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Subject: Budget for items paid every 3 years
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Author Messages
SusanH31
(North Carolina)

Posts:24


10/06/2021 1:33 PM  
My self-managed HOA paid $428 for a 3-year subscription to QuickBooks Desktop in April, and we can use the software until 2024. Should I put money in the 2022, 2023, and 2024 operating budgets to collect monthly and "save up" for when we have to pay to renew QuickBooks in 3 years? ...or should this go into the Reserve accounting, along with roof replacement and other big ticket items that only require expenditures every N years? ...or should it appear in the 2024 operating budget and not the 2022 or 2023 budgets?

It seems like small potatoes for the big Reserve fund, but I don't have a solid reason for choosing one way or another. I'm still new and learning -- thanks for your help!
PatJ1
(North Carolina)

Posts:254


10/06/2021 1:49 PM  
A subscription to Quickbooks is not an Reserve item. I would just record it in the year that it renews as a General Expense. It's such a small amount, it doesn't need it's own line item in the budget.

Board members are volunteers. Many have no idea what they're doing. Educate them. Don't beat them up.
KellyM3
(North Carolina)

Posts:1789


10/06/2021 3:47 PM  
Yes, a multiple year subscription will show as an expense for one year, then on renewal years. I do with this with our community website.
SusanH31
(North Carolina)

Posts:24


10/07/2021 12:05 PM  
Thanks for the help!
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Forums > Homeowner Association > HOA Discussions > Budget for items paid every 3 years



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