HOA MONEY

Patty, get a financial review, or audit, of the books prior to turning over the financial records to a new Treasurer. The Treasurer should make hard copies of their computer files and take digital backups frequently. Require monthly financial reports be provided, preferrably to every Board member. This can be done via email.

We only use an attorney for collections when there may be need to go to court. Otherwise, we do it and save the HOA we manage considerable money. If a collections attorney is used, try to utilize one that only gets paid when the monies, including their fees, is received.

In the digital era, rather than purchase various hard copy books, it is better to utilize the computer to maintain accounting records. Reports are then printed and filed in separate folders the accounts receivable, accounts payable with invoices and receipts, general ledger, and accounting reports; along with bank statements & deposit slips, etc.

With digital software just about any report desired can be created and can be emailed. Besides creating hard copies, digital backups of all files need to be created on a periodic bases and output to a disk.

Norman, actually I listed three backups to the computer hard drive for finacials:
1) hard copy
2) independent digital disk copy (separate from computer hard drive backup)
3) bank statements and deposit slips.