Homeowners Association - Treasurer?

Question

I have been elected Treasurer of our 50 unit homeowners association. I purchased Peachtree Accounting Pro, thinking it would help me keep the books (our association voted to have a volunteer treasurer rather than pay for management services - I can't change that.) However, it's a new program for me, and I'm just learning. Can anyone tell me 1) which Chart of Accounts to use, and 2) the best way to enter each unit -- e.g., by lot number, by owner name (some people own more than 1 lot), and how do you link lot number to owner name?
Thanks.

Answer 1

Each lot would be a separate account, regardless of whether or not they have the same owner. If person A has lots X and Y, and is late with payments on property X, you can only put a lien on X, not Y.

Answer 2

Peachtree isn't really made for fund accounting. But you can still use it. I don't think I can give you enough details via Yahoo Answers to totally help, but anyway.

I don't know how much detail you need, but typically assets are usually 100 level account, liabilities are usually 200 level accounts, equity - 300, revenue- 400, direct costs are usually 500's, sales - 600's, general and administrative expenses - 700's, and other costs and revenues 800's.

Now lets say that you have 50 units that you need to account for. You might want to add the unit number to the account number, e.g., association dues might be account number 400, so we add on 40001 (unit one,) ... 40050 (unit 50.) Repairs might be 500, so we create new accounts 50001 through 50050. Then, on the financial statements you could roll all of the 400's together, etc. It will take a bit of work, but it will be a nice product when you are all done.

Conversely, you can get a professional accounting software package and spend $$$'s and more $$$'s.

Answer 3

Liam, unfortunately I‘ve not used Peach tree in quite some time.

But my suggestion to resolve your question is CraigsList. I used it to find several local bookkeepers that helped me get my accounting software up and running. Well I found several and selected one.

At least there you’d be contacting someone local that can meet with you face to face and help you through the rough patches.