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Contributions leave each owner’s bank account every month. Yet at the end of the year many receive only a summary of totals, with no statements or invoices. Transparency in condominium accounts is not a favour from the administrator: it is a legal obligation. In this guide we explain what the law requires, which documents you can ask for, how to read the accounts, which signs should worry you and what to do when the accounts do not add up.
In short
- The administrator must present accounts to the general meeting and prepare each year’s budget.
- The general meeting meets in the first half of January to approve the previous year’s accounts and the budget.
- Each owner contributes to the common reserve fund at least 10% of their share of the other expenses.
- Ask for bank statements, invoices and a list of debts, not just a summary.
- The account should be in the condominium’s name, not the administrator’s.
What the law requires the administrator to do
The administrator’s duties are set out in article 1436 of the Civil Code. They include:
«b) Elaborar o orçamento das receitas e despesas relativas a cada ano; […] l) Prestar contas à assembleia;» — Civil Code, article 1436(1)
In plain English: the administrator must prepare each year’s budget of income and expenses and present accounts to the general meeting.
The same article requires the administrator to collect income and pay the common expenses, to check that the common reserve fund exists and to keep all the condominium’s documents. The timetable is also set by law:
«1. A assembleia reúne-se na primeira quinzena de Janeiro, mediante convocação do administrador, para discussão e aprovação das contas respeitantes ao último ano e aprovação do orçamento das despesas a efectuar durante o ano.» — Civil Code, article 1431(1)
In plain English: the general meeting meets in the first half of January, called by the administrator, to discuss and approve the previous year’s accounts and approve the budget of expenses for the year.
Exceptionally, this meeting can be held in the first quarter of the year, if the regulations provide for it or a majority approves it (art. 1431(4)). An administrator who fails to perform these duties is liable in civil law for the omission (art. 1436(3)).
Which documents you can ask for
| Document | What it shows | Warning sign |
|---|---|---|
| Annual budget | Expected expenses and each unit’s contribution | Vague items such as «miscellaneous» with large amounts |
| Accounts report | The year’s actual income and expenses | Totals with no breakdown by supplier |
| Bank statements | Actual account movements | Account in the administrator’s name |
| Invoices and receipts | Proof of each expense | Expenses with no invoice |
| List of debts | Overdue contributions by unit | Old debts with no action taken |
| Common reserve fund | Balance and movements | Fund used for running costs |
| Supplier contracts | Prices and renewal dates | Automatic renewals without approval |
Ask for the documents in writing, well ahead of the general meeting. The administrator must keep all the condominium’s documents (art. 1436(1)(n)) and owners have a legitimate interest in consulting them. See also why a paper condominium archive is a risk.
How to read the accounts without being an accountant
Start by comparing three figures: the account balance at the start of the year, total income and total expenses. The closing balance must match the bank statement on 31 December. Then compare actual expenses with the approved budget. Large deviations in any item, such as lift maintenance or cleaning, need an explanation.
Always keep the current accounts separate from the common reserve fund. The law requires each owner to contribute to the fund at least 10% of their share of the other expenses (art. 4 of Decree-Law 268/94). The fund is for maintenance works and should not be used to cover cash shortfalls. Our guide to the reserve fund explains the rules.
Unpaid contributions: transparency also means collecting
An up-to-date list of debts is part of transparency. When contributions go unpaid, the other owners end up bearing the shortfall. The minutes that set the contributions are an enforceable title, and the law sets a deadline for action:
«5 – A ação judicial referida no número anterior deve ser instaurada no prazo de 90 dias a contar da data do primeiro incumprimento do condómino, salvo deliberação em contrário da assembleia de condóminos e desde que o valor em dívida seja igual ou superior ao valor do indexante dos apoios sociais do respetivo ano civil.» — Decree-Law 268/94, article 6(5)
In plain English: the court action must be brought within 90 days of the owner’s first default, unless the general meeting decides otherwise, provided the amount owed is equal to or above that year’s social support index (IAS).
See our guide to debts to the condominium.
Warning signs
- The bank account is in the name of the administrator or the company, not the condominium.
- The accounts arrive on the day of the general meeting, with no time to read them.
- There are no statements or invoices, only a summary.
- The common reserve fund goes down without any approved works.
- There are expenses with suppliers that the general meeting never approved.
- Requests for documents go unanswered.
What to do if the accounts do not add up
- Ask in writing for the missing documents and a deadline for receiving them.
- Take the issue to the general meeting and do not approve the accounts without an explanation.
- Ask for an independent audit of the accounts, if the general meeting approves it.
- If a decision is contrary to the law or the regulations, it can be challenged within the deadlines in article 1433 of the Civil Code.
- If there are irregularities or negligence, the administrator can be dismissed by the general meeting or by a court (art. 1435). See what to do when you are unhappy with your administrator.
The regulation being prepared
The draft regulation of professional condominium management, still going through the legislative process, provides for transparency rules, a written contract and civil liability insurance for companies, according to CNN Portugal. Until it is approved, the rules that apply are those of the Civil Code and Decree-Law 268/94. See where things stand in condominium regulations in Portugal in 2026.
How Condoroo helps
At Condoroo, the bank account is in the condominium’s name. Condoroo manages more than 600 condominiums with a team of more than 20 professionals, has professional liability insurance of €500,000 and has held the DECO seal for the third year in a row. We send hundreds of letters a month with tracking, so that payment reminders and notices of meeting can be proved. Plans start from €6.50 per unit per month.
Condominium accounts: frequently asked questions
Is the administrator required to present accounts?
Yes. Presenting accounts to the general meeting and preparing each year’s budget are among the administrator’s duties (art. 1436(1)(b) and (l) of the Civil Code).
When must the accounts be approved?
At the general meeting in the first half of January or, exceptionally, in the first quarter, if the regulations provide for it or the meeting approves it by majority (art. 1431 of the Civil Code).
Can I ask for the condominium's bank statements?
Yes. The administrator must keep all the condominium’s documents, and owners can ask for supporting documents for the accounts, especially before the general meeting.
How much should the common reserve fund hold?
Each owner contributes at least 10% of their share of the other expenses (art. 4(2) of Decree-Law 268/94).
Can the account be in the administrator's name?
It is not good practice. The account should be in the condominium’s name, so that owners’ money is kept separate from the company’s assets.
What can I do if the accounts are not clear?
Do not approve the accounts without an explanation, ask for documents in writing, propose an audit and, if necessary, the administrator’s dismissal.
This article is for information only. Legislation and websites checked on 26 October 2026.
