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Subject Author Date
entering a loss of income Frank l 11-24-2007
Posted by Frank l on November 24, 2007, 9:08 pm
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 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



Posted by Allan Martin on November 25, 2007, 11:07 am
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> 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


Condo associations usually do not show unpaid fees as a bad debt expense
because the association can always put a lien on the property.



>
>


Posted by Frank l on November 25, 2007, 1:17 pm
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Sorry to have bothered this NG. I'll figure it out for them.
Frank

>
>> 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
>
>
> Condo associations usually do not show unpaid fees as a bad debt expense
> because the association can always put a lien on the property.
>
>
>
>>
>>
>



Posted by Laura on November 25, 2007, 2:59 pm
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>
>> 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
>
>
> Condo associations usually do not show unpaid fees as a bad debt expense
> because the association can always put a lien on the property.

That is not always the case. It all depends on the Condo assoc by-laws.


Posted by Laura on November 25, 2007, 2:57 pm
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> 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

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.


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