Small HOA software package

Started by JerryT1 • 20 replies • 10212 views

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JerryT1 (California)
Posts: 6

Posted:

We have a small, 23 member, HOA that handles just the road upkeep in our rural subdivision. A member has Quickbooks for his farm business but it seems excessive. I would like a bare-bones software program that will track due payments, deductions, etc. I am keeping spreadsheets right now for dues and the monthly bank statements. Would appreciate any advice I could get on what is out there (read this as cheap, ha) that might be of help. Signed: New Sec/Treasurer.

LawrenceC1 (Georgia)
Posts: 480

Posted:

Jerry,

We use QuickBooks for an 80 member association. You can "turn off" many of the features and make it simpler to operate. I would not recommend using anything with fewer features, since you have the same requirements for reports and accounting standards as a larger corporation.

Using professional-grade software encourages professional-level accounting.

JohnO6 (Georgia)
Posts: 424

Posted:

Jerry -

A couple of thoughts:

- Quickbooks has kind of become the defacto standard of small business accounting software. As Lawrence says, you can turn off many of the features to make it less daunting. QuickBooks Pro 2011 is available at Costco for ~ $175 (but usually at the time of the new yearly release, I've always been able to find it for right around $100).

- On a smaller scale, you could get Quicken Home & Business which would probably do all you need. Available at Costco for ~ $65.00

- Avanquest software sells a small business accounting package for ~$40.00 called Bookkeeper 2011. It will do everything you need, but some may criticize it because it isn't "one of the standards" like Quickbooks, Peachtree, Sage, etc.

Hope this helps.

JerryT1 (California)
Posts: 6

Posted:

Wow. Nice site and quick responses. I appreciate that. I have my designated shopper on the case right now, in fact. Just kidding. But you've given me some great feedback. Thanks a lot.

PetunkaM (Florida)
Posts: 1,009

Posted:

Or, you could already have Microsoft Excel installed in your system and that should satisfy your needs also.

LawrenceC1 (Georgia)
Posts: 480

Posted:

Quote:

Posted By PetunkaM on 08/31/2011 3:15 PM
Or, you could already have Microsoft Excel installed in your system and that should satisfy your needs also.

Petunka,

I am loathe to contradict another poster, since usually I know less than everyone else. But in this case, I have to disagree with the idea of using Excel to manage the accounting for a homeowners association.

There are no checks and balances in Excel. It's to easy to have a sum not quite reach the top of the column, or calculate something like current assets incorrectly.

There is no protection against deleting things in Excel. It is very easy to wipe out important data and not even know its gone -- until weeks later when the numbers don't add up.

There is no (automatic) linking in Excel. If you enter a payment in one sheet, you have to manually debit the member account in another sheet. When you pay a vendor you have to be sure it debits the bank account and the budget account and possibly the job -- all manually.

No reports come standard with Excel, so the standard suite of required reports (balance sheet, cash flow, statement of operations, etc.) have to be built manually -- with the potential for errors.

The reason I am sure about all this is that I tried to do HOA accounting in Excel.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Jerry,

We are have 130 members and still use paper ledgers to track assessment payments and spreadsheets for tracking the budget.

It's about as inexpensive as you will get.

Tim

PetunkaM (Florida)
Posts: 1,009

Posted:

Lawrence,
I know, and I know but Jerry’s is a 23 community unit with probably a budget under $100K. Come on it really does not need 'professional software'. I was forced to used do Excel with $500K+ in the pot at one point. No problem. It was quite easy to balance the books down to a penny with just writing a few simple equations.

LawrenceC1 (Georgia)
Posts: 480

Posted:

Jerry,

Hindman Sanchez has an excellent guide to accounting in an HOA at Financial Management of the Association

You should look this over to help you see what you have ahaed of you.

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Mint.com to manage the money (free)
OpenOffice.com to track dues (free) same as Microsoft Excel

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Sorry, www.openoffice.org NOT .com

CharlesB17
Posts: 112

Posted:

The one I am accused of advertising is giving 12 month free trial. What do you have to loose?

JenniferM10 (Illinois)
Posts: 97

Posted:

I use Quicken for my own finances and for my small business accounting. I can attest to it's ease of use and fabulous reporting features. Unless you are using it for tracking tax information, you don't have to do any upgrades on it, and the software can be passed onto to new new Treasurers as needed over time.

My business is growing, so I will be moving that to Quickbooks this winter, but I agree it's likely overkill for what your small association needs.

JerryT1 (California)
Posts: 6

Posted:

Sorry, but which package is it that gives a 12 trial??

CharlesB17
Posts: 112

Posted:

http://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/49719/view/topic/Default.aspx

TimB4 (Tennessee)
Posts: 21,059

Posted:

Quote:

Posted By JerryT1 on 08/31/2011 6:08 PM
Sorry, but which package is it that gives a 12 trial??

Jerry,

Discussing that company caused some major issues on this site. Not because of the company but because of the way it was being discussed. It actually had threads removed.

If you want to know more about it please read past threads vs. inadvertently starting the issue up again.

Here is one link to a thread:

http://www.hoatalk.com/Search/ForumSearch/tabid/87/view/topic/postid/49719/Default.aspx

Tim

JerryT1 (California)
Posts: 6

Posted:

Thanks to everyone who commented on my recent query about software for a small HOA. I rummaged around and found a Quicken SE disk and fired it up. It will do pretty much what I need. I feel like an idiot for not searching my disks first. I really appreciate the rapid replies and the information. This is a great site and I'll be checking in frequently. Regards, JT

CarlJ2 (Texas)
Posts: 194

Posted:

A) Old Thread

B) Previous Post Reads like an Ad

GenoS (Florida)
Posts: 4,276

Posted:

Sure, PaulM26. Untrustworthy spammers are EXACTLY who I'm going to listen to when it comes to accounting software.

I will go out of my way to tell people to AVOID that software. It probably installs malware on your PC. Spammers gonna spam and I don't ever give them even a cursory glance.

PaulM26 is a spammer.

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