Balance Sheet Discrepancy Question

Our MC prepares our monthly statements which I review monthly. Since January I have noticed the line for "prepaid assessments" from unit owners doesn't match the same dollar amount as the actual prepaid assessments when you drill down to the actual account detail and look at how much each unit owner has prepaid. The amount started off around $150 but has now grown to $450ish. I have brought this issue up and our MC can't seem to fix the problem (it may be an issue in qucikbooks).

I doubt there is anything suspicious going on but financial statements are just one of those thing IMO that should match to the penny. I just asked for a status update on the issue since our last meeting and was told they hadn't had much time to look at it but yet the number is bigger this month.

We have noted the issue in our minutes when accepting the financials but I am getting pretty annoyed with this situation. Any advice on how to address it with the MC since asking them to fix the issue hasn't resulted in that happening. I reviewed our contract and it says they will provide us financials but it doesn't say "accurate" financials.

Also, in case you weren't being ironic, the contract doesn't need to specify "accurate financials". Accuracy can be safely assumed to be a requirement.

I did request they check to make sure the settings for both reports were the same and they said they were. Intuit also had a couple of other suggestions but none of them solved the problem.

I was it specifically spelled out accurate so they couldn't argue it but I agree that it should be implied.

Sadly no, the MC signs all of the checks. I know what a bad idea this is and our auditor pointed out what a bad idea it is but the rest of the board wasn't willing to make any changes.

Chris, your comment "financial statements are just one of those thing IMO that should match to the penny" is correct. When not balanced to the penny there is the potential of serious underlying problems. No competent accountant or bookkeeper would allow this without making the necessary correction(s).