Does anyone use Quickbooks???

Started by LorettaD • 4 replies • 3610 views

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LorettaD (Georgia)
Posts: 3

Posted:

I need help. I am taking over (temporarily for now) the books of an HOA whose existing files are disorganized and not updated. They have use Quickbooks and I am not used to the program at all. I am figuring things out as I go along and would appreciate any tips on using Quickbooks 04. Information is so disorganized that we can't even pass it to a management company until it presentable (I think) Anyway, the accounts are set up by customer name. I've tried to use the help menu and still couldn't figure some stuff out. Here's what I need help with:

--- Should I keep everything listed under just the customer name, or lot# and name (ie. #102 Doe, James) ? Is there away to create an account # colomn (like excel) How are your accounts organized

I can pretty much figure everything else out but wanted to know if this would make life easier. I would hate to change it, only to mess everything up. Needless to say they are too cheap to hire a professional.

TomK2 (Ohio)
Posts: 39

Posted:

Make sure you "log in" the starting date you took over. Anything that took place before that date is not your problem. Quickbooks is a very good program but it can get "sticky" especially if you have a check returned! The key is all in how you set the books when you start. The program will have a referance page for names and or unit #. Our CPA uses the program and it is set up by name not unit #. The manual that comes with the program is easy to follow and help is available from Quicken, but quickbooks cost to much and is to detailed for a small HOA. We have no employees, no withholding etc. I do the books here and I use excell with a system that I set up for our 81 units. Once excell spread sheets are set up it is "quicker " and easier than Quickbooks. I can cross referance unit and name do the P&L, Balance, expenses, budget comparison, track vendors etc. Keep at it the more you use it the easier it will become.

RogerB (Colorado)
Posts: 5,067

Posted:

Loretta, good luck. Can't help with quickbooks but if you plan to pass the data to a MC soon, I suggest checking with them immediately. They may be able to figure out the books and input the data at little cost. Also, the software they use may be able to accept and convert the data to their system.

We use peachtree. Assessment invoices and payments are recorded by address because assessments are against the unit not the owner. The address is the account number. The owner's name is also recorded as a separate line item. When a property sells the previous owner's data is preseved by simply adding "x" in front of the address. The address is then updated with the new owner's name.

JackG2 (Virginia)
Posts: 10

Posted:

Loretta,

You may be adding to your problems if you're not a bookkeeper or have any accounting experience. I'm assuming from your statement "I am figuring things our as I go along..." that you may not have this experience.

First, find a management company in order to determine what financial package they use. In some instances they may be able to convert your data into theirs. If not, they will have to manually enter all the information again anyway which could cost you. So you've now lost your time and the money to. In fact since your using Quickbooks 2004, even that data may be too old, and the MC may not be able to convert it anyway.

It also depends on whether your community has many renters. When you receive payments from the owners, oftentimes there is no detail included in the payment that would direct you to an address, invoice #, or lot #. Sometimes, with the name on the check it's easier to make the owners last name the account number, followed by "001" or "002", so if you have two or three "Lee's" living in your community, you can determine who is paying for what property. This also helps you to determine what owner received and payed for the assessment when the property is sold.

If you use the owner's name, you can then utilize the software's "Jobs" module by setting up a job by address. This allows you to tie invoices for a customer with an address, in case the owner is a non resident of your community. Also if an owner has multiple properties within your community, this will help by allowing you to send out only one invoice using separate line items for each address.

But first, I would try to find a management company for your association to determine what their requirements are.

Jack
Treasurer for HOA and an Accountant

RobertG (Arizona)
Posts: 505

Posted:

Do a searchon Quickbooks in the forums. You will find many references to this topic.

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