List accounting software used in preparation of HOA financials We utilize both C3 (our management software) and Strongroom (our electronic invoice processing system) to prepare association financials.
On what date each month are financial reports completed and provided to the board? Are financial reports electronically archived and delivered to the board? Financial statements can be made available on the 25 th or the 1 st of each month. Your financial manager can customize financial deadlines to meet the association’s needs. List financial reports produced on a monthly basis List financial reports produced on an annual basis. Are federal tax returns filed on or before April 15? Any monthly bank charges for association accounts? Monthly reconciliation of all bank accounts? The core reports are a Balance Sheet, an Income and Expense Report (including comparisons to budget), Trend Report (monthly expenses displayed for each month side by side), Check Register, Investment Report, Allocated Reserve Fund Schedule, Delinquency/Prepaid Report, Bank Reconciliations and General Ledger. When are expenses posted? Expenses are posted as soon as it’s processed in Strongroom and is posted as a liability on the financials. Invoice backup provided (i.e. receipts, etc.)? Monitor expenses for unexplained increases? Monthly schedule of accounts payable provided? All invoices received are converted to .pdf files and submitted to our on-line payment invoice payment portal. The board will have 24/7 access to the entire electronic invoice history (dating back to the beginning of our relationship). What methods are available for collecting assessments? (i.e. lockbox, manually, ACH, credit card) Capable of collecting quarterly/annual assessments? We offer all forms of payment. Homeowners can also pay assessments via their mySeabreeze account. We do not charge any fees for any form of payment; however standard credit card merchant fees would still apply directly.
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