What is the best way to set up an HOA that collects dues

How would I set up accounts for each unit in an HOA?

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Let's start with, What Q product are you running?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • PRBtreasurer
    PRBtreasurer Member ✭✭
    Do I have to do separate transaction for deposit and payment for Hoa? Some units carry a credit.
  • PRBtreasurer
    PRBtreasurer Member ✭✭
    Q home, business & rental property
  • PRBtreasurer
    PRBtreasurer Member ✭✭
    > @NotACPA said:
    > Let's start with, What Q product are you running?

    Q home buss & rental property
  • UKR
    UKR SuperUser ✭✭✭✭✭
    How many units are in this HOA?
    Do you need to create, print and mail separate customer invoices at regular intervals to each unit? Monthly? Other interval?
    You do not need to create separate account registers in Quicken for each unit. Creating customer invoices with names like "John Doe - Unit 1" or "Unit 001 - John Doe", etc., should suffice. There are reports and views in Quicken where you can show if a customer is paid up or not.
    But please note that there are no automation processes available in Quicken to batch - generate new invoices every interval. It's mostly a one invoice at a time manual process.
  • PRBtreasurer
    PRBtreasurer Member ✭✭
    > @UKR said:
    > How many units are in this HOA?
    > Do you need to create, print and mail separate customer invoices at regular intervals to each unit? Monthly? Other interval?
    > You do not need to create separate account registers in Quicken for each unit. Creating customer invoices with names like "John Doe - Unit 1" or "Unit 001 - John Doe", etc., should suffice. There are reports and views in Quicken where you can show if a customer is paid up or not.But please note that there are no automation processes available in Quicken to batch - generate new invoices every interval. It's mostly a one invoice at a time manual process.
    We have 20 units and that's what I did to start out. Everyone that had a credit to start I posted as a start up credit. I actually did create a batch invoice for the month of March and it used the credits like it supposed to. Now I need to know how I post the payments made to these invoices
    I was wondering when I posted the deposits in the ledger and created a new category of hoa dues..seems like to would be linked to post to each acct.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    The way Quicken is designed, customer payments should be posted in the Customer Invoice account register. This will allow you to select and mark unpaid invoices as paid or include credits in the calculation. Payments made by paper check are transferred to the checking account where you can deposit them to the bank.
    If you have multiple payments received in a day, you can deposit these into a holding account (see below) and make one summary deposit to your bank.

    Intermediate deposit account for HB&R (a.k.a. "Suspense Account"):

    When you receive multiple payments by check per day but only make one summary deposit to your bank ...

    - Create a cash (or manual (offline) checking) account, named something like "Checks to Deposit" with an Opening Balance of $0.00
    - When filling out the New Customer Payment form, deposit the check to "Checks to Deposit" instead of your regular bank checking account.
    - At the end of the day, tally up all checks on your deposit slip. In Quicken, in the "Checks to Deposit" account make a transfer transaction "Daily Deposits" in the amount of your deposit slip. Put the amount into the Payment column. As category choose your checking account, surrounded by [square brackets], e.g. [ABC Bank Checking]. Verify that this reduces the balance in the "Checks to Deposit" account back to zero (or you have made a mistake somewhere along the way).
     

  • PRBtreasurer
    PRBtreasurer Member ✭✭
    Thank you..I'm sure I'll have more questions. I am transitioning from QuickBooks. I just got that down and they started online services only with a large yearly fee..so I'm making the move.
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