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33 Home HOA - Best Practice Set up homes with tags or separate income categories?

todmobile

Hi - I recently upgraded my Quicken (Windows version) from Personal to Personal Home and Business. Thanks to all the help in community I received in separating personal from the HOA and unlinking my quicken ID's. I have set up each home as a customer in order to send out our annual dues invoices. My question has to do with recording income. I've never used tags. Would tags be able to be used for each lot rather than set up multiple sub-categories under "HOA Dues".

I'm thinking tags like Lot#01, Lot#02 (we have 33). When a homeowner moves tags like Lot#01-Old

I don't see a place in the customer fields for Tags - so that seems to be not linked at all the the chart of accounts.

Thanks in advance if you have any experience with this!

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Comments

NotACPA

I'd use Tags. So that you don't have to create new categories when a home is sold/bought.

Tom Young

I'm not really all that familiar with the Business product but I'd tend to stay away from the regular use of Tags when it comes to recording incomes or expenses as the program really does not control Tags at all well. By that I mean that Tags are pretty ad hoc in their application; you can forget to use a Tag, use the wrong Tag, or append a Tag to a transaction when it shouldn't get one, and the program simply isn't going to tell you that you're making a mistake.

I'd think that the Customer Name would do the bulk of the heavy lifting here for recording income unless it's really, really important to know exactly which house is generating income or not. Maybe the Project/Job field could be used here?

[Deleted User]

Would it be outrageous to set up each property owner (entity) as a separate account? That way as each invoice goes out it creates a balance due, and then when the invoice gets paid, the balance due is paid down. Not sure if this is the right thing to do, but to me it makes sense.

[Deleted User]

If this is a doable solution, then you would also need a "Holding Account" which would link to the account at your financial institution. As payments are deposited to this account simply transfer the payment amount to the appropriate property account. The Holding Account is also known as a "Zero Balance" account because every amount deposited is earmarked and transferred out.