Saludos from Dominican Republic.
I have taken over admin for my very small (12 condos) HOA as of 1 JUN 2020. I have been given nothing other than current balances to work with; no accounting records, software, etc... Our only income is from monthly owner maintenance fees and reimbursements from owners when the HOA covers expenses for them. I understand how to account for positive owner balances from prepaid owners' dues between advanced payment, current liability and credit memo paying the monthly invoice for dues.
The question when creating this company profile: is the best way to account for owners behind in their dues by creating an invoice for their overdue fees as of 1 JUN, or is there another, better way to open these books?
