Bookkeeping for Condo Corporations in Ontario: What Every Board Needs to Know About Hidden Financial Messes
If you’ve ever sat on a condo board, you’ve likely experienced it. The management company insists everything is “under control,” but the moment they’re replaced, the truth surfaces: unreconciled accounts, missing invoices, outdated ledgers, and a trail of confusion.
This happens more often than most boards realize. Many property management companies focus on daily operations, not proper accounting. When things start to fall behind, rather than admit it, they bury the errors and keep communication vague until the relationship ends.
That leaves new boards and incoming managers scrambling to make sense of incomplete or inaccurate financials.
That’s where Falconsight Accounting steps in. We work directly with condo boards across London and Southwestern Ontario to reconstruct and clean up financial records so that the incoming management company can start from a solid, transparent foundation.
Why Condo Boards Often Discover Problems Too Late & Lose Control of Their Financials
Most financial problems don’t start with bad intent. They start with poor systems, inexperienced staff, or lack of segregation between bookkeeping and management functions. Over time, the gaps grow wider.
Here’s what typically goes wrong:
Management companies hold the data hostage. Boards get high-level reports without any supporting detail, making it impossible to verify numbers.
Bank reconciliations fall months behind. Balances stop matching, but the management company continues issuing reports as if everything is fine.
Invoices pile up without approvals. Some get paid twice, others not at all.
Reserve fund transactions are mishandled. Funds are transferred incorrectly or left untracked between accounts.
No communication. Boards don’t learn about missing records until the management contract ends and by then, the audit is already due.
when the management contract ends, the board inherits incomplete files and missing documentation. This creates stress, delays your audit, and damages confidence in both the old and new management companies.
Pro Tip: How to Spot When Your Condo’s Books Need a Cleanup
Board members don’t need accounting expertise to recognize warning signs. Here’s what to watch for:
Financial statements arrive late or change format unexpectedly.
Balances from one report don’t carry forward to the next.
Unexplained changes in year-over-year balances
The board is told “the system is behind” or “we’re waiting for adjustments.”
Vendors start complaining about unpaid bills.
Missing or vague documentation for vendor payments.
Reserve fund balances that don’t match investment statements.
The auditor keeps asking for missing documentation year after year.
If any of these sound familiar, your condo’s financials may already be off track.
Audit Readiness Checklist for Condo Boards
Once your books are in order, it’s critical to stay that way. Here’s how proactive boards stay audit-ready year-round:
✔ All accounts reconciled monthly
Operating, reserve, and trust accounts should always tie to the bank.
✔ Reserve fund statements reviewed quarterly
Confirm balances and investment maturity dates.
✔ Full documentation for every payable and receivable
No “miscellaneous” or “uncategorized” entries should remain.
✔ Up-to-date A/R aging and collection follow-up
Know exactly who owes condo fees and how long it’s been.
✔ Year-end accruals and adjustments posted
Expenses and revenues should match the period they belong to.
✔ T2 and HST filings current
Even if no tax is owed, filing on time prevents penalties.
✔ Regular financial review with the board
Don’t just receive reports, understand them.
How Falconsight Accounting Helps Condo Boards Regain Control
We’re not here to replace your property manager, we’re here to help them succeed.
Falconsight Accounting works with condo boards to reconstruct and organize financial records after a management change. Once the books are accurate and fully reconciled, we hand everything back to the management company so they can take over with clean, reliable data.
Our role is to:
Rebuild A/P, A/R, and ledgers from incomplete or inaccurate records
Reconcile operating and reserve fund accounts to the last dollar
Identify and correct errors — duplicate payments, misclassifications, or missing invoices
Prepare audit-ready financials for the current and prior fiscal years
Ensure proper separation of reserve, operating, and trust funds
Provide clear documentation so the new management team can continue seamlessly
We also help the board understand where things went wrong and how to prevent the same issues from happening again.
And unlike firms that disappear once the project is done, we stay available to answer questions until your new management has fully transitioned into their role.
Contact Falconsight Accounting today to schedule a consultation and get your condo corporation’s finances back in order and ready for your next management company to succeed.