Statement of Accounts

Discussion in 'Management companies, apartments, etc.' started by em_cat, Jun 14, 2018.

  1. em_cat

    em_cat Frequent Poster

    Posts:
    48
    Hi

    Some members have made monthly fee payments to our OMC bank account but our newly contracted managing agent say they cannot find them. Some members are asking for a statement of accounts outlining received payments for certain years however, the managing agent is refusing to send out statements & is threatening legal action for outstanding fees with incorrect amounts.

    Are the managing agent required to send out itemised statement of accounts? If the member can prove via bank statements for the monthly payments but the managing agent can’t find them then what happens?
     
  2. lantus

    lantus Frequent Poster

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    288
    Last edited: Jun 16, 2018
    If a member has bank records to prove the transfer of funds and the account details as provided are correct then no action is required.

    However if the managing agent does maintain non payment simply provide all statements as need

    Edit: the agent would have to provide a balance of payment to go to court, but not necessarily a summary of every payment made. A typical issue is no reference on the payments to identify the payee. However the omc or agent can call the bank to get required info.

    Members should engage and cooperate and if required make gdpr requests for all data held including records of all financial payments made for the effected period.
     
    Last edited: Jun 16, 2018
  3. em_cat

    em_cat Frequent Poster

    Posts:
    48
    Thanks, yes we are having this issue as the previous managing agent had no such system to identify member payments from online banking apps.

    Our new agent has but has also been adhoc about supplying the identifier codes to members.

    Kind of annoying as they are now sending out legal notices with incorrect balances owing.
     
  4. Palerider

    Palerider Frequent Poster

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    1,028
    Report the agent to the property services authority, that is what they are there for, you can prove payments made but the agent cannot reconcile, all basic stuff except these are client monies, accountability is everything.
     
  5. lantus

    lantus Frequent Poster

    Posts:
    288
    When setting up a standing order or dd just use the first line of the address?