Reports
How often do reports update?
Estimated is what the association expects will occur. Actuals are what has actually occurred.
Prepayments by unit report!
A great way to reconcile monthly and make sure all transactions are present!
Bank Reconciliation
If an HOA has a loan, where would you put that?
What report can be pulled to tell an association where they stand at a certain point in time?
What do you call a category that can be a part of a main category?
Sub-Category
How do I import in my Chart of accounts?
You can't! Must be added manually.
What are funds in transit (Incoming) and where would you find those?
Pending funds & Dashboard
What types of entries can be made in the transactions tab?
Transactions, Transfers, & Journal Entries
What does the system use to calculate actuals for any category? (Cash-Based Only)
What is another common name for our categories?
Chart of accounts
How do I figure out how over or under budget I am as of a point in time and for a certain category?
Budget vs. Actual Report or Budget Performance Report
What is the report that summarizes incomes and expenses incurred during the time-period selected? This report is great for an overall look at the incomes/expenses for a certain time-period, such as a full year look or a monthly one. Think of this report as a great way to see what your association and pulled in and what the association has spent.
Profit vs. Loss
What is the In PayHOA balance made up of? (Hint: Two things)!
The In PayHOA balance is made up of the starting balance for the asset and all reviewed transactions that occur after the starting balance date!
What report compares the estimated amount the association believes they will pull in (income) or spend (expenses) vs, the actual amounts that have occurred/incurred during the time-period selected? This report is great to see if anything is over budget in terms of expenses as that could be a sign of overspending.
Budget vs. Actual
Accrual Based Accounting: When is income recognized based on an invoice an owner owes?
On the active date of the invoice!
How do I categorize an opening deposit for a new bank account? (Remember, it isn't income).
Delete the transaction & add it as a starting balance for the asset.
What is (Considered an asset) & defined as the amount of money that the association is owed based on current/past due outstanding invoices?
Accounts Receivable
Why is accounts receivable - prepaids a liability?
Because they have technically paid for a service that the HOA has not yet provided!
What report is a list of all accounts in the system and the activities that have impacted those accounts? This includes assets, liabilities, incomes categories, and expense categories.
General Ledger
I have estimated that the association will spend $200 on electricity this year. We actually on spent $155. What is the association's variance?
$45!
$200 - $155 = $45.
How do I add past actuals into the PayHOA system?
By adding or importing in the past transactions and categorizing/reviewing them!
What is (Considered a Liability) and defined as the amount of money that owner’s have overpaid based on the point in time chosen. This is calculated by taking Invoices minus payments for each unit?
Accounts Receivable - Prepaids
How is equity calculated in the PayHOA system?
Equity is calculated automatically by taking the total assets minus total liabilities.