What is the best way to track condo special assessment funding?

scc96secretary · ‎July 01, 2022

My condo Board has made two separate special assessments in the last year.

What is the best method in QuickBooks to set up a method of tracking these assessments from collecting the funds through to tracking the expenditures? Our homeowners want to know where their money is, where it has already been spent and where it will be spent with a reasonable level of detailed breakdown.

Would it be appropriate to set up Classes or sub-Classes?

Are there any particular methods which should be avoided?

Any practical advice or examples would be appreciated.

Trish_T · ‎July 04, 2022

Hi scc96secretary,

It's a pleasure to see you in Community. Welcome! QuickBooks Online has built in features for recording your and tracking transactions seamlessly. I'd be happy to provide more information so you can accomplish your QuickBooks goals!

One of the many valuable features is Projects. It allows you to track income and expenses, add existing transactions and run specific reports from a single dashboard. Here's a helpful guide for setting up and creating projects in QuickBooks Online. If you're still uncertain, I recommend speaking with your accountant for the best course of action. If you don't have one, we can help you locate a ProAdvisor in your local area.

Please don't hesitate to reach back out if you have other questions. We'd be glad to assist!

albigensian · ‎August 07, 2023

The link to the "helpful guide" is dead. How can I find the guide to which you are referring?

Amanda-B · ‎August 08, 2023

Hey there albigensian, Thanks for reaching back out. I have open and verified this link, this will bring you to where you can find steps on how to set up and create projects. Feel free to let me know if the link fails on your end.

Topics

Training

Community

Resources

What is the best way to track condo special assessment funding?