HOA accounting, HOA accounting software, HOA financial management, Self-managed HOA, HOA board, Financial, Board Tips
Best HOA Accounting Software: What Associations Should Look For
What Is the Best HOA Accounting Software? The best HOA accounting software is not simply a bookkeeping program with the words "community association" added to the website. It should connect assessments, owner payments, bank activity, funds, vendor expenses, budgets, financial statements, and board…
Team HOAfy
HOA accounting, Accrual accounting, HOA financial statements, HOA board, Self-managed HOA, Financial, Board Tips
Cash vs. Accrual: 3 HOA Accounting Methods Explained
The Short Answer The three methods commonly discussed for HOA accounting are cash basis, accrual basis, and modified accrual (also called modified cash in some settings). The method determines when assessments and expenses are recognized and which assets and liabilities appear on the balance sheet.…
Team HOAfy
HOA accounting, HOA board, HOA financial management, HOA bookkeeping, Self-managed HOA, Financial, Board Tips
HOA Accounting Guide for Board Members: 12 Essentials
The Short Answer An HOA board does not need to perform every bookkeeping task, but it does need to own the accounting system. That means choosing a consistent accounting basis, approving a useful chart of accounts, separating operating and reserve activity, adopting a realistic budget, reviewing…
Team HOAfy
HOA management, HOA board, HOA accounting, Self-managed HOA, Getting Started, Financial, Board Tips
Follow the Dollar: A (Surprisingly Fun) Tour of Everything HOAfy Accounting Does
Meet Your Dollar Somewhere in your community, a homeowner just paid their monthly assessment. Call it $250. That dollar bill (well, the ninety nine other dollars riding along with it) is about to go on a trip — through invoicing, into the ledger, past a bank feed, through a reconciliation, and…
Team HOAfy
HOA management, HOA board, HOA accounting, Self-managed HOA, Getting Started, Financial, Board Tips
6 HOA Financial Reports Every Board Member Should Understand
The Short Answer Every HOA board should regularly review six financial reports: the income statement, balance sheet, statement of cash flows, accounts receivable aging, delinquency report, and payment register. Together they explain whether the association is operating within its means, what it…
Team HOAfy
HOA management, HOA board, HOA accounting, HOA operations, Financial, Compliance, Board Tips
From Leaky Roof to General Ledger: HOA Work Orders and Vendor Bills
The Short Answer An HOA work order tracks the operational job: what needs repair, who is doing it, the estimate, and the completion status. A vendor bill tracks the accounting obligation after the work and invoice are reviewed. Posting the bill should debit the correct expense account and credit…
Team HOAfy
HOA management, HOA board, HOA accounting, Self-managed HOA, Financial, Board Tips
Why Your HOA's Bank Reconciliation Should Take 10 Minutes, Not 10 Hours
The Quarterly Reconciliation Habit Is a Symptom, Not a Strategy Ask any volunteer HOA treasurer how often they reconcile the operating account, and you will hear one of three answers: monthly (rare), quarterly (common), or "before the audit" (more common than anyone admits). The reason is almost…
Team HOAfy
HOA management, HOA board, HOA accounting, Self-managed HOA, Financial, Board Tips
The 200-Invoice Morning – How a Treasurer Reclaimed the First of the Month
A Story Every Volunteer Treasurer Knows Linda is the volunteer treasurer at a 200 unit suburban HOA outside Phoenix. For the better part of three years, the first of every month looked the same. She would wake up early, brew a pot of coffee, open QuickBooks, and start the slow march through 200…
Team HOAfy