Glossary
Community management glossary
Clear definitions for the terms you encounter in community dues, payments, bank operations, and management.
Payments
Advance balance
An excess payment balance that may be settled against future charges according to community rules.
Collection
A payment amount received and verified against a charge record.
Late-payment charge
An additional amount or calculation that may apply to a balance not paid by its due date.
Open balance
The unpaid portion of an accrued charge after linked payments and settlements.
Partial payment
A payment lower than a charge amount that closes only part of the balance.
Payment allocation
The record of how one payment amount is applied across one or more open charges.
Community management
Announcement
A recorded message delivering community information, action, or a call to a defined audience.
Decision record
A record showing the scope, date, basis, and subsequent actions of a management or meeting decision.
Independent unit
A separate use unit in a building or community, such as an apartment, shop, or garden plot.
Management plan
A document setting out core rules for a community’s management, use, and decision processes.
Resident
A person living in the community or using an independent unit.
Unit owner
A person or persons holding ownership rights in an independent unit.
Reporting
Bank operations
Bank movement
An incoming, outgoing, or other transaction record shown on a bank account.
Bank reconciliation
The evidence-based comparison and linking of bank account movements with charge and payment records.
Duplicate transaction
A case where the same financial event is recorded or processed more than once by mistake.
Charges and budgeting
Charge accrual
The creation of an amount due for a person or unit.
Common expense
An expense incurred for a community’s shared areas, services, or management needs.
Community due
An amount assigned to units to fund common community expenses on a periodic or agreed basis.
Fixed asset
Equipment, tools, or durable property acquired by the community for longer-term use.
Operating budget plan
A management plan setting out a community’s expected income, expenses, and allocation for a period.