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What is the difference between operating account and reserves account for HOA in Illinois?
The operating account is available for paying monthly expenses of the HOA and its operations.
The reserve account is available only for use by the board to pay for 'capital improvements'. Reserve account contributions are not readily available for other purposes without significant notice to owners, and often a repayment plan within a specified period.
These accounts must be kept separately.
What else can I help you with?
What is the accounting entry for booking homeowners association restricted reserves?
Read your governing documents to determine how 'restricted reserves' are treated as accounts. Often, and state laws can dictate -- that 'restricted reserves' are mandated to be kept in separate accounts, in a bank, for example. Whether these are 'maintenance reserves' , 'capital reserves' or 'insurance deductible reserves', your chart of accounts should differentiate (each of) them from the association's operating account.
What is journal entry to taking funds to reserve account?
[Debit] Net income account [Credit] General Reserves
What are India's account balances and major features of their account balance and capital account balance and Forex reserves for 2001 to 2006?
1. capital account balance and forex reserves for the period 2001-2006 and list the major features.
What is the difference between profit and loss account and profit and loss appropiation account?
Profit and loss accont is used to calculate the profit or loss of business while profit and loss appropriation account is used to allocate or distribute net income or loss to share holders or different reserves account.
Where on the earth are the largest reserves of coal found?
The largest reserves of coal are found in the United States, Russia, Australia, China, and India. These countries account for the majority of the world's coal reserves.
What is the difference between A current account and a cheque account?
what is difference between a current account and a cheque account
If a company is no longer operating what will happen if you dispute a charge off that is with a collection agency?
Whether the company is opertaing or not, does not make any difference. Proof of your account is still there.
Prove that windows is a single user or multi user operating system?
it is surely a multi user operating system or you cant have your own account and even there will be no guest account either
Does a user account have full control of its operating system?
yes
'What is India's current account balance capital account balance and forex reserves for the period 2001-2006 and list the major features?
data on indias current account balance for period 2001-2006
What is the Difference between income statement and profit and loss account?
Both are sameIncome statement shows both operating and non-operating amounts. Revenue, Net profit/loss and profit per share. I think you are thinking of the Balance sheet that lists assets, liabilities and shareholders' equity.
Collect data on India's current account balance capital balance account and forex reserves for the period 2001-2006 and list the major features?
pls send answer
