Balance Sheet – Shows where the association stands at a certain point in time concerning assets, liabilities, and equity.
In the PayHOA.com system, equity is calculated automatically by taking the total assets minus total liabilities.
Other items that are calculated automatically concerning the balance sheet are as follow:
1. Accounts Receivable (Considered an asset) – The amount of money that the association is owed based on current/past due outstanding invoices.
2. Accounts Receivable – Prepaids (Considered a Liability) – The amount of money that owner’s have overpaid based on the point in time chosen. Invoices minus payments for each unit.
General Ledger – 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.
Account Register – The account register is similar to the General Ledger except a user can choose which accounts they wish to see the activities for with a selector. For example, a user could use the account register to look at the transactions or journals that have impacted a particular bank account to find a discrepancy.
Profit vs. Loss – This report 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 by Month – This report is similar to the Profit vs. Loss report, but it shows a bit more of a breakdown. The profit vs. loss by month report will show you the incomes and expense incurred during the time-period selected, but broken down by month based on when the items were incurred. This is great report to see a month to month comparison in terms of spending or incoming revenues.
Profit vs. Loss Detail – Also similar to the profit vs. loss report, but this report provides a full breakdown of each income or expense category for the time-period selected. This report is great if you are trying to find a discrepancy in an income or expense category as it shows each line item that makes up the totals for each category.
Budget Report – Reports the estimated amount that the association expects to pull in (income) or spend (expenses) during the time-period selected. A great report to look at the estimates for the year.
Budget vs. Actual – 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.
Delinquent Accounts – Shows which units have an outstanding balance as of the date the report is pulled. The report will show the entire unit balance (includes current & past due invoices) and the past due balance (only past due invoices). This report will work well to let the association know which owners are falling behind on their payments.
Prepayments by Unit – Shows the units that have overpaid as of the date selected and the amount of the overpayment/credit on their accounts. Great to see who overpays typically and how much prepayments have occurred.