QuickBooks Best Practices for Property Managers
Essential guide for organizing QuickBooks Online when managing multiple HOA and condo communities.
About This Template
Managing the finances for multiple HOA and condo communities requires careful organization in QuickBooks Online. This comprehensive guide explains industry best practices for structuring your accounting to maintain compliance, simplify audits, and streamline board reporting.
The guide covers the critical requirement of maintaining separate QBO companies for each community you manage, along with practical tips for setting up your chart of accounts, managing reserve funds, and generating the reports your boards need.
Whether you're a self-managing board member learning QuickBooks or a professional property manager scaling your portfolio, this guide provides the foundation for organized, compliant HOA accounting.
What's Included
- Why each community needs a separate QBO company
- Legal and compliance requirements for HOA accounting
- Recommended chart of accounts for HOAs/condos
- Setting up operating vs. reserve fund tracking
- Income account structure (assessments, fees, interest)
- Expense categories aligned with reserve studies
- Using QBO Accountant for multi-community management
- Board reporting templates and schedules
- Year-end close and audit preparation tips
How to Use This Template
- 1Review the guide before setting up QBO for a new community
- 2Use the chart of accounts template as a starting point
- 3Follow the reserve fund setup instructions
- 4Reference the reporting section when preparing board packets
- 5Share with board treasurers for alignment on financial practices
- 6Return to the audit prep section at fiscal year-end
Who Should Use This
- Property managers using QuickBooks Online
- HOA board treasurers managing community finances
- Self-managed communities setting up accounting
- Management companies onboarding new communities
- Bookkeepers specializing in HOA/condo accounting
Frequently Asked Questions
This is strongly discouraged. Each HOA is a separate legal entity with its own EIN, bank accounts, and audit requirements. Using classes commingles funds, complicates audits, and may violate state regulations. The only exception might be a master association with sub-associations under common ownership.
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