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Condo and HOA Accounting

Home Owner Associations and Condo Association Accounting Services


There are many condominiums associations and home owners associations all over Florida and the need to keep all the books up to date is a very stressful process.  But this does not have to be this way.

At A&B Accounting, we take care of the whole bookkeeping and accounting processes for small and medium size Condominiums Associations and Home Owner Associations.

The Board of Directors have already many tasks running the Condominium Associations or Home Owner Associations.  Having the right personnel to do the daily bookkeeping is often difficult and many mistakes happen in the long run which create problems with balancing financials at the end of the year.

Our staff is well trained and you will be assigned to a specific bookkeeper and accountant that will enter all your transactions daily or weekly and you will get monthly reports to show the board of directors how is the money being handled.

Our services include:

Accounts Payable and Billing process for Condo and Homeowner Associations

  • All your bills will be scanned and will be available to you electronically for easy access.
  • We will make sure all your bills are paid with your written approval and will be correctly coded to your books.
  • Every month end, you will be provided with an aging payables report so you can review all your outstanding bills and plan accordingly.
  • We will keep track of all payments for contract labor and will request the necessary information from all subcontractors for the year end process.
  • We will be processing all the 1099s and 1096s and submitting them to the IRS.

Payroll Processing for Condo and Homeowner Associations

  • Processing of payroll for employees as often as you need (weekly, biweekly, or monthly)
  • Will take care of all garnishments, federal taxes, and other miscellaneous deductions for the association employees
  • We will process federal tax deposits either weekly or monthly, whichever applies
  • Will process quarterly payroll taxes which includes preparation of 941s, RT-6 and 940s

Monthly Billing and Accounts Receivable for Condo and Homeowner Associations

The association cannot operate without the prompt maintenance payment of its residents.  We therefore, provide the following services:

  • Monthly or quarterly statements are provided to all residents to notify them of their account balance and due date.
  • We will provide with two ways the residents can submit their monthly payment to the association.  One will be thru regular mail, and another one will be autopay (direct debit) from the resident’s bank account.
  • We will process the deposits and provide the association with copies of checks received from residents for information purposes.

Homeowner and Condo Association Financial Reporting

The association will be constantly communicating with our team for any questions that might arise.  We will provide reporting on a monthly and annual basis.

  • Balance Sheet by Operating and Reserve fund
  • Operating Income and Expenses to Budget
  • Aged Receivables
  • Aged Payables
  • Check Register Report
  • Bank Statement Reconciliations
  • General Ledger

Year End Processing for Condo and HOA Associations

  • Quarterly tax deposits to the IRS to go against the estimated income tax <br>to be paid at year end.
  • Preparation of 1120H for the IRS.
  • Preparation of W2s and W3 for employees
  • Preparation of 1099s and 1096 for subcontractors

Budgets and Forecast Preparation for Condo and Homeowner Associations

We will review your annual activities and will prepare budgets for the following year discussing with the board of directors planned expenses or any other events that might have an impact on the association financials.

We offer all the solutions to keep your books, bills and, residents payments up to date.  We use two major accounting software solutions for associations so the board never has to worry about data security and data access.

Call us for a free initial consultation so we can analyze your books and choose the right solution to maintain your accounting and you can concentrate on other operating activities related to the association.