To ensure that Qube Property Management Software continues to meet the changing needs of the property market, our Training and Consultancy staff have reviewed the latest guidance on effective Service Charge accounting being proposed by the Association of Residential Managing Agents (ARMA). As a result of this we are pleased to announce that Qube Property Management Software can fully assist organisations with conforming to the latest guidance.
The ARMA guidelines are based upon the Commonhold and Leasehold Reform Act 2002 (CLRA 2002). ARMA are constantly working with the government to develop future legislation to help their members deliver better service to leaseholders.
As well as conforming to residential Service Charge requirements, Qube Property Management Software is equally capable in the management of Commercial Service Charge procedures as stated in the Royal Institution of Chartered Surveyors (RICS) Service Charges in Commercial Property Code of Practice, 2007 guide.
Some requirements of the various guidance in the marketplace and the ability for Qube to assist with conformity are as follows:-
- All documentation sent to residents must comply with stipulated formats – this is easily handled by the comprehensive tools within Qube’s demand suite and forms designer
- On each scheme of Service Charges, all leaseholders will be provided with a full annual statement of account and a balance sheet – This can be handled using Qube's flexible database, standard reporting, and property accounting features
- All accounts must be prepared on an accruals and prepayments routine – This is already a standard option available in the powerful property accounting features within Qube
- Costs must be handled and presented in a standard and structured format – the Qube Service Charge ledger can be tailored to fit any structure required
- Common across all the guidance and legislation in the marketplace is the requirement that monies should be held in separate bank accounts - Qube has been able to cope with this requirement for some considerable time
Qube Property Management Software can offer a solution to fit any Service Charge accounting process. As we continue to hear from new customers choosing Qube, this is not something that can be said about all property software solutions.
For more information please contact James Lavery in the Qube Customer Relationship Team.
jlavery@qubeglobal.com or +44 (0)1529 413131.
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