From category archives: RowCal Blog

Financial Records

What is the Difference Between an HOA Audit, Review, and Compilation?

●        A compilation requires an auditor to present financial statements based on the information submitted by the HOA, with no need for verification.

●        In a review, an auditor conducts data analysis and makes inquiries to determine whether the information contained in the HOA financial statements is correct. The HOA provides assurance that the documents do not require any changes.

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Setting Up Your HOA General Ledger

A general ledger allows you to record all of your HOA financial transactions and keep a record of your balances in all your accounts. Rowcal property managers can help you update your HOA general ledger.

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Common Bank Reconciliation Errors That Throw Your Accounting Off

Bank reconciliation errors can throw your accounting off and complicate your accounting process. RowCal online accounting software can help you keep your HOA’s accounting straight.

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What to Include in a Quarterly Financial Report

A quarterly financial report is a summary of the performance of your HOA over a three-month period. The report allows you to monitor and update your organization’s portfolio at shorter intervals while maintaining greater accountability with your board, members, property manager, all stakeholders, and federal and state regulatory agencies.

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Time-and-Materials vs Fixed Time: How to Setup Your Contractor Outsourcing Agreements

Selecting the right pricing structure with vendors can be difficult because the structure should align with your organization’s operating procedures, budgetary goals and what products and services the vendor provides.

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How to Prepare a Workable HOA Budget

Budgeting for an HOA includes disclosures to association members, time restrictions, assessment limitations, and more — all necessary to remain compliant with local Minneapolis and Minnesota state Civil Codes. Below, we outline each step of the budgeting process to create a workable and legal budget for your organization.

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6 Essential Steps in HOA Budget Preparation

Across Minnesota and the country, HOAs are experiencing financial problems that are ending in a wide range of consequences. The growing number of homeowners associations does not have sufficient funds or reserves to maintain the housing developments adequately that they are responsible for.

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Developing a Property Maintenance Plan

A property maintenance program will help you stay on top of all the repairs and maintenance you need to make on your property. RowCal can help with your property management.

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Capital Expenditure Management

Managing your capital expenditures will allow you to complete your upcoming project while staying under budget. RowCal provides project management services for your HOA.

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Tips For Managing Capital Project Expenses

Work with your property management company to manage your capital project expenses. A property management expert can help you automate, streamline, and even standardize your processes.

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