Robust accounting functionality serves as the foundation of HOA management software, enabling associations to systematically track assessments, monitor budgets, and generate reports.
At the individual resident level, HOA software captures all financial interactions, including recurring monthly/quarterly dues, one-time special assessments, fees for amenities or services, violation penalties accrued, payments made, returned checks, and real-time account balance status.
Custom billing rates can be set up on a per-unit basis determined by square footage, number of bedrooms, special amenities access, or other metrics. The software also allows custom categorizations for standard fees like “Late Fee,” “Legal Fee,” “Interest,” and more that can be applied to billable assessment transactions to speed up the process.
Owner ledgers glance at all current and historical charges, payments, credits, refunds, and balance details for every home. Audit log tracking creates complete transparency.
General Ledger and Reporting
A general ledger aggregates all association income categories and expense classifications across payees/vendors for centralized tracking.
Standard financial reports include a balance sheet, profit and loss statements, budget vs. actuals comparison, transaction audit log, account reconciliations, aging reports, and more. Dashboards and graphical views highlight key tracking metrics for quick insights – key if you need to stay on top of your organization’s financial performance.
Advanced integrations with major accounting software (like QuickBooks) link data for seamless syncing and reconciliation. This ensures accuracy in bookkeeping, making tax time much smoother. Customized reporting options let users tailor reports to their specific needs. Automated reminders keep up with due dates so you never forget a deadline again.
Budgeting and Variance Tracking
The software enables the association board to configure an annual fiscal year budget blueprint that forecasts expected income and expenses by accounting category.
As money is collected and spent, continuous tracking of month-to-date and year-to-date variances provides visibility when specific income or expense line items have surpassed or fallen short of budget. This insight empowers decision-making into necessary cuts or assessment increases if needed.
Ongoing tracking of resident receivables, vendor payables, and credits owed/pending provides real-time visibility into money owed and impending debts or credits across the community.
A receivables dashboard lists all outstanding household invoices and overdue payments; payables manage vendor bills and upcoming contractor payments. This gives you a clear picture of financial commitments and helps you to manage operating costs more effectively.
Invoicing and Recurring Billing
A flexible billing engine supports both one-off and recurring invoice generation per household based on standard or custom billing rates defined for regular dues, maintenance services rendered, fees assessed for amenities access, reimbursement of repair costs, and more.
Late fees, interest accumulation, credits for overpayment, and custom billing terms are all configurable – which gives you the power to enforce a unified payment policy and streamline homeowner billing operations.
Payment Processing Integrations
Reputable solutions integrate with popular payment processors like PayPal, Stripe, and Authorize.net for streamlined ACH bank transfers or online credit card payments.
Homeowners can securely save payment methods for convenient future billing/dues collection. Recurring payments with failed charges are flagged for follow-up and can be configured to auto-apply credits/discounts for early payment.