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Condo Associations
A Condo Association, also known as a condominium association or a homeowners’ association (HOA) in some regions, is a legal entity formed to manage and govern a condominium complex or community. A condominium is a type of real estate property where individual units or apartments are privately owned by residents, while common areas and amenities are collectively owned and maintained by the association. Accounting for condo associations is important for several critical reasons that contribute to the smooth functioning and financial health of the condominium community.
Condo associations play a vital role in maintaining the overall condition and quality of life within a condominium community. They help ensure that common areas are well-maintained, amenities are available to residents, and any issues or disputes are addressed promptly. The establishment of rules and regulations also contributes to a sense of community and promotes a harmonious living environment for all residents.
Accounting For Condo Associations
Accounting for condo associations is a crucial aspect of managing the financial affairs of the condominium community. It involves the systematic recording, reporting, and management of financial transactions and activities related to the association’s operations.
Here are some key points to consider in accounting for condo associations:
- Association Fees and Assessments: Condo associations collect regular association fees or assessments from unit owners to cover common expenses, maintenance, and reserve fund contributions. Proper accounting ensures the accurate tracking of these fees and timely collection.
- Budgeting and Financial Planning: Condo associations create budgets to project income and expenses for the coming year. Budgeting helps plan for ongoing maintenance, repairs, and anticipated capital expenditures.
- Reserve Fund Management: Condo associations maintain a reserve fund to cover significant repairs and replacements of common elements. Accounting ensures the reserve fund is adequately funded and used appropriately.
- Financial Reporting: Regular financial reporting provides transparency to unit owners about the association’s financial health. Financial statements, such as income statements and balance sheets, are typically prepared and shared with members.
Proper accounting practices for condo associations promote financial transparency, fiscal responsibility, and the long-term sustainability of the community. It ensures that the association can maintain common areas, provide necessary services, and preserve property values for all unit owners.
what you get when you hire us
- General Ledger Maintenance (Chart of Accounts)
- Data Entries (Bookkeeping)
- Reconciliations (Including Credit Card, Banking, and Payroll)
- Accounts Payable (Recording / Balance Verification)
- Accounts Receivables (Tracking Receivables and Collections/Follow-ups Available With Financial Services)
- Fixed Assets (Property, Plant, & Equipment) Recording
- Inventory Accounting
- Sales Commissions Calculation Assistance
- Financial Statements Preparation
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Free TrialGET ONE MONTH FREE BOOKKEEPING SERVICES
After Trial, Option To Continue With Unbelievable Price Starting $150 / Month
With Our Price And Quality Guarantee, We Beat All Valid Prices
Price Depends On Number Of Entities / Subsidiaries And Volume And Complexity Of Transactions
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| Details | Launch | Early Stage | CFO Advisory | Growth |
|---|---|---|---|---|
|
Summary |
Best for brand new businesses looking to incorporate and launch. |
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|
Description |
1) Company Structure Guidance 2) Verified Name Availability Search 3) Company Incorporation 4) Articles Of Organization 5) Employer Identification Number 6) Phone And E-mail Support |
1) Launch Package Included 2) Chart Of Accounts ($350 Setup) 3) Data Entries (Bookkeeping) 4) Fixed Assets Recording 5) Inventory Accounting 6) Reconciliations / Ledger Maintenance 7) Income Statement 8) Balance Sheet 9) Digitization / Archival (7 Year) |
1) Early Stage Features Included 2) Monthly Closing Reporting And Review 3) Key Performance Indicators 4) Budgets And Analysis 5) Cash Flow Management And Projections 6) Tax Saving Strategies / Plan / Execution 7) Annual / Quarterly Returns 8) Sales And Use / VAT / Excise Tax Returns 9) Tax Audit Support (5 Hour/Year Remotely) |
1) Advisory Features Included 2) Advanced Technical Accounting 3) Activity-Based / Job Order Costing 4) Cost Control Measures 5) Accounts Payable Management 6) Accounts Receivable Management 7) Payroll Calculation And Processing 8) Payroll Tax Management |
|
Revenue Per Month |
Price |
Price |
Price |
Price |
|
$30,000 |
$0 |
$150 |
$300 |
$420 |
|
$50,000 |
$0 |
$250 |
$500 |
$700 |
|
$100,000 |
$0 |
$500 |
$1,000 |
$1,400 |
|
$200,000 |
$0 |
$1,000 |
$2,000 |
$2,800 |
|
$300,000 |
$0 |
$1,500 |
$3,000 |
$4,200 |
|
$400,000 |
$0 |
$2,000 |
$4,000 |
$5,600 |
|
$500,000 |
$0 |
$2,500 |
$5,000 |
$7,000 |
|
$600,000 |
$0 |
$3,000 |
$6,000 |
$8,400 |
|
$700,000 |
$0 |
$3,500 |
$7,000 |
$9,800 |
|
$800,000 |
$0 |
$4,000 |
$8,000 |
$11,200 |
|
$900,000 |
$0 |
$4,500 |
$9,000 |
$12,600 |
|
$1,000,000 |
$0 |
$5,000 |
$10,000 |
$14,000 |
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