Quicken & Other Budget/Accounting Software/Condominium Accounting

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Question
Can quick books effectively provide the accounting software service required to manage the accounts of a condominium?

Thanks
Bill

Answer
Hi Bill

QuickBooks will do a good job tracking monthly/quarterly assessments by owner and who paid and when.  It also does a good job in tracking your  other sources of income and all your operating costs.   

However,  when it comes to tracking the money the individual budget buckets for
major repairs ( Reserve funds):
  QuickBooks can be manipulated with Journal entries , but it is difficult for the non-accountant so plan on paying for some bookkeeping help.
  You may also  need help/training on posting the expenses paid from restricted funds.


Generally condo associations who handle their own bookeeping keep a separate bank account for the restricted funds , transferring balances to that bank account and keeping an excel spreadsheet for reporting on individual fund balances that match the bank balance.

Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
http://www.qbalance.com
We sell and support QuickBooks  

Quicken & Other Budget/Accounting Software

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Linda Saltz, CPA, QBalance.com

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QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com

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Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

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