Preparation of monthly financial statements
including
· Balance Sheet
· Income Statement
· Accounts Payable Repot
· Accounts Receivable Report
· Delinquency Report
· Bank Reconciliation Report
· Bank Statement
· Opening Bank account under HOA Name
· Maintain account ledgers and history for each homeowner
· Providing portal to Homeowners to view statements and pay their Dues online
· Prepare and distribute a monthly financial statement to the Board of Directors that includes a balance sheet, income statement, Accounts Payable Report, Accounts Receivables Report, Delinquency Report, Bank reconciliation Report, Bank Statement
· Prepare and submit to the Board, a proposed annual budget and assist in the preparation and dissemination of the final budget.
· Maintain a computerized corporate ledger which includes all receipt and disbursement information.
· Review billing for accuracy in costs and goods received, making checks for approved invoices.
· Maintain a check register and payable journal while performing regular bank reconciliations.
· Upon request, provide individual Homeowners with the status of their own account and coordinate the solution of any discrepancies that may occur between the official record and a Homeowners record.
· Generate and mail out the correspondence necessary to bring delinquent accounts up to date and if unsuccessful in collecting, recommend the appropriate legal action.
· Review and Maintain copies of annual financial statements.
· Assist and cooperate with any outside auditing firm that may be retained by the Association.
· Prepare, process, and distribute IRS Form 1099’s at the end of each calendar year for tax purposes.
Accounts Receivable
Deposits records are entered into the accounting system so that timely receivables and delinquency reports can be provided to the Property Supervisor and Board of Directors in a timely manner. Our Accounting Manager regularly reviews Financial Statements for proper accounting.
Accounts Payable
All invoices must be approved by the property Supervisor, and the Board of Directors before payment is made.