Industries
QuickBooks for homeowners associations
Tidwell offers QuickBooks ProAdvisor expertise for association files that must remain understandable as board responsibilities change. We work alongside your CPA or attorney and follow the association’s approved financial structure.
Last reviewed:
General information, not legal advice.
Set up owner references before loading balances
Bring the assessment roll, adjustment approvals and bank account list together. Agree how owner balances will be supported and how operating and reserve activity should be represented. The adviser determines handling requirements; a software category does not establish compliance.
Use classes only for a defined board question
Classes group transactions into segments and can support Profit and Loss by Class reports. Consider whether a class view adds clarity to the approved account structure. Avoid using it to conceal missing owner detail or to merge funds that the association’s advisers direct you to keep distinct.
Sources: Intuit - Create and manage classes in QuickBooks Online; Intuit - Run reports by class in QuickBooks
Reconstruct the reconciliation at a board transition
Obtain the last statement and completed reconciliation before entering an opening balance. Intuit identifies an incorrect opening balance as a common cause of first-reconciliation problems. Trace assessment receipts, approved transfers and vendor payments to support, then provide the board with unresolved differences for review.
Sources: Intuit - Fix issues the first time you reconcile an account in QuickBooks
Sources for association file checks
Association bookkeeping and adviser coordination
Prepare the file for the next treasurer
Tell us which records need attention and who approves the next steps.
Monthly bookkeeping starts at $500 a month. See pricing