Quicken & Other Budget/Accounting Software/Condominium Accounting
Can quick books effectively provide the accounting software service required to manage the accounts of a condominium?
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
We sell and support QuickBooks