that they understand the essentials concerning the accounting of their co-ownership. In practice, several accounting methods can be envisaged: each obeys a specific principle and often pursues a very particular purpose. There are two types of accounting: cash basis of accounting and accrual basis of accounting.
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