Handover from outgoing Managing Agent(MA) to incoming MA for MCST accounts

We provide out-sourcing finance team for managing agents.

We were recently tasked to do a handover/takeover (HOTO) from the outgoing MA to my client who will be the incoming MA for a fairly large condominium

Many would have experienced that there will be disputes of incomplete performance on either parties that one party will hold the other before one party moves.

One way to avoid this situation is that the management council must insists on a full financial report of the MCST every month, including all supporting schedules.

Any delay in the financial reports and schedules will raise a red flag of the current MA, indicating that they are biting more than they can chew.

As a finance team of the incoming MA, we will review the latest monthly financial reports of the MCST.

Some times, we were given reports or schedules in non-editable pdf formats, but we get around it by some tools available on the internet, convert to excel, map it into the prescribed templates, whether it is 10,000 records or 2000 strata rolls, we do it within 2 days.

We bring all the brough forward items, example SP aging, vendor aging, trial balances, strata roll, vendor listings etc into our Realtimme Cloud system very quickly.

We can also support your finance team to ensure that your MCST financial reports and schedules are in good order, on a retainer basis

Writer : Choo Hong Peng,
Chartered Accountant, Singapore
Email : sales@realtimme.net

15/10/2024