Chart Of Accounts
Start by building your Chart of Accounts.
The Chart of Accounts can be accessed by clicking on the Chary of Accounts in the Financials section.
Pre-Defined Account Groups and Accounts
When you create a RunHOA account, you will already have a predefined account groups and accounts. You can add to this or delete from it as needed.
Start with adding your Bank Accounts
Make sure that you do enter your Bank as you will not be able to do any Deposit & Withdrawal transactions without the Bank Group defined.
Click on Add Groups/Add Bank to add your Bank Names and then click on the pencil icon to add the checking and savings account under your Bank Name
You will have 2 predefined account groups when you start out. You can change the group name ‘Your HOA Bank’ to your own bank name e.g PNC Bank.
Once the Bank groups are added or updated, add your Bank Checking or Savings.
Keep the Online Processing/Stripe as is as that is what will be used for accepting payments using credit cards.
Add the opening Balance for the year for the Bank Checking or Savings.
Add Income Groups Next
Click on Add Groups/Add Income Group to add your Income Groups like HOA Assessments, Late Fees etc
HOA Dues and Fees is already a predefined Income Group. You can change the name as needed or add new income groups;
You can add new accounts to a income group by clicking on Add New Account. You many associate a committee if you want commiteewise reports. Also you can attach 1120H tax form code to this account.
Add Expense Groups
Click on Add Expense Groups to add the expense groups like Administrative Expenses, Fundraising expenses
Click on the pencil icon to add the accounts under these expense groups
Associate Accounts with Committee/1120H.
You can associate a Committee with the Account from the dropdown list of your HOA committees
This will be useful for Committee wise reporting as a single committee can have multiple income or expense account categories associated with it.
Also you can associate a 1120H code with this account category for 1120H reporting.
After you have decided on your Account Groups , enter all the account under these groups.
Note that all transactions are entered at the Account level and not at the Account Group level.
Chart Of Account Summary
Clicking on Filter/Summary will give a summarized view of your Chart of Accounts.
Display/Print your Chart of Accounts
Clicking on Display/Print will give you the options for displaying or exporting your Chart of Accounts to a PDF, Word, Excel or a Screen Format for printing.