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Level 1

QB recommendations for an HOA

Hello, our 182 resident HOA is considering moving to QuickBooks from an old, multiple file Excel Spreadsheet for our accounting needs.  We have run the 30 day QB Essentials Trial online and really like it's capabilities.  I've reviewed the comparisons of the QB Simple Start and Essentials and it appears that the Simple Start will do everything that we need to be done as a HOA.  Are there any other HOA's or accountants out there who can provide their thoughts or recommendations on the program version.  I greatly appreciate your assistance with this.

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Best answer 03-03-2018

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Level 3

QB recommendations for an HOA

Hi,

Before I became an independent, freelance accountant I was the controller for a property management company the managed HOA's.  I did the accounting for 38 associations each month for many years.

 

I strongly recommend QB Essentials. Simple Start is limited in several areas. 

 

Cherilyn Collins

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5 Comments
Highlighted
Level 3

QB recommendations for an HOA

Hi,

Before I became an independent, freelance accountant I was the controller for a property management company the managed HOA's.  I did the accounting for 38 associations each month for many years.

 

I strongly recommend QB Essentials. Simple Start is limited in several areas. 

 

Cherilyn Collins

View solution in original post

Highlighted
Level 1

QB recommendations for an HOA

I have found this HOA Tracking Database Software to be amuch better solution for managing our community.  It seems like is was written specifically for HOAs rather than accounting software modified to take in HOA data,

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Level 1

QB recommendations for an HOA

Bob, for some reason I cannot see the entirety of your recommendation. What is the name of the HOA Tracking Database Software you are recommending, please?

 

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Level 1

QB recommendations for an HOA

Hello;

 

Needing assistance!  We are a Florida Condo Association - Not-For-Profit with 80 condo units - owners.  Two years ago the Association set up a Loan with our bank to allow Owners to borrow from this to pay a Special Assessment.  It started out for two years as interest only payments, then recently converted to a Fixed Interest rate loan for each Condo owner that participated, 10 year term.  We now have 13 Owners that owe funds to the Loan Account.  Association is using QuickBook Desktop Pro 2019 to manage our accounts, but are using an excel spreadsheet and manual calculations to manage the loans.  Would like recommendations on how to better - more accurately manage the loans, also making them audit proof!  Thanks in advance.

 

Gary 

[email address removed]

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QuickBooks Team

QB recommendations for an HOA

Thanks for joining us here, @Gary33160.

 

There are two ways to track loans in QuickBooks Desktop. You can track it manually or through the QuickBooks Loan Manager.
 
To manually track loans, you'll first have to set up a liability account. I'll guide you how.

 

  1. Go to the Lists menu, then select Chart of Accounts.
  2. Right-click anywhere, then click New.
  3. Select Other Account Types, then select the right account type for your loan:
    • Other Current Liability: Use this for short-term loans payable over one year.
    • Long Term Liability: Use this for long-term loans payable over a longer period.
  4. Choose Continue.
  5. Enter the name and number for the account.
  6. Click Save & Close.

 

Once done, you can follow the steps below to learn how to record the loan amount. Here's how:

 

  1. Go to the Banking menu, then select Make Deposits.
  2. In the Deposit To section, choose the account you want to record the transaction.
  3. Enter the date.
  4. Click on the Received From the drop-down list, then select the appropriate name.
  5. In the From Account drop-down, enter the name of the liability account.
  6. In the Amount column, type the loan amount.
  7. Click the Save button.

 

Also, for the non- cash loans, check out this article to know more the details on how to record it: Non-cash Loan.

 

To learn how to track your loan with the help of Loan Manager in QuickBooks Desktop, you can refer to this article: QuickBooks Loan Manger.

 

For future reference, you can follow the steps to create a fund transfer from your undeposited funds account to your liability account to pay your loan: Transfer Funds Between Accounts.

 

Get back to me if you have other questions about tracking loans in QuickBooks. I'll be around to help. Wishing you a great day!

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