Condo Expenses -Separate Bank Accounts
Condo Corporations have two different types of expenses:
1. There are the OPERATING EXPENSES such as snow removal, general maintenance and other recurring expenses for the up-keep of the property.
2. There are the MAJOR PLANNED EXPENSES. These expenses are pre-planned, and paid for, from the Reserve Fund. Such expanses include the replacement of assets of the corporation and the updating and renovation of the common elements.
Therefore, the best accounting practice would be to have two separate bank accounts to make it easier to monitor and keep a track of all the expenses.