What financial records must a body corporate keep?
The financial reporting requirements for a body corporate in Queensland are in-step with responsible financial management principles, namely a written reconciliation statement prepared each month for all accounts.
The body corporate manager must prepare reconciliation statements within 21 days from the last day of each month. If there is no body corporate manager, the body corporate treasurer should complete the reconciliation statement each month.
The statements must match a financial institution statement showing the amounts paid into and from each account during the month with relevant invoices and other documents showing payments into and from those accounts.
Further reading
- How should a body corporate’s finances be managed?
- What banking requirements must a body corporate meet?
- Committees need to manage funds for the long-term
- What are body corporate levies?
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