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Entering Monthly HOA Fees

Were are a small condominium community.  Our only income is from monthly fees.  Do I enter these fees as "sales" (we don't have invoices or anything like that).  First, I assume that I do enter the fees as if they were sales, but I am not sure.  I realize that we could get an accountant, but we can't really afford one.  Is there someone out there using Quickbooks in this very simple way?

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Best answer 12-18-2017

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Established Community Backer ***

Re: Entering Monthly HOA Fees

HOA fees are your Income = Sales.

 

You use Invoices if you want to track that Everyone Owes, for instance, on March 31, June 30, Sept 30 and Dec 31, and that also allows you to set Terms and Due dates, to manage past due accounts.

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Established Community Backer ***

Re: Entering Monthly HOA Fees

You use Invoice as the sales transaction, when you are accrual basis, and/or when you want to track what people owe you for a date that is different than when they pay.

 

You use Sales Receipt if you don't need any tracking.

 

An HOA typically needs tracking; not everyone pays on time, some properties fall into Bank Owned or are in Escrow.

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5 Comments
Established Community Backer ***

Re: Entering Monthly HOA Fees

HOA fees are your Income = Sales.

 

You use Invoices if you want to track that Everyone Owes, for instance, on March 31, June 30, Sept 30 and Dec 31, and that also allows you to set Terms and Due dates, to manage past due accounts.

View solution in original post

Anonymous
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Re: Entering Monthly HOA Fees

You could use a Sales Transaction in lieu of the invoice.

Established Community Backer ***

Re: Entering Monthly HOA Fees

You use Invoice as the sales transaction, when you are accrual basis, and/or when you want to track what people owe you for a date that is different than when they pay.

 

You use Sales Receipt if you don't need any tracking.

 

An HOA typically needs tracking; not everyone pays on time, some properties fall into Bank Owned or are in Escrow.

View solution in original post

Not applicable

Re: Entering Monthly HOA Fees

Thanks!  That is the solution I was looking for.

Anonymous
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Re: Entering Monthly HOA Fees

This is exactly what I am looking for.    We just purchased QB for our small HOA.     We are on an accrual method.    We need to track our HOA payments easier.    Can you explain to me how exactly I set that up for using the invoicing system?      Sales = Members      The last manager used Quicken and tracked payments terribly.    I want to set it up for 2019 so that we are good to go for the year.      Plus, I have 4 months that I have prepaid for Jan,Feb,Mar, April in 2019.    How does that get set up?    

 

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