Bookkeeping software advice

I'm new to this forum and also to serving as the trustee who keeps the books for a small (11-unit), self-managed HOA. My predecessor in this role has used the desktop version of Quickbooks, which is not only much more elaborate than what we need -- and a little confusing for someone who hasn't worked with such software, or with spreadsheets, before -- but also seems ill-suited to a HOA. Owners have to be listed as "employees"; unless there's a way to automate this that I've missed, 11 separate "invoices" have to be created each month, after which each payment must be manually recorded. It's a similar two-step process for every bill that's paid (even though we don't actually send out invoices).

A quick Google search turns up a few HOA-specific alternatives such as Condo Manager and PayHOA, as well as a non-HOA program called Freshbooks. I haven't looked carefully at these yet; I'm curious to know what people here (whose needs are similar to ours) have had success with. All we really need is a way to record fee receipts and bill payments as well as a way to generate periodic summary reports.

I'm not thrilled by the idea of an online program because of (1) privacy considerations, (2) having to pay an annual fee rather than buying the program outright, and (3) the possibility of not being able to access our data if we don't keep paying. But I'm willing to be persuaded to rethink these concerns - and I must admit that it would be more efficient to connect a program to our bank account if it means that deposits of member fees and payments of bills would be recorded automatically.

(Before posting this message, I searched through the archives to see if there were other threads on the topic, but I can't see how to sort search results by date, and the handful of posts I found were all pretty old.)

Thanks for any help you can offer!

Wow, I didn't realize we should not name any company. I certainly understand not allowing selling, but in this thread, we're trying to help someone figure out whether to use a specific piece of software. We can't do that if we can't name it. That blocks a lot of helpful information from being shared. I humbly submit to the mods that every good rule comes with exceptions, and this thread should be one.

Thanks for these replies. I share SusanH's disappointment at the sweeping forum policy that bans specific product recommendations to help a member who requested them, presumably in an effort to ward off spam or abuse of the forum to repeatedly promote a specific company. Most moderated forums seem to be able to shield users from the latter without censoring the former. Guess I'll have to look elsewhere...

John,

Actually the rule says (if one reads past the bold section - highlight added:

(3) No Mention of Community/Company/Person Names: In order to fairly enforce (2) and prevent liability, we do not allow the mentioning of any community name, company name or product. Please also do not post the full name of any person.

Respectfully, I'm not sure what point you are trying to make. The bolded portion above makes the mention of CAI or any other company a violation of the rules. My point was we sometimes ignore this rule when we have decided it's worth breaking and then turn around and use the exact same rule to tell someone not to mention a common product name when that violates the same rule this person also violates when it suits his or her needs.

All I'm suggesting is that anyone who mentions CAI or other HOA related consulting/educational companies and then has a problem with QuickBooks being mentioned is by all rights a hypocrite. Therefore, maybe there is a time and place when silence is best and we leave it up to the owners of this site to delete a post they feel violates there rules.

Where I personally draw the line is when someone is trying to sell a product or is obviously writing a testimonial for the product.

You could try some sort of spreadsheet or database program - I'd give the names, but in light of the ensuing discussion about what can and can't be posted, I'll just say check whatever's loaded on your computer. You probably have these programs, which have lots of templates you can adapt for your use. There are also books in your local bookstore or public library you could use as references.

I understand wanting to keep your costs down, but as you determine what's best for you, consider where to store your records securely and how your successor (there will be one, eventually) will access the same information. That may mean purchasing some sort of cloud storage because keeping this stuff in a bunch of boxes in your garage or a self-storage unit is a bad idea. You might Google "HOA record storage" or some such to get some ideas on what your options might be. Don't forget to chat with your association attorney and perhaps your accountant to see if there are legal issues to consider (there will likely be a few and knowing what they are can also help guide your decision).

PS - once you figure all this out, I suggest the board established a formal records policy that would address access, storage, destruction of old records, and so forth.

Kent

With only 11 owners a simple spreadsheet should suffice, especially if no employees.