BOOKKEEPING DETAILS

Maintaining accurate and up to date financial records for your association is one of the primary responsibilities of the board. Most boards have neither the time nor training to cope with the daily financial transactions while meeting the requirements of accrual accounting and complying to Generally Accepted Accounting Practices ( G.A.A.P. ), so they hire a bookkeeper to handle their accounts. I provide bookkeeping services tailored to a board who wants to stay involved in financial matters without being burdened with the details.

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• QuickBooks and Microsoft Office:

I maintain the financial records using QuickBooks and Microsoft Office. These provide a powerful, user-friendly, off-the-shelf solution for keeping your books. They can be configured to meet the needs of any association.

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• Accounts Payable: 

I process all invoices and other payments that must be made by the association. I keep the board informed (usually via the treasurer) of all accounts payable and request payment approval for all invoices that meet board-specified criteria. I use an online bill paying solution where the bank issues all checks. I send a request to the bank to issue payment and a designated board member must confirm payment. This way, no funds can leave the association account without approval of a board member.

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• Accounts Receivable:

The primary source of revenue for the association is member dues / assessments. I maintain a detailed ledger for each member, posting payments, assessments, late fees, interest, fines and other charges. Homeowner payments are processed directly by the bank, and the member ledgers are updated appropriately. I inform the board of the status of member accounts, and I flag all delinquent accounts.

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• Financial Reports:

I provide financial reports tailored to the needs of the board. Typically, these reports consist of the Balance Sheet, Income and Expense Report vs. the Budget, and a Delinquent Account Report. Additional reports such as General Ledger, Bank Statements, and/or special reports requested by the board can also be provided.