Financial Services

Running the Numbers

At Rancho, your property manager will work with you to establish trust and accountability over your communities finances. Below is a listing of the accounting services we offer to all our managed condominium properties.

Looking over numbers in boardroom

Accounting Services Offered

Collecting Condo Fees:

Receive, record and deposit monthly Condo fees collected from all owners and deposit them in a Trust Account, and maintain full records thereof.

Collection of Delinquent Accounts:

We take the collection of delinquent accounts seriously. We have a firm policy of First and Final Notices being issued, then off to legal for a placement of a Caveat, if necessary. Mortgage companies are also advised during the notice process to encourage their involvement in assisting with the collection process.

Accounts Payable:

Receive, review and pay all invoices. To ensure that all accounts payable for the Condo Corporation are paid on time, provided that funds are available.

Sale Documentation:

Provide documentation on our website through MyCondo Rancho Docs Online as required for the sale of any Condominium unit.

Prepare Operating Statements:

Prepare every month operating and cash position statements including full General Ledger details. This Statement will include an owners' accounts receivable report. Maintain the books of account and records of the Condominium Corporation in accordance with standard accounting practices.

Year-End Financial Statements:

Provide a Year-End Financial Statements and arrange for auditing as directed by Condo Board.

Budget:

Prepare, draft Operating Budget for Board approval with details to reflect the anticipated disbursements required for the following year. Conduct an annual review of the Reserve Fund Plan for anticipated reserve expenses for discussion with the Board.

Maintain Registry:

Maintain a registry of owners and tenants on Newstar, Rancho’s accounting package.

Insurance:

As instructed by Condo Board, to arrange for property value appraisals and insurance coverage.

Banking:

Administer necessary bank accounts to optimise interest income on investments.

Payroll Services:

Provided for all site dedicated staff.

Electronic Invoices & Purchase orders:

InQflow - Rancho utilizes this Newstar product which provides us with electronic invoice and purchase order processing. This program enables quick, efficient and accurate approval processes.