Property mgmt - transfer funds posting

Discussion in 'Property Tax and Accounting' started by mlbrooks, Dec 6, 2018.

  1. mlbrooks

    mlbrooks New Member

    Good Day,

    Our property management company has taken over a condominium property. The opening trial balance has been posted with opening balances. I have received (2) cheques from the previous management co. that are the bank drafts/funds, one for operating bank account and one is for the reserve fund but I'm not sure what the proper procedure would be to post them. If anyone could shed some light on this, I would be grateful.
  2. diyhelp

    diyhelp Active Member

    Could you explain this in a little more detail? I am not quite sure what the problem is. Is it just a simple bookkeeping procedure?
  3. mlbrooks

    mlbrooks New Member

    Yes it is a bookkeeping procedure. We took over a property and I have entered the opening trial balance with the operating bank and reserve bank fund balances. I have received the draft cheques from the close-out of the previous bank accounts from the previous management co. but I'm not sure how it should be posted. I'm supposed to be meeting with an accountant about the matter but was hoping someone could help me with it sooner.

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