Quickbooks Accounting
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Quickbooks Accounting for Housing Cooperatives
This is a page dedicated to Accounting for Housing Cooperatives using the mainstream software Quickbooks. It is intended to be a reference for treasurers of housing cooperatives on maintaining accounting data in Quickbooks, as well as filing taxes, producing reports for your cooperative's members, and more.
Intro
Accurate, up-to-date, and transparent finances are essential to a cooperative's success. Maintaining these is usually up to one or more (co-)treasurers. Accounting for housing cooperatives usually encompasses four areas:
* Rent Collection & Maintenance * Bill Paying (including taxes) * Reimbursement (petty cash, etc.) * Other (budgeting, maintaining transparency, troubleshooting, reconciling, etc.)
As a treasurer, you will need to communicate frequently with other 'officers': those who manage and track joining/departing members, those who maintain archives, etc. Different cooperatives handle and distribute responsibilities differently. This is one of our great advantages, but information will have to flow freely between members to have successful accounting practices.
On occasion, however, sometimes you'll encounter the following problem: "Help! I'm a new treasurer and the accounts are a mess!" Fear not, this simple group of Wiki pages will help you get your house's finances back on track in a simple, clear manner.
Rent Collection & Maintenance
One of the more unpleasant yet essential tasks for the treasurers is collecting and maintaining rent. The following pages will help you do this using our collective experience, excellent communication, and the computer software Quickbooks.
1. Post/Invoice Rent - at least 1 week before rent is due. 2. Collect Rent - as soon as the due date for rent has passed. 3. Deposit Rent - as soon as Step 2 is complete. 4. Troubleshooting Rent - whenever members have questions about rent.
Bill Paying
Bill paying is another essential treasury function. The most important bill you will pay each year is your taxes. All bills, however, are essential to pay and account for correctly. Do not be afraid to dispute bills you believe are inaccurate, however. Each time you receive a bill (invoice) follow these steps:
1. Enter Bills when you receive them 2. Pay Bills after entering them 3. Troubleshooting Bills when you or other members have questions
And finally, taxes:
1. Payin' Taxes is essential 2. Expense major purchases over time by Creating a Depreciation Schedule
Reimbursement
Reimbursement means paying members back for things they purchase for the house. Housing cooperatives do this in different ways, but there is usually Cash reimbursement (called Petty Cash) and reimbursement through checks. Both are covered below:
1. Petty Cash Reimbursement bi-weekly or more often 2. Check Reimbursement bi-weekly or more often 3. Reimbursement Policy and Practice makes everyone's lives easier
Other
While the 3 tasks above are the treasurer's main focus, the following are also standard practice and important for successful accounting.
1. Budgeting For Your House lets people know what we can spend 2. Maintaining Transparency keeps people accountable, informed, and participating 3. Reconciling Bank Accounts keeps accounting accurate (and keeps the bank from screwing you) 4. General Treasury Troubleshooting will be an ongoing labor of love 5. Improving Your Co-op's Accounting Practices is always a blast 6. Helping your co-op mates fill out an Homestead Tax Credit
This page is being created by Jeff Bessmer, the Macro Co-Treasurer at the Summit Avenue Cooperative. Stay tuned for more content, or contact him by clicking on his name.
