Homeowners accounting.

Woolhouse · ‎August 23, 2017

I am wanting to use this system for Homeowners Association..... can you set up billings for each unit to be sent monthly and also have different amounts for each unit? Does it also keep a running balance if you set up monthly invoicing?

lynda · ‎August 23, 2017

I work with several homeowner's associations. You can create an invoice for each unit and make it recurring in QBO (memorized in QB Desktop). They can have different amounts due. If the amount changes monthly, select to remind you to send them so you can adjust them. If the amounts due are different for each homeowner but the same amt. every month, you can schedule the invoices to populate.

I have QBO set up for rental properties that my husband and I own. We are loving the payment system in QBO and it has effectively allowed us to email the tenants on the first of the month with a payment link. Most (about 85% now) are paying us with ACH method, a few with a credit card. But it has reduced our collections on late payers significantly. We are also "reminding" tenants if they forget to pay us on the first. I remind the few stragglers each Friday that late charges are in affect.

As for the running balance, you can send them a statement. I also use the account summary on the invoice so that it shows the last invoice, payment, and any outstanding balance. That has also helped with collection.

View solution in original post

Megan-Payorcrm · ‎March 02, 2018

I am not sure if you are still looking for a solution but we do automate this exact service.

You might have to create recurring invoices initially on QB for those customers https://quickbooks.intuit.com/blog/whats-new/how-to-schedule-recurring-invoices/

Our solution can automatically pull invoices from QB if you sign up using QB.After which you can setup an Autodebit on PayorCRM.com for customers you want the rent payments to be debited.You can even set up a custom mail to be sent a few days before.

View solution in original post

lynda · ‎August 23, 2017

I work with several homeowner's associations. You can create an invoice for each unit and make it recurring in QBO (memorized in QB Desktop). They can have different amounts due. If the amount changes monthly, select to remind you to send them so you can adjust them. If the amounts due are different for each homeowner but the same amt. every month, you can schedule the invoices to populate.

I have QBO set up for rental properties that my husband and I own. We are loving the payment system in QBO and it has effectively allowed us to email the tenants on the first of the month with a payment link. Most (about 85% now) are paying us with ACH method, a few with a credit card. But it has reduced our collections on late payers significantly. We are also "reminding" tenants if they forget to pay us on the first. I remind the few stragglers each Friday that late charges are in affect.

As for the running balance, you can send them a statement. I also use the account summary on the invoice so that it shows the last invoice, payment, and any outstanding balance. That has also helped with collection.

MarieBookkeeper · ‎August 23, 2017

I know an expert with HOAs. Google Nancy Gomez at https://bottomline-sb.com

ShanaNiederman · ‎August 24, 2017

Thanks, @lynda!

ShanaNiederman · ‎August 24, 2017

Thanks, @MarieBookkeeper!

qbteachmt · ‎August 24, 2017

You set the unit, address, whatever as Customer. Tenant/Owner is Subcustomer (job, in desktop), and now you have the tracking and reporting for the old, current and even Upcoming owner financial activities.

Megan-Payorcrm · ‎March 02, 2018

I am not sure if you are still looking for a solution but we do automate this exact service.

You might have to create recurring invoices initially on QB for those customers https://quickbooks.intuit.com/blog/whats-new/how-to-schedule-recurring-invoices/

Our solution can automatically pull invoices from QB if you sign up using QB.After which you can setup an Autodebit on PayorCRM.com for customers you want the rent payments to be debited.You can even set up a custom mail to be sent a few days before.

lynda · ‎November 11, 2018

Hello @Woolhouse:

You can set up invoices per customer (homeowner). They can be different amounts. Just memorize them or make them recurring (if using QBO). The running balance would be part of the Accts. Receivable. So, yes, you will see who owes you what.

Lynda

ResearchLofts · ‎October 03, 2020

Do you have a suggestion for an owner who has multiple units? I started creating customers for each unit and subcustomers for each of those, but unsure what to do when the subcustomer belongs to more than one customer. Suggestions? Workaround?

Fiat Lux - ASIA · ‎October 03, 2020

@ResearchLofts

Explore this membership management app to have any idea.

https:// wildapricot.grsm.io/quickbooks

ResearchLofts · ‎October 09, 2020

This doesn't really answer my question. If your suggestion is to manage HOA dues in one system while managing all other association dues in another, it's not all that appealing. If you have more information than the general link to Wild Apricot, please share in greater detail.

Topics

Training

Community

Resources

Homeowners accounting.