Monthly Condo Close in Colombia: Review Checklist

Law 675, article 51 places condominium accounting under the administrator’s responsibility. That article sets no universal monthly closing day.

What it is

A monthly close brings the period's records and unresolved items into a review file. The checklist below is a suggested internal control. It is not a statutory form, an audit opinion or approval of the annual accounts.

Who it applies to

The roles below follow Law 675 and Law 43 of 1990. The proposed monthly assignments must fit the bylaws and each professional's engagement.

Role	Legal role
Administrator	Keeps responsibility for accounting under article 51(5). Prepares and submits the documents in article 51(4) to the council, where one exists.
Accountant	Law 43, article 2, covers accounting services. The agreed scope remains subject to professional duties, including independence under article 37.3.
Management council, where one exists	Considers the documents submitted under article 51(4). Article 55 limits its decisions to the condominium’s purposes and bylaws. It sets no monthly approval duty.
Statutory auditor (revisor fiscal), where one exists	Oversees operations under article 57. Law 43 requires independent judgment. Article 7 requires valid, sufficient evidence for an audit opinion.

Article 51(4) includes annual accounts, the assembly report, the budget, the prior year’s balance sheet, trial balances and budget execution. The Technical Accounting Council (CTCP) guidance, pages 64 and 70, distinguishes these roles. The interim management reports it describes do not require council approval, certification or an audit opinion. The statutory auditor does not prepare the accounting information or take management decisions.

The assembly's decision on financial statements under article 38 is separate. See when a statutory auditor is required for appointment rules and exceptions.

Steps

Monthly closing checklist

Suggested sequence for the administrator and accounting team. Each review leaves a result, an evidence reference and a person responsible for follow-up.

Define the period covered by the close.
Assign a person to each preparation and review task.
Obtain the full statement for each condominium account.
Compare the opening balances with the prior close.
Compare the unit balances with charges, receipts and supported adjustments.
Reconcile bank movements against the accounting records.
List unidentified credits separately with their available evidence.
Check expense records against invoices, payment evidence and the relevant approvals.
Refer proposed accounting adjustments to the accountant.
Prepare the period's report for the council, where one exists.
Record unresolved questions and agreed follow-up dates.
Save a dated backup of the original files and reviewed outputs.
Check that the authorized reviewer can open the backup.

Bank statement access covers how an authorized reviewer obtains the source. Bank reconciliation covers the detailed matching process. The proposed process keeps personal bank passwords with their holder.

For grouped credits, use the collection detail. For uncertain unit allocations, use the unidentified payment process. A pending item needs explanation; its existence alone does not prove wrongdoing.

Costs

This checklist sets no fee. A proposed work agreement can separate record collection, accounting preparation, review and additional work. A Colombian accountant can assess the scope for the condominium.

Documents

Suggested file: bank statements, unit balances, reconciliation, unresolved-item list, invoices, receipts, accounting records, budget comparison and council report. The administrator report guide covers the report's contents.

Backup controls can include a file index, period, version and access list. Law 1581, articles 4 and 17, requires security for personal data. Wider reports can use totals instead of unnecessary personal details.

Deadlines

The schedule for this proposed checklist is internal. It depends on the bylaws, valid decisions and contracts. Article 51 does not set a common monthly delivery date. Separate tax or other legal deadlines need their own review.

In general, article 39 requires an ordinary assembly at least annually, on the date in the bylaws. If they set no date, it falls within three months after the budget period ends. The administrator must give notice at least 15 calendar days before that ordinary meeting. Those rules concern the assembly, not a monthly close.

Common mistakes

Using the bank balance as the whole close. The unit balances and accounting records need their own review.
Hiding unmatched money. A forced allocation conceals the unresolved question.
Calling an internal report audited. The review file is not an audit opinion.
Overwriting evidence. Later corrections need their own record and version.

Exceptions

Article 25 allows social or priority housing with five or fewer homes to operate without an assembly. Its bylaws must then define decision-making. A condominium without a council needs a reporting route suited to its lawful structure.

Special duties need separate review. See building fees and late interest. This checklist does not decide tax returns, debt collection or a particular accounting entry.

Sources

Sources checked on 26 October 2026.

Educational information, not legal or tax advice. Ask a Colombian lawyer or accountant about your case.

Next step

Get the free checklist sample.

Frequently asked questions

Does the law require closing on the same day each month?

The cited provisions of Law 675 set no universal monthly closing day. The internal schedule needs review against the bylaws, valid decisions and contracts.

Who remains responsible if an accountant prepares the records?

The administrator retains the accounting responsibility in article 51(5). The accountant also has duties under the professional rules and agreed scope.

Must the statutory auditor prepare the reconciliation?

No. The CTCP guidance separates the auditor’s control role from preparation of accounting information and management decisions. Law 43 requires independent judgment.

Can the monthly file include unresolved payments?

The suggested checklist keeps them visible with evidence, an assigned reviewer and follow-up. It does not authorize unsupported entries to force a match.

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