Budget and Fiscal Year

Manage the fiscal year, prepare the annual budget, and get it approved by the meeting.

Fiscal year#

The syndicate's fiscal year is the period covered by its financial statements. The declaration of co-ownership sets the start and end dates (often January 1 – December 31, or April 1 – March 31).

Configure the fiscal year in Syndic+#

Accounting → Fiscal years → New:

Label (e.g., "Fiscal 2026")
Start date, end date
Status: open / closed

Only one fiscal year can be "open" at a time. Closing automatically rolls entries to the next year.

Prepare the budget#

Copy the previous year

From Accounting → Budget, click Import from previous year — all lines from the past year are copied with amounts, ready to adjust.

Adjust expenses

Review line by line: maintenance, energy, insurance, management, professional fees, property taxes. Compare with last year's actuals to anticipate variances.

Plan fund contributions

Contingency fund (Bill 16 — minimum 5% of current charges), self-insurance fund (Bill 141 — amount set by actuarial study).

Validate balance

Syndic+ verifies that total revenue = total expenses + fund contributions. An unbalanced budget is rejected.

Present at the AGM

Export the budget PDF and include it in the AGM convocation (art. 1087 CCQ — send at least 21 days in advance).

Approval#

The budget must be approved by simple majority of co-owners present or represented at the AGM (art. 1096 para. 1 CCQ). Once approved:

Syndic+ marks the budget as adopted
Assessment notices can be generated on this basis
The budget becomes the reference for expense control

Budget tracking#

A dashboard shows, for each budget line:

Planned (budget)
Actual (expenses actually committed)
Variance (in $ and %)
Remaining

Lines over 10% off are highlighted for action.

Year-end closing#

Verify entries

All invoices and payments must be recorded. A bank reconciliation is recommended.

Produce financial statements

Balance sheet, income, cash flow, fund movements. Auto-generated from accounting.

Have them reviewed (if required)

A syndicate of more than 150 units, or on request, may be required to obtain a compilation or review engagement by a CPA. Check your declaration of co-ownership.

Present at the AGM

Financial statements are presented at the next AGM for approval.

Close

In Syndic+, click Close fiscal year — entries are locked, only the next year remains editable.