HOA rules and regulations in Texas

Texas HOA Laws Change Every Year, But Good HOA Bookkeeping Keeps Things Steady

HOA rules and regulations in Texas are always changing. The legislature passed a number of changes in 2019 alone. It can be hard to keep up with all of this. One thing that won’t change is the need for good financial records. Whether it’s the HOA management, board or members, HOA bookkeeping keeps everyone on track. Homeowners’ Associations cannot afford financial mistakes. Texas HOA rules don’t have to complicate matters.

At Slaton Financial Services, our well-trained staff manages your books, keeps your financial records, and assists with bill payment and collection. We provide online portals where you can get documents you need and members can pay their dues. Our goal is to help you meet HOA rules and regulations in Texas through accurate record-keeping.

Texas HOA lawsWho Should Handle Your HOA Bookkeeping?

Generally the bookkeeper duties are handled by a board treasurer. This is a big job even without concerns over HOA rules and regulations in Texas. Some HOA treasurers don’t have enough experience with complex financial management. Others are busy with their regular work in important paid positions where they don’t have time to handle the nitty gritty, day-to-day demands of HOA bookkeeping.

If you are wondering whether to engage outside help with financial record-keeping, consider this. Disorganized books can make it hard to prove your HOA is in compliance with its own rules. Uncollected dues are a missed opportunity for the HOA. Missed bills can result in late fees and a bad reputation for your organization.

What Is HOA Bookkeeping?

Bookkeeping for a Homeowners’ Association includes recording, classifying, and retrieving all HOA financial transactions. This system should ensure that it is easy to measure your community’s financial health in the past and at the moment. A tidy accounting of your expenses and accounts receivable are essential to planning the future.

What is an HOA Balance Sheet?

This important list shows where your money is and where your debts are. The HOA balance sheet provides a look at the current status of the HOA bank accounts as well as HOA equity, assets, and liabilities.

What is HOA Accounts Receivable?

Accounts Payable and Accounts Receivable are important records that should be part of your HOA balance sheet. Accounts Payable keeps track of such ongoing expenses as utility bills and municipal fees. It tracks budget items such as maintenance costs. HOA Accounts Receivable is the other side of the equation. It explains who owes and what they owe the HOA. This includes homeowner association dues and other income sources.

What is an HOA General Ledger?

When kept properly, the HOA General Ledger shows the association’s finances. It is also useful for detailed understanding of financial transactions.

What is Cash Disbursement?

This is more than a check register. It certainly lists the check, date, and recipient, but it also includes the invoice, the specific account from which the money is drawn, and other relevant information.

How can Slaton help your HOA?

Here’s an idea of what we do for our many HOA clients daily, weekly and monthly. Let us know how we can help your HOA handle its financial responsibilities.

  1. Record all expenditures and receipts cleanly and quickly.
  2. Handle the General Ledger, accounts payable, accounts receivable and cash disbursement.
  3. Pursue missed dues and other overdue accounts.
  4. Pay bills on time.
  5. Save you money by avoiding late fees and ensuring prompter remittance of monies owed to the HOA..
  6. Provide accurate reports at regular intervals and upon request as needed.
  7. Keep records ready for annual audits.
  8. Offer expertise about financial matters pertaining to the HOA.
  9. Ensure awareness and application of Texas HOA requirements.
  10. Relieve you of the burden of day-to-day tasks.

Call us and let’s get started. We’ll help you keep your HOA on track.

Posted in News.