HOA – New Assoc Accounting Setup

NEW HOA ACCOUNTING WORKSHEET

Close Date          ________________________

Create QB Company – Quickbooks 2015 Premier Edition

 Start Setup –

  • Industry – Property Management or Association –
  • Business type= Other
  • Address C/O CENTURY 21 Turner Properties 10725 SW Barbur Blvd Ste 350 Portland, OR 97219
  • Start Working
  • Edit – Preferences – Desktop View – Company Preferences
    • Estimates – Off
    • Sales Tax – Off
    • Sales orders off
    • inventory off
    • Payroll off
    • Time tracking off
  • List – Chart of Accounts
    • Delete all expense and other expense accounts
    • Delete All fixed asset accounts
    • Delete all Current liablity accounts – make accounts inactive if they will not delete
    • KEEP equity accounts = Retained Earnings and Opening Balance equity – the only 2 accounts left
  • Preferences
    • Desktop View – Don’t Save / show home page
    • Company – My Company – check email
    • Payments – auto calculate payments – NO
    • Reports – CASH basis
    • Send Forms – email later – NO
    • Spelling – OFF
  • Statement Templates
    • Regular Statements
    • Address Only
  • Email Message for Invoices:
    • Dear {Homeowner}

Create new folder for Quickbooks File

    • Makes sure all files for the new HOA are moved to this folder. They will have been saved in the file of the last HOA you opened.

Create group for Memorized Transactions –

List – Memorized Transactions – right click – New Group

                Monthly Bills / add to my reminders list / how often=monthly / Next Date= 1st of next month

                Monthly Dues / add to my reminders list / how often=monthly / Next Date= 1st of next month

                others as needed, i.e. special assessments

 

Enter Homeowners as CUSTOMERS

Customers – New Customer & Job / add multiple customers

Name = Use unit number first / ex: 001 Smith, John / Unit number can be found on the tax records

Enter First and last names / Phone #s / Emails /

Bill to 1- Name

Bill To 2 – Account number / ex:ABC 008

Bill To 3 Address and apartment

Bill To 4 – City, State, Zip

Attach Homeowner Contact Questionnaire to customer

Enter tenants as JOBS, under each owner

Job Type = Tenant

Start Date – Lease biginiing date

Projected end date = Lease end date (per lease)

Create and review TENANT LEDGER report

 

Create Chart of Accounts from Income Statement or budget and standardize to our system: Delete all previous accounts except

Headings – INCOME – ADMINISTRATION – MAINTENANCE – UTILITIES

NSF Accounts

  • INCOME
    • 3145 Return Item Check Charges
    • 3146 Return Item Bank Charges
  •  EXPENSE
    • 4145 Reimbursable NSF Charges

Reserve Accounts

  • EXPENSE
    • RESERVE TRANSFERS
      • 4500 Monthly Reserve Transfer
      • 4600 Special Reserve Transfer
  • OTHER INCOME
    • RESERVE RECEIPTS
      • 4800 Monthly Reserve Transfer
      • 4810 Special Reserve Transfer
      • 4900 *Pass-thru Checking Credit
      • 4910 *Pass-thru Reserves Debit
  • RESERVE EXPENSE
    • 4950 Reserve Expense
    • 4951 Reserve Expense

 

Enter Bank Accounts:

  • Chase Operating 7850
  • Chase Reserves 7855

 

 Enter all other accounts from the budget

  • INCOME
  • OPERATING EXPENSE
    • ADMINISTRATION
    • MAINTENANCE
    • UTILITIES

 

Create Items for homeowner charges

Enter homeowner’s assessments – memorize each 

Deposit Opening Cash as of closing date. These amounts should match the old balance sheet.

CLOSING TRANSACTIONS

 YTD Income Statement

                Enter all income and expense final figures as of closing date

 Homeowner Balances

 

                Enter all charges and credits as of Opening Date (5/1/)

                Enter as a STATEMENT CHARGE (not as an invoice) Enter “Balance Transfer” in memo

 Print out reports and match to existing reports

 

VENDORS

Locate all vendors and determine current balances

Send notice to vendors of new address for statements

Set up vendors in QB

1099 Vendors provide a service (except utilities), and are not corporations. They are individuals, LLCs and attorneys

Enter bills – Create memorized Transactions –

Enter Budget – Company – Planning & Budgets – Set up Budgets

REPORTS

Create initial reports and memorize the report under “Accountant”

  • Income Statement with Budget Performance – Last month / Cash Basis
  • Income Statement Detail – Last month / Cash Basis
  • Balance Sheet – Last Month / Cash Basis
  • Open Balances – Last Month
  • Homeowner Roster – Today’s Date