Basics of WEG accounting

Legal bases according to the WEG/WEMoG

• Establishment of condominium ownership.
• Declaration of division/community regulations.
• Resolutions of the condominium owners' association.
• Appointment of the administration/administration contract.
• Principles of proper (commercial) management.

Further legal bases for commercial WEG management

• Accounting according to BGB.
• E-invoices
• Operating Costs Ordinance.  
• Heating Cost Ordinance.
• German Commercial Code (documentation, voucher and retention principle).
• EU-DSGVO/BMF letters/judgments.

Basic principles of WEG accounting

• Fiduciary accounting (control and information principle).
• Income/expenditure statement (inflow/outflow principle).
• Single/double-entry bookkeeping.

Tasks of WEG accounting

• Implementation of generally accepted accounting principles.
• Business plan (overall individual business plan).
• Current accounting (income and expenses).
• Account management/chart of accounts/account classes.
• Management account and reserve accounts.
• Payment transactions/dunning/liquidity planning.
• Annual statement (total/individual statement).
• Asset report.
• Tax certificates according to §§ 35a EstG.

Special features

• Change of ownership during the year.
• Integrated heating cost billing.
• VAT optimization.
• Special allocations.