Using Quicken Personal & Business for HOA community

Tapper2

The accounts that I have set up only include the banking accounts. Should I also make the 60 homeowners in our association "accounts?" Is this better than just having customers that get invoices and send payments? Thanks.

Rocket J Squirrel

I was HOA treasurer for a while. I never saw a reason to create accounts for each home. That seems like unneeded complexity, and what would it gain you?

Jim_Harman

Quicken uses Accounts to track actual accounts at banks or brokerages. The homeowners would be Payees.

You will probably want to create a Tag to correspond to each condo unit. That way when dues are paid, you will have a record of who paid and which unit it was associated with, and you can create reports organized by unit.

You can set up the Memorized Payee List to standardize the owners' names.

Others who use Quicken to manage the finances for a condo association my have additional tips to offer.

Tapper2

Thanks Jim, very helpful.

Jim_Harman

You may also find this Help article useful. If you have set things up correctly, the Accounts Receivable report may be what you are looking for.

https://www.quicken.com/support/how-create-business-reports

Also be sure to set up a separate Quicken data file for the condo association. You don't want the association's finances to be mixed up with yours.