QFiscal's Grouping Feature (beta)
One of the most time consuming aspects of accounting for associations is dealing with the Limited Common Element Groups. These are specific groups of owners who have expenses they are responsible for. As show in the screen above, you could have a group for each building, since each building might have a specific reserve component it is responsible for.
These groups can be used anywhere in QFiscal. For instance, lets say you have a need to pass-through a utility bill to Building A. Since Building A has been defined as its own LCE group, all you have to do is enter the group to have that bill split in accordance with the appropriate LCE proportions. No more guess work, no more risk of someone being overlooked. Once Group A is selected those units are always included in every transaction with Group A.
Creating a new Grouping unit is simple. Name it and give it a more detailed description. We even allow you to copy it from an existing group if you want.
You select those units and apply the Allocation % that each unit is responsible for and then save. And, because we are at hearts auditors, we require any new transaction which impacts the owners to be reviewed and approved by someone else in the organization. New Groupings will not take effect until the right people look it over and agree it is correct.
With QFiscal you can always be certain that transactions are accurate when split amongst the various unit groups because more than one person is involved in the process of creating and using.
Would you like more information on how QFiscal can help your management company save time and get more accurate accounting results? Send me a message anytime.
Tomorrow we will share how easy it is to create an operating assessment and ensure it is accurately posted to the accounting system AND to the owners for payment.