Confused About Budget Preparation? Let’s Solve It Together!
JOP Budgets Preparation for OAMs
Challenge and Consequences
Trade Licenses
Ensures vendors are legally authorized to perform their activities, reducing risks of non-compliance with DLD and RERA regulations.
Tendering
Guarantees fair pricing and transparency in vendor agreements, as per DLD’s Munaqasat portal requirements.
Allocation
Ensures proper distribution of funds between reserve and general accounts, as mandated by RERA.
Expenses
Validates expenses based on historical data or justified estimates, ensuring compliance with RERA’s budgeting guidelines.
Justification of Increase or Decrease
Provides transparency and accountability for budget adjustments, as required by RERA.
Documents Required
Vendors Trade Licenses
Why: To verify vendor legitimacy and compliance with Dubai’s business licensing laws.
How: We cross-check licenses through the DLD portal and ensure they match the scope of work.
Contracts and Quotations
Why: To ensure competitive and fair pricing through the Munaqasat portal.
How: We validate contracts and quotes against market rates and ensure they align with DLD’s procurement guidelines.
Cost Allocation and Reserve Fund Study
Why: To comply with RERA’s fund distribution guidelines.
How: We review allocation studies and validate fund splits to ensure they meet RERA’s standards.
Non-Contract Expenses
Why: To justify expenses and ensure transparency.
How: We analyze last year’s actuals or estimates and ensure calculations are accurate and aligned with RERA’s requirements.
Last Year Budget Review Repot
Why: Last year budget review report to provide clarity and compliance for budget changes.
How: We prepare detailed explanations with supporting data, ensuring alignment with RERA’s guidelines.
Avoid Audit Stress – Let Us Help You Prepare!
JOP Audit Preparation for OAMs
Challenge and Consequences
Financials
Ensures financial statements are audited and comply with RERA’s Strata Law.
Budget vs Actual
Ensures service charge collections and expenses align with the approved budget.
Payable
Ensures payables are accurately recorded and supported by valid documentation.
Receivable
Ensures receivables are collected on time and reconciled with bank deposits.
Banks
Ensures all transactions are processed through the OA’s official bank account. Ensures alignment between bank records and financial statements.
VAT Workings
Ensures accurate VAT input and output calculations and compliance with FTA rules.
List of Invoices to be Paid
Ensures timely payments to vendors and proper documentation.
Documents Required
Last Year Audited Financial Statements
Why: To confirm financial accuracy and compliance.
How: We ensure statements are audited by a RERA-approved auditor and uploaded to the DLD portal.
Approved Service Charge Budget
Why: To validate compliance with RERA’s Strata Law.
How: We verify the budget is approved by the OA and uploaded to the DLD portal.
Vendors SOA
Why: To ensure payables are accurately recorded.
How: We verify payables are supported by valid contracts and invoices.
Receivable Balances Mollaq
Why: To ensure receivables are accurately recorded.
How: We reconcile receivables with bank deposits and service charge invoices.
Bank Statements
Why: To ensure all transactions are processed through the OA’s bank account. o ensure alignment between bank records and financial statements.
How: We reconcile bank statements with financial records.
VAT Input and Output Records
Why: To ensure accurate VAT calculations and compliance with FTA rules.
How: We reconcile VAT input and output with invoices issued and received.
List of Invoices to be Paid
Why: To ensure timely payments to vendors.
How: We verify the list matches vendor SOAs and is approved by the OA.
Expert Bookkeeping Services for OAMs – Simplifying Your Finances
JOP Bookkeeping Services for OAMs
Challenge and Consequences
Financial Penalties and Fines
Errors in VAT filing can lead to penalties, audits, and reputational damage.
Cash Flow Mismanagement
Poor bookkeeping can lead to cash flow issues, making it difficult to pay vendors or manage expenses.
Inaccurate Financial Reporting
Inaccurate books can result in incorrect financial reports, affecting decision-making and owner confidence.
Missed Tax Deductions
Without proper records, you may miss out on tax deductions, increasing your tax liability.
Difficulty in Securing Approvals
RERA and OA approvals require accurate financial records. Poor bookkeeping can lead to delays or rejections.
VAT Compliance Issues
Incorrect VAT calculations can lead to audits, penalties, and reputational damage.
Inefficient Maintenance Operations
Poor bookkeeping can lead to mismanagement of maintenance funds, affecting common areas.
Difficulty in Audits
Unorganized books can make audits time-consuming and stressful, leading to potential compliance issues.
Lack of Business Insights
Without proper bookkeeping, you miss out on key insights into your JOP’s financial performance.
Live SOA Updates on Mollaq
Delayed or inaccurate SOA updates can lead to owner disputes and compliance issues.
Processing Payments from Escrow Accounts
Improper handling of escrow payments can lead to legal and financial risks.
Data Migration to New System
Transitioning to a new system without proper data migration can lead to data loss or errors.
Documents Required
Bank Statements and Transaction Records
Why: To ensure accurate financial records.
How: We reconcile bank statements with your books using NoBrokerHood Mollaq Integrated Services to ensure compliance.
Cash Flow Statements
Why: To track income and expenses.
How: We prepare cash flow statements to help you manage liquidity and plan payments.
Profit and Loss Statements
Why: To provide a clear picture of profitability.
How: We ensure accurate P&L statements to help you make informed decisions.
Expense Receipts and Invoices
Why: To claim valid tax deductions.
How: We organize and verify expense receipts to maximize your tax savings.
Balance Sheets
Why: To demonstrate financial health.
How: We prepare balance sheets to showcase your JOP’s financial position.
VAT Input and Output Records
Why: To ensure accurate VAT filings.
How: We reconcile VAT input and output records to ensure compliance with FTA regulations.
Maintenance and Repair Records
Why: To track maintenance expenses.
How: We maintain accurate records to optimize maintenance budgets.
General Ledger and Trial Balance
Why: To ensure audit readiness.
How: We maintain a detailed general ledger and trial balance for easy audit preparation.
Management Reports (MIS)
Why: To provide actionable insights.
How: We generate MIS reports as required by RERA, including service charge collections, reserve fund utilization, and maintenance expenses.
Statement of Accounts (SOA)
Why: To ensure transparency with owners.
How: We provide live SOA updates on Mollaq, ensuring real-time accuracy and compliance.
Escrow Account Records
Why: To ensure proper fund allocation.
How: We process payments from escrow accounts as per RERA guidelines, ensuring compliance and transparency.
Historical Financial Data
Why: To ensure seamless migration.
How: We migrate your historical financial data to NoBrokerHood Mollaq Integrated Services, ensuring accuracy and continuity.
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JOP Packages: Features and Services
