What is an HOA Statement of Receivables?

HOA Statement of Receivables A statement of receivables, or accounts receivable statement, is a document that details the outstanding charges owed to the community association. This can be from sources such as overdue assessments, vendor credits, late fees, or any other outstanding source of income. It is essentially a list of every account that still…

What is an HOA Income Statement?

HOA Income Statement Unlike a balance sheet which shows a quick snapshot of HOA finances at a certain point, the income statement shows financial information over a period of time. Usually, the period of time is the rate at which you prepare your financial documents whether it be monthly, quarterly, or annually. The income statement…

Understanding an HOA General Ledger

HOA General Ledger The foundation to all HOA accounting is the general ledger. Much like your checkbook at home, the HOA general ledger keeps an ongoing record of all transactions made by the community association. All other financial statements such as the balance sheet, income statement, and statement of receivables are created based on the…

How to Manage a Self-Managed HOA

Finding Help for Self-Managed HOA There are many benefits to self-manage an HOA. Obviously, it is much cheaper than hiring a full-time property management company, and the association board of directors has much more control over the community. But many community associations are still hesitant to either remain self-managed or leave their management company. The…

Understanding HOA Bank Statements

HOA Bank Statements HOA bank statements are just as they sound: a statement from the bank showing all deposits and withdraws from each association account over a certain period of time. The most effective way to prevent fraud within your community association is to keep a close eye on bank statements. Most associations have at…