Budget Software

We prepare our budget as an Excel spreadsheet. The spreadsheet consists of multiple tabs. The first tab is a summary showing each budget line item number, the title of the line item (e.g assessment income, utilities, etc.), the annual budget and the monthly phasing (these are populated via formulas from the individual tabs. Then there is a tab for each budget line item. We refer to these tabs as "Basis of Estimate" (BOE). The BOE shows who is responsible for that line item, gives the assumptions that support the budget amount, and defines what items of income or expense belong in that line item. The BOE includes the previous year's budget, the year-to-date actual income or expenses, a projection of the year end totals and the monthly phasing. Also, if an increase is being requested over the prior year budget the BOE explains the reasons for the increase.

Once the budget is approved by the board, the data from the summary tab is loaded into the accounting software (TOPS) which is used to produce the monthly financial reports.

We had the same thought earlier this year and found that purchasing software may seem like a good idea, however as the HOA Board moves forward with new directors, the software would or could become obsolete because we all do not update or purchase new computers that often. Some have Macs, some have Windows 7 or 8 and if it's only good on Windows 8, some are out of luck. So we use Excel for budgets and then an old fashion paper ledger to hold individual accounts and balances etc.

Even new MS office software will allow you to open the old excel sheet so that you are not SOL.