#Closing of the the financial year #Individual reports

The individual report is a report generated at the end of the financial year. It shows whether the co-owners still owe money to the co-ownership or whether, on the contrary, they have paid too much to the co-ownership and must be reimbursed for part of it.

To calculate the report of a particular co-owner, all the expenses of the co-ownership are taken into account, as well as the way in which they have been distributed among the co-owners. This gives the exact amount owed by that co-owner for the current financial year.

Then, all the payments made by this co-owner to the co-ownership account following the provision requests and capital requests are listed.

By comparing the two amounts, it is known whether the co-owner still owes money to the co-ownership or whether, on the contrary, he has overpaid and must be reimbursed for part of it.

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For example: For the last financial year, Anna made payments to the co-ownership totalling € 950. According to the distribution of expenses, Anna’s contribution should only amount to 860€.

Anna’s individual report will therefore indicate that the co-ownership must reimburse her €90 (€950 – €860) for this financial year.