Hi-Qbks 2002 acct version, owned by POA of friends condo group. They asked for my help, but I am a computer tech, not an acct. Anyway, they need to add into their chart of accounts (I imagine) a loss due to unpaid quarterly HOA fee's. About $3150. The -$$$ needs to show on their profit & loss statement for the end of the year. Just a lump sum. Easy I am sure, but not for us Thanks Frank
entering a loss of income
Nov 25, 2007
5 Replies
Condo associations usually do not show unpaid fees as a bad debt expense because the association can always put a lien on the property.
Sorry to have bothered this NG. I'll figure it out for them. Frank
OUR condo association periodically writes off HOA fees to Bad Debt. Our By-laws prevent us from putting a Lien on the property unless they are 3 months in arrears so small amounts do get written off.
You will need an Expense account called Bad Debt. Create an Item that points to the Bad debt account. Create a Credit memo for the amount to be written off using the bad debt item. Then go into Receive payments and apply the CM to the outstanding invoice to get it off of your books.
That is not always the case. It all depends on the Condo assoc by-laws.
Thanks very much Laura. Your help is greatly appreciated Frank
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required