Change period for Balance Sheet in our Condominium

[VAngel]

In our 10 years old condominium we do the balance sheet from 01st January to 31th December.

We have a lot of owners who are only here in December and January. We therefor do the AGM in the end of January 

But the auditor are not able to finish the balance sheet and hand it over one week before our AGM.

Owners agreed that we will like to change the year to be going from 01st November to 31th October.

Will that be a problem with Thai law or Land office?

Best regards

[KittenKong]

There is nothing stopping you from doing this, but bear in mind that it will leave you with a disparity between your financial year and your budgeting/fees year. This can lead to all sorts of problems with knowing which year to apply what revenue/expenses to, or indeed just with seeing whether the bank balances match the accounts.

In my experience Thai management companies have trouble enough with just adding up a column of figures correctly, and to introduce any other complexities is simply asking for problems. Maybe your condo is small enough that one committee member can check all the books anyway, and in that case it might work OK.

To make it much tidier and simpler you could consider moving your budgeting/fees year to the same calendar period as your financial year, though that would require widespread co--owner support at a GM. And the obvious way to do that would be to use September 30/October 1 as the cut-off, and just rebate your fees by 25% for one year. That is how I would want to do it as anything else is really just a mess. Then you can have your meeting in December and bill your fees for the period October 1 to September 30 the following year. Your accountant and auditor will love you.

[inThailand]

It makes complete common sense to change the condo fiscal year to say something other than the calender year. That's why it's not done here. 555!

 

By ending the year in say end of Sept. You can have the AGM in high season when more owners are in town and the accountant and auditor are less busy.