HOA Messenger's Accounting Software allows you to create a budget that you can then compare to actual income/expenses to ensure your finances are on track throughout the year. You can create budget using the Accounting Software's default chart of accounts, but we recommend creating a custom chart that identifies your HOA's unique income/expense categories.
After Confirming your Association’s Chart of Accounts, we recommend that you next create a budget for your HOA. If you enter a budget you will be able to monitor whether or not you are spending within your HOA’s means.
Confirm the Fiscal Year in which you want to Create a Budget
Usually when you create a budget you will be doing so for either the current fiscal year or the next fiscal year.
Confirm the Budget Line Items are Correct
Make sure that all of your Budget Line Items match your Income and Expense Line items listed on your Chart of Accounts.
Three: Click Edit
To start entering dollar amounts for your HOA’s Annual Budget, click “Edit”.
Enter the Budget Values for Each Line Item
Enter the estimated yearly budget for each Income and Expense Account
Verify Your Inputed Budget Numbers Are Correct and Click “Save”
HOA Budget FAQs
Can I adjust the budget on a monthly basis to reflect variable expenses, such as higher water use during summer months? At this time, our platform evenly divides the annual budget amount across all twelve months. It does not currently support adjustments for seasonal variations in expenses like higher water use during the summer. The budget is accrued over the entire year.