Filing dormant accounts for RTM

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    #31
    Originally posted by Lawcruncher View Post
    Professional opinion is clearly divided. In the absence of clarification from the courts … .
    Professional opinion is divided, It seems to be agreed that the service charge monies do not belong to a RMC, it does not benefit from them, it deploys them. It also seems to be agreed that the RMC acts as principal when instructing contractors.
    Thereafter there is disagreement on how the service charge transactions should be recorded. I am all in favour of keeping things simple and preparing separate service charge accounts in accordance with the lease but I struggle to see how the RMC can be regarded as dormant.
    I would certainly object to some form of hybrid accounts being prepared which is what was proposed at one stage. They would be meaningless and the cost could not be justified.

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