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Level 1

HOA Setup

We have a very small (20 unit) HOA.  Our treasurer has always just done the minimal bookkeeping on excel.  We are trying to get a loan from a bank and they asked me to help with Quickbooks, even though I have no idea what I'm doing either.  The bank is looking for a Balance Sheet and P/L Report for the last three years.  Three years ago we had a management company that ran those two reports for us so I'm trying to get mine to match theirs.  My questions are:

 

1. For monthly deposits do I just add the homeowner as a customer, make a sales receipt and call the product/service "monthly maintenance?"

 

2. The old balance sheet under equity has 'owners equity' and 'net income' when I go to run a balance sheet it has 'retained earnings' and 'net income'.  How do I get anything to go into O.E?  And how do I get my balance sheet to match the old one? 

 

Thank you for any help you can give me.  I'm so frustrated that I've been put in a situation that I don't know what I'm doing!

 

Solved
Best answer February 24, 2020

Best Answers
Highlighted
Moderator

HOA Setup

Hey there, JLevine.

 

To answer your first question, yes, you can add the homeowner as a customer and use a service item or the monthly maintenance when you process a sales receipt.

 

For your second question, you might want to check the transactions entered in QuickBooks Online and ensure that the account used is the Owner's Equity. Or, you can enter a check or expense transaction and use the O.E account to show them in your balance sheet report.

 

 

You can check these articles to know more about the balance sheet and retained earnings report in QuickBooks Online:

 

Let me know if you need anything else. I'll be more than willing to lend you a hand.

View solution in original post

2 Comments
Highlighted
Moderator

HOA Setup

Hey there, JLevine.

 

To answer your first question, yes, you can add the homeowner as a customer and use a service item or the monthly maintenance when you process a sales receipt.

 

For your second question, you might want to check the transactions entered in QuickBooks Online and ensure that the account used is the Owner's Equity. Or, you can enter a check or expense transaction and use the O.E account to show them in your balance sheet report.

 

 

You can check these articles to know more about the balance sheet and retained earnings report in QuickBooks Online:

 

Let me know if you need anything else. I'll be more than willing to lend you a hand.

View solution in original post

Highlighted
Level 1

HOA Setup

Thank you for your help, I appreciate it.

I guess my question is...why would we have Owners Equity?  Is that where our monthly dues should go?  Or could it have been the special assessment we had?  Because I was thinking our monthly dues should be income that would show on the P/L report right?  Sorry, I just have no idea what I'm doing!

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