The HOA accounts payable report is an important tool for measuring an association’s debts. Unfortunately, not all board members fully understand how it works. What Is an HOA Accounts Payable Report? As with other organizations, a homeowners association operates with the help of a financial system. Homeowners pay monthly dues, which the association then…
An HOA general ledger is a valuable tool for tracking and measuring your association’s finances. But, many HOAs simply don’t realize how important this financial report is. What Is an HOA General Ledger? The general ledger is the prime repository of a homeowners association’s financial data. It serves as the association’s ongoing record of…
Every homeowners association deals with money. Without proper controls and reporting, though, it can be easy to lose track of the association’s cash. This is where an HOA cash flow statement comes in. What Is an HOA Cash Flow Statement? A cash flow statement is a financial report that depicts the amount of cash and…
The HOA income statement is a part of every association’s range of financial reports. Therefore, it is important to know what this statement does and what you can find on it. What Is an HOA Income Statement? An HOA income statement is a financial report that presents the association’s revenues and expenses for a…
The HOA balance sheet is an important financial tool in any given homeowners or condo association. Making sure you prepare this report accurately is essential to the financial health of your community. What Is an HOA Balance Sheet? The balance sheet is one of several financial statements or reports that organizations use to assess…
“How do I pay my HOA fees?” Homeowners often ask this question, but many HOAs only offer the same traditional method. But, there are a few different payment methods for HOA dues that associations can start adopting. Convenient Online Payment Methods for HOA Dues Many homeowners find difficulty with the current payment methods their HOA…
Automation makes HOA management easier. Streamlined processes, such as automatic invoicing, increases efficiency and reduces manual labor. However, there are still a lot of HOAs that use manual invoicing processes. If you want to determine which is best for your HOA, here’s what you need to know about manual invoicing vs automatic invoicing. What…
Although homeowners associations are non-profit organizations, they still earn money for the purpose of maintaining the community. Keep up with your HOA accounts receivable with the help of an association management software. What Are HOA Accounts Receivable? A homeowners association receives money from its members in the form of regular dues or fees. The…
In certain situations, a homeowners association may decide to levy a special assessment. Most homeowners are not amenable to this because of the unexpected financial burden. To prevent any misunderstandings between homeowners and the board, here’s what you need to know about HOA special assessments. The Basics of HOA Special Assessments Living in an HOA…
Homeowners association accounting is a critical part of managing any HOA community. The key to successful accounting, though, starts at the beginning — choosing your accounting method. Among the three possible options, HOA accrual accounting remains unsurpassed. What Is HOA Accrual Accounting? The accrual basis of accounting dictates that you should record revenues and…