Asked by b***@yahoo.com
Several thousands of ringgit worth of payment is still treated as "Payments Pending Reconciliation" in our Balance Sheet year in year out for more than 10 years now. We are unable to trace or identify which owners or unit the money belonged to.
We want to know whether we can treat it as "Income" so that if any owner comes along and can prove that he has made a payment that was somehow not recorded in our books, then we "redeem" the amount from the "Income" and credit it into the owner's account. Is the management allowed to do this, say through an EGM? Many condo management face this problem - payments received (presumably for maintenance charges) but do not know from who.
Thank you,
We want to know whether we can treat it as "Income" so that if any owner comes along and can prove that he has made a payment that was somehow not recorded in our books, then we "redeem" the amount from the "Income" and credit it into the owner's account. Is the management allowed to do this, say through an EGM? Many condo management face this problem - payments received (presumably for maintenance charges) but do not know from who.
Thank you,
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