What are Service Charge Accounts?

The service charge accounts are the most relevant accounts to the owners as they explain what money has been collected (based on the budget) and what was spent. Service charge accounts are NOT FOR PROFIT which means that if less was spent than budgeted - there will be a surplus to credit to owners and if more was spent than budgeted a balancing charge demand has to be levied to preserve cash flow and equalize the fund.

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