CONDOS
AMG Realty & Property Management Inc. provides professional accounting for self managed condominium boards.
Skip to Services Offered by the AMG Team
EDUCATION
Our CPA’s have written the accounting section for the upcoming Alberta Real Estate Association Property Management course.
We realize understanding financial statements can be challenging. Unless you work in accounting or have extensive business experience odds are you may require help understanding the numbers. We take a step-by-step approach to them building up the board’s financial literacy by offering training in:
- Operating Funds
- Reserve Funds
- Budgets
- Operating Statement
- Balance Sheet
Professionalism
Our dedicated CPA will advise and review your monthly condo statements with Board Treasurer or President. Many bookkeepers will only email you the financial statement package and not provide any analysis or explanation, leaving you in the dark. Our CPA’s enjoy interacting with the Boards and take pride in building long-term relationships.
We realize that you are busy so we provide three communication channels for you to choose from:
- Phone
- Zoom
COMPLIANCE
Condominium accounting is a specialized field that is governed by the Condominium Act in Alberta. Most bookkeepers and non industry accountants are not aware of the requirements. Even some property management companies may neglect keeping up to date on the latest requirements. At AMG, each month’s financial statements are reviewed by an experienced property management CPA to ensure accuracy and compliance with provincial requirements.
Accounting
- Process and pay payables after board approval
- Reconcile bank accounts and reserve investments
- Bookkeeping
- Prepare financial statements with invoices on a monthly basis
- Review and approve monthly financial statements
- Advise and review monthly condo statements with Treasurer or President. Three communications options:
- Phone
- Zoom
- Email out monthly statements before 15th of the following month
- Manage funds transfer for reserve transfer and book reserve expenditures
- Discuss reserve plans
- Assist auditors with the year end audit
- Issue T4’s (if necessary)
- Submit GST (for mixed use condominiums)
- WCB filing and annual reporting (if necessary)
- Property management accounting training for boards is available
BANKING
- Setup EFT and change condo fees for change in budgets and special assessments
- Change and setup new owners
BUDGETING
- Prepare the annual budget for board review. Meet with board to review the yearly budget.
COLLECTIONS
- Prepare and send arrears letters
- Store owners’ letters (arrear letter, bylaw letter and fines) and documents
- Other Income (Parking, Guest Suite, Facility Rental, Laundry, Car Wash)
DOCUMENT MANAGEMENT
(available upon request)
- Store documents for the condo
- Help with estoppels and documents required by the condo
- Record of bylaw infraction letters and fines
- Annual Form 8 filing to update Board members with land titles
INSURANCE
(available upon request)
- Insurance policy renewal – collect and compare quotes.
- Insurance claims in progress and insurance claims recoverable
For more information, please contact our team expert today!
Peter Jagpal
Associate Broker
AMG Realty & Property Management Inc.
Direct: 403-809-2016 | peterjagpal@amgrealty.ca
Office: 403-455-4337 | Fax: 403-776-7720
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