Can you tell a good story?

1. What is the task?

This task is about presenting financial statements to the AGM of owners corporations.

The financial statements include an Income and Expenditure Statement for both the administrative and maintenance funds. They also include a statement of the owners corporation's assets and liabilities.

8. What are the common roadblocks to producing timely and accurate financial statements?

• Not holding AGMs each year as required.
  Solution: At the end of each AGM, agree the date for the next AGM, and enter this into the shared diary. See also the Operating Procedure for holding AGMs.
• Lazy and incorrect accounting will lead to inaccurate financial reports. They will present a misleading account of the scheme’s financial position.
  Solution: Double and triple-check entries on the ledger, perform quarterly audits, and diarise and organise your financial records effectively.
• Using incorrect accounting codes.
  Solution: Use accounting codes specific to the scheme’s budget.
• Not understanding or misinterpreting variances.
  Solution: Some variance is inevitable throughout the year with unforeseen circumstances arising. Minimise the variance before the AGM by changing the accounting codes in the general ledger for uncategorised items.
• Understanding brought forward balances from the previous manager.
  Solution: Check the general ledger. Ensure income and expenses are coded correctly.