HOA Fund Transfer Reporting
how can an HOA show a fund transfer at the bottom of the profit and loss statement?
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Lisa335
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05/09/11 11:29am PDT
Viewed by asker 05/09/11 11:56am PDT
Viewed by asker 05/09/11 11:56am PDT
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qbteachmt
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05/09/11 11:31am PDT
Define "fund transfer" for us.
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05/09/11 11:33am PDT
This is a new client and they said they used to display transfers to their reserve fund on the bottom of the monhtly P&L.
So the transfers they are referring to are movement of money to some sort of restricted reserve fund.
Does that make sense?
FredMorton
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05/09/11 9:48pm PDT
A funds transfer is neither income nor expense, so it should never appear in a P & L.
qbteachmt
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05/10/11 1:11pm PDT
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They may have been doing something that simply isn't correct, of course. Perhaps they were using Other Income and Other Expense. Not a good practice.
In QB, you can do some fund accounting by rebalancing Equity, from/to Restricted and Unrestriced. But this is not P&L data, it is Balance Sheet data.
I do this for a county water district but I do it using Bank subaccounts. Still on the balance sheet, obviously, and not P&L.
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