Accounting Services
Accounting is one of the most important functions of a community association. With HOA Solutions, you can be confident that your community's accounting and financial preparation conforms to Generally Accepted Accounting Principles (GAAP) and California Civil Code's Davis Sterling Act which provide for the foundation for how community association financial standings are reported. Sound financial reports are the key to a community association's ability to fund for operational and reserve expenses, plan projects and collect assessments.
ACCOUNTING FOR MANAGEMENT COMPANIES
With our full accounting service you will get everything the larger sized management company's accounting department does but with hands on attention that HOA Solutions can provide. If you prefer to do the billing, cash receipts and cut the payables checks onsite in your office, but need a little more expertise when it comes to preparing the month end financial statements, we can customize our service to your needs.
Full Accounting Services:
- Monthly Financial Reports
- Pay Vendor Invoices & Association Bills via Check and Electronic Payment Processing
- Assessment Billing, Receive Payments and Bank Deposits
- Reconcile Bank Statements
- HOA Budget Preparation Assistance
- Correspond with Association's CPA in preparation of Tax Returns and Annual Review/Audit
- Process 1099 forms for Vendors
- Coordinate and Assist Law Firm or Collection Agency with Delinquency Issues
Monthly financial reports include:
- Balance Sheet
- Income Expense Statement with monthly and year-to-date budget comparison
- Reserve Statement
- Aged Owner Balances Report
- Prepaid Assessment Report
- Aged Accounts Payable Summary
- Cash Disbursements Report
- Bank Account Reconciliation Reports
- Monthly General Ledger Trial Balance
ACCOUNTING FOR SELF-MANAGED COMMUNITIES
As a Board Member of a self-managed homeowners association, your responsibilities are immense. You have made the choice to not hire a management company but you need an accountant. With all the responsibilities of managing your community, shifting the responsibilities for accounting to HOA Solutions will alleviate the burden. We offer:
Accounting Services:
- Monthly Financial Reports
- Pay Vendor Invoices & Association Bills via Check and Electronic Payment Processing
- Assessment Billing, Receive Payments and Bank Deposits
- Reconcile Bank Statements
- HOA Budget Preparation Assistance
- Correspond with Association's CPA in preparation of Tax Returns and Annual Review/Audit
- Process 1099 forms for Vendors
- Coordinate and Assist Law Firm or Collection Agency with Delinquency Issues
Monthly financial reports include:
- Balance Sheet
- Income Expense Statement with monthly and year-to-date budget comparison
- Reserve Statement
- Aged Owner Balances Report
- Prepaid Assessment Report
- Aged Accounts Payable Summary
- Cash Disbursements Report
- Bank Account Reconciliation Reports
- Monthly General Ledger Trial Balance