HOA management software might contribution margin be the solution you’ve been wishing for. A modified method is deemed appropriate for preparing interim financial reports for the HOA as you wait to make all payments for expenses that the HOA has incurred. Many HOA finds it easier to record revenues when earned but to wait to record their expenses until they have made the payment.

Your HOA and CONDO association partner

We specialize in bookkeeping and accounting services for HOA and Condominium Associations, offering financial management designed to simplify your community’s finances. With a focus on transparency, efficiency, and clarity, we empower homeowners, board members, and property managers to make informed financial decisions and maintain long-term financial stability. Being a member of an HOA board means you’re involved in homeowners association accounting. Therefore, you carry a big financial obligation on your shoulders. Furthermore, it combats financial dishonesty within the board or among employees. Any given homeowners association or community association management company has a primary goal — making sure residents’ day-to-day needs are met.

We Make It Easy!

Want to take the guesswork out of property management accounting? Schedule a demo with DoorLoop today to see how our software helps you automate rent collection, simplify expense tracking, and stay organized as you manage and grow your portfolio. A well-run homeowners association proactively plans and tracks its hoa bookkeeping finances. Without proper systems in place or someone keeping track of records, things can get out of hand quickly, leading to potential nightmare situations and causing distrust among members. This allows HOAs to track all financial obligations and revenues in the period they relate to, which is essential for long-term financial planning and budgeting.

• We have compiled a series of videos and webinars as well as other resources (articles, sample letters, etc.) to help your HOA or Condo community through this difficult time.
• The award-winning, full-featured HOA bookkeeping tool with an emphasis on data accuracy, security, transferability and affordability.
• The system supports cash and accrual reporting—filter by date, chart of account category, and more.
• Keep your financial records accurate and up to date with our specialized HOA bookkeeping services, designed for both HOAs and condo associations.
• Membership payments are imported into your Join It bank account and Members are inserted into your MoneyMinder contacts seamlessly when they are created or updated.

Scalable Pricing that Fits Your Community

Employing an HOA bookkeeping service shouldn’t mean giving up control. Homeowners have the right to readily available budget summaries and reserve information. HOA finances should be accessible to board members without the need to request a meeting or spend hours on the phone. Consider our bookkeeping team as an extension of your HOA management team. Hire a company such as CSM to provide financial management assistance. It also gives community members peace of mind when there is accurate and efficient management of finances.

• At best, this constant transition equals a significant amount of time training new volunteers on HOA processes, including financial duties.
• Many board members misunderstand their role when it comes to homeowners association accounting.
• Good record-keeping is a universal value for organizations to adopt, and in this way, an HOA management company is no different from any other type of business.
• The first place to start your HOA accounting transition process is for your Board to have reviewed our proposal and our service agreement, had your questions answered and decided to work with us.
• Payments made online and mailed checks sent to a lockbox go directly into the community’s bank account, avoiding hold-ups and misplaced checks.
• Remember, just because someone was elected treasurer, does not necessarily mean they have accounting experience.

Simple, Yet Powerful: the MoneyMinder Difference

Well, as you may have already discovered, there are many things that can go wrong – which makes for a logistical nightmare if not managed properly. Making things worse, the world is now in the second year of the Covid-19 pandemic, complicating HOA accounting and collections processes even further. We handle homeowners’ tax returns with precision, ensuring accuracy and compliance. Additionally, we support the Board of Directors and Management in effectively coordinating with external auditors to successfully complete annual audits, promoting efficiency and adherence to regulations. Efficient HOA accounting practices designed around purpose-built technology are so helpful because they deliver an efficient approach to financial functions.

Liabilities may also include the fee for the homeowners association’s management company. A large-scale community management organization will feel this need most acutely — processing thousands of individual payments is an arduous process that introduces the risk of human error. In these cases, it’s far more efficient to use HOA accounting software that enables automatic processing to accounts, sending of validation files and alerts regarding lockbox transactions. The cash basis of financial records income and expenses when the cash is received, as opposed to when the transaction is made. The cash basis does not involve the use of accounts receivables. The cash account is simply debited when the cash is received (for example from member dues), and it is law firm chart of accounts credited when cash is reduced (for example when paying expenses).