Accounts Receivable
The first step in the financial management process must be the proper billing and
collection of the assessments as approved by the board of directors or membership.
Our system is designed to be flexible with the needs of the association. We have
the ability to bill the membership on a monthly, quarterly, annual, or other basis.
Courtesy statements are used to notify each owner of their account balance and any
other charges related to their property ownership. The statements are detailed for
the last 30 days and indicate all charges and payments applied to the unit since
the last statement. Balance forwards are also indicated, if applicable.
Owners are informed of their due date and delinquency date directly on the statement.
The board or management company may provide short messages to be added to the statements
as a quick means of communicating announcements or holiday messages, etc. We are
also able to insert a newsletter or other form of communication with the statement
mailing at no additional cost to the association.
Our software program allows owners to use the internet to log in and check their
account activity and balance. Depending on the bank chosen by the association, owners
may also pay their assessments in one of the following ways:
- Lockbox, using personal check or online billpay through their financial institution.
- ACH, automatic payment debited from the member’s account on a specified day each
month.
- E-check, payment through our website linked to the association’s bank on the day
chosen by the member. Same day application of payment applies, so payments can be
made on the due date without application of penalty.
- Credit Card, a nominal fee will apply if the homeowner chooses to use a credit card
to pay their assessment fee through the bank. (This fee is charged directly by the
association’s bank and does not involve the association or management.)
Billing of assessments is done on an accrual basis of accounting, which means the
revenue indicated on the budget comparison report will always match the budgeted
amount as approved by the board or membership. Our detailed aging report, provided
in the financial statement package, will indicate those homeowners with balances
or credits. Debit balances will be tracked by number of days delinquent and collections
activity will be noted on the aging as well.