Accounting services for apartment cooperatives
The Web based Remote access accounting system for the residents, financial reports, automatic calculation of outstanding payments and overdue charges, automated web-based banking system. All data information for the managers in one click: residents’ contacts, debtors, sales and purchase invoices and much more.
The activities between the client and the accountant are generally divided as follows:
- Housing Association - forwards all the necessary initial documents to the accountant by e-mail, through the Housing Association's e-services or on paper.
- Accountant-enters sales and purchase invoices data. Based on primary documents submitted by the apartment cooperative makes accounting entries. Makes the salary and tax calculation. Shares apartment cooperative outlay according to the regulations provided by the cooperative apartments and apartments owners’ readings. Prints outthe invoices and forward them to the post (if you do not use an e-mail sending). Sends invoices by e-mail to the members of the apartment cooperative (to those who have an e-mail). Sends information to the banks for invoices being paid by direct standing payment orders. Prepares in advance payment orders to be paid in the bank. Prepares and presents reports to the Tax Board. Prepares an annual report for its submission to the Estonian Business Register. Provides the customer with advice and information about the accountancy.
Link to the apartment association's self-service for customers that use the following accounting soft Ellrex KÜ environment or older Co-operative e-environment
Frequently asked questions
Why do we need internal accounting policies and procedures?
First of all, it’s required by the law. Secondly, in RSKE you can describe how the work processed should be performed and define yours and accountant responsibilities.
When annual report has to be presented?
An annual report has to be presented for a submission to the Estonian Business Register no later than six months after the end of the fiscal year.
Is it necessary to submit reports to the Statistics’ department?
Yes, otherwise you might receive a fine from Statistics’ department.
How long should I keep the documents?
The documents related to the apartment cooperative activities must be kept for 7 years.
Can anyone of the house residents or apartment cooperative keep accountings himself?
Yes, of course, you can keep accounting yourself, however, lack of knowledge in accounting may negatively affect correctness of accounting transactions and final invoices for the residents. Therefore, we recommend to delegate accounting keeping to the professionals, such as accounting company.
What is TSD and why it has to be necessarily submitted before the deadline?
TSD is a declaration of income and social tax, unemployment insurance premiums and contributions to mandatory funded pension. For example, salaries, license fee, royalty, rent, fringe benefits, dividends, gifts, over tax-free limit executive expenses are taxed with this kind of taxes. You have an obligation to submit the TSD by the 10th of each month. TSD must be submitted on time; otherwise the Tax and Customs Board will charge you a penalty.
How is utility invoice called correctly? Payment notice or Invoice?
A utility invoice can be called both options.
What date must be on the invoice?
The date of the invoice can be either the actual date of the invoice, and the last day of the last month, since for the accounting invoice is related for the previous period expenses, i.e. when you get an invoice from the apartment cooperative, you are dealing with an invoice for the last month, no matter what date indicated on the invoice.
How do I invoice residents?
Invoice for the last month is generated and sent to the residents in the current month