Suppose an HOA Board Member, John, manages the financials for his HOA. Usually, residents pay their regular monthly homeowners association fees on time so that is the only charge that needs to be paid. However, one resident, Mrs. Smith, has to pay her regular monthly fee in addition to a late fee and a violation fee. She decides to pay these charges with a single lump sum payment. Instead of coding this payment against a single charge, John will need to divide the payment across the three separate charges (regular fee, late fee, violation charge). To appropriately code this transaction, John follows the following steps:
Navigate to the Transaction Section: Navigate to the Transaction Section in the HOA Accounting Software. Transactions yet to be coded will be marked with a red "Not Coded" label.
Select the Transaction: Click on the blue "Edit" button of the transaction you want to code.
Confirm the Transaction Type: A pop-up will appear asking if the payment you're coding was made by a resident. Click "Yes" since we're coding a resident payment.
Review All Recorded Transactions: Instead of selecting the charges from the immediate list, click on "Review list of all recorded transactions".
Select the Appropriate Charges: Here, you can select the recorded transactions (charges) that make up the deposit you're trying to code. If you do not see all of the necessary charges on this list, it's possible they have yet to be recorded/applied to the appropriate resident's account. If that's the case, you'll need to navigate to the resident's ledger in the income section and record the necessary charges before coding the transaction. Once all charges have been recorded, they will appear in the "Review list of all recorded transactions" section. Select all that apply and click "Continue."
Confirm the Transaction Description: Now you'll have an opportunity to confirm the description of the coded transaction. Once you're satisfied with the description, click "Confirm".
Finalize the Process: That's it. Back on the main transaction screen, you'll notice that the transaction has been coded and is ready to be reconciled at the end of the current accounting period.