how to setup a homeowner association
how to setup a homeowner association
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bjqTX0nUSr4yUOacwZ5xHE
01/04/12 7:49am PST
Viewed by asker 01/04/12 8:01am PST
Viewed by asker 01/04/12 8:01am PST
8 Replies
Gita_Faust
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01/04/12 8:41pm PST
When you manage community associations with QuickBooks - create a new file and in the process it will ask you to select your industry. Make sure you use Homeowners Association.
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02/08/12 4:29pm PST
Gita,
I followed your advice and set it up as a Homeowners Assoc. Have all the "customers" entered. My hangup is the list. I want to set a list item for annual dues. Thought I had done this correctly but I incorrectly set it up as a checking account. This of course debited checking (not what I wanted) when paid. I deleted all the transactions. What account would I use during the invoice phase? I am a QB noobie but not totally unfamiliar with accounting. Ours is a simple once a year invoice and payment (and actually, all the payment have been received). I hope my question is clear
Thanks
02/08/12 4:31pm PST
create a new "other charge" item called "Annual Dues."
If this answers your question, please click on "solved."
02/09/12 6:22am PST
Done. That part works. But it then requires an account to associate it with. It isn't an expense, but seems to be a revenue. But the drop down choices offer little in the way of revenue options. Thoughts?
02/09/12 8:08am PST
the dues is income.
If this answers your question, please click on "solved."
02/09/12 2:22pm PST
Clearly I have messed up somewhere. The dues are income BUT when I select the drop down "Account" to attach it to there are no income choices: Banks, Accts Receivable, Current Assets, Fixed Assets, Liabilities, Equity, and the rest are expenses. I am guessing this list is auto-generated by the selection of the "type" of business. What are absent are income accounts. What did I mess up?
qbteachmt
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02/09/12 2:26pm PST
Kem, everything is under your control.
I would use a Service Item for Dues. An Other Charge item for Penalties and late fees.
Open the chart of accounts, add a New Account for your Dues Income. Link the dues item here. Create another income account for Fees. Link Late Charges item here.
Set up your items with rates.
Use the items on Invoices, when charging people.
This is covered in the video tutorials: Help menu > Learning Center.
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02/09/12 6:06pm PST
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Much thanks. Both accounts established and working. I appreciate the help for the noob.
