We have an HOA for a condo community. We collect HOA Fees, HOA Reserves We keep the Operating in the Operating checking account and then transfer the HOA Reserves to the Reserves Checking account.
Some months the Operating needs help covering expense so we need to "Loan" the Operating Account some money from the Reserves. All the Loans are due to be paid back within 1 year.
Because all of the funds are initially brought in as income - we cannot show the "Loans" as a Liability for the Operating account. We need to track these "Loans" and make payments back to the Reserve Account from Operating but I am not sure of what account(s) we would use to track these "Loans" and "Loan Paybacks".
Help?
