Financial Documents

Started by BruceneS • 2 replies • 1294 views

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BruceneS (Tennessee)
Posts: 9

Posted:

We are a very small Association and we are in the process of taking it over from the Developer. It appears that anyone who is willing to work as Directors/Officers has little bookkeeping experience. Is there an easy format that someone can provide to keep the income/expenditures. Would you recommend using Excel or should we be purchasing something like Quickbooks? Due will only total $18,000 this year.

RobertR1 (South Carolina)
Posts: 5,164

Posted:

Brucene,
Look on the left side of this page highted in Yellow. Click on CAN and go into their reference library. You will find a lot of stuff there, check on any links on any of the hightleghted sites. Google small HOA bookkeeping and similar. You will find templates for this stuff all over the internet. I would suggest you pay a bookkeeper to set you up and instruct someone. This information is not hard to come by. Stop in at any HOA in your vicinity ask ask how they do it. They should be glad to show you the basics. In the end iy will have to be tailored for your association, that is a board responsibility to set the rules and bookkeeping is included.

MaryA1 (Arizona)
Posts: 7,043

Posted:

Bruce,

IMO, anyone serving as the treasurer of an HOA should have bookkeeping knowledge at least. If it isn't possible to get someone with that knowledge you can always hire someone just to take care of the finances. That's what my old HOA had to do when I decided not to run for re-election. Letting someone take over the financial duties with no experience may result in a real diaster -- also what happened in my old HOA!!

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