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Collecting Fee's

Quota payed in Cash

This income results in a credit in Cash Diary and should be recorded as described at Cash Journal. Money should be placed on the Cash Box.

A Payment receipt should be given to the homeowner.

Quota payed by Bank Account Transfer

In this case it can be several aways of knowing on this event, or by looking up Account Statement or by mail notification when the Bank provide this service, or even by the notification from the homeowner itself.

The best way to treat this transactions is to, periodically, analyze Account Statement . This way you treat many Quotes as well as automatic payments all at one time. For example, at each end of month you do the paper work, analyze account statement and also archive mails, update Quote Map, etc.

When transcribing the Deposit Account to respective Deposit Account Journal, for every Quota Payments found it's need to write the receipt, mail the receipt to the respective unit owner, and update the Quota Map as described below.

Update Quota Map

No matter how the homeowner payed his quota, its always necessary update the Map Quota. Below is an example of an Quota Map.

If the homeowner didn't pay the full Quota for the month the amount received should go to the balance column instead of putting the cross on the respective month. Only when the value of the Quote is fulfilled the Month is considered payed. Also, no month can be considered payed if the previous month is not. This way things are keep it simple to everyone.

Receipts special care

Receipts are proofs of payment so keeping track of all receipts its absolutely necessary. If they are not pre-numbered, numbered yourself, using simple a sequential number.

Don't discard receipts, if you make a mistake filling one, write CANCELED on it, in big letters across the document and keep in in the receipts book. In some country's law may obligate the use of pre-numbered receipts.

 

Fee Map Example

Fraction Last Year Balance (1) Quota January February ... December Balance(2)
R/c A -$5.20 $20.00 X
R/c B $0.00 $22.00 X X
R/C C $3.00 $22.00 X

 

The column Last Year Balance is the debt or credit that the homeowner had at the end of last Year Administration. If is negative (debt) January should not be considered payed before the debt is payed (and January Quota too naturally).


Account Credits of unkown origin

Some credits in Bank Account may be from unknown origin if the detail of the transaction is not accurate. To  resolve this situation publish on Quota Map these payments, displaying the following information:

  • Date of the transaction.
  • Bank description.
  • Value.

Also you can prevent this situations in the future by:

  • Requiring the homeowners to write descriptions in a way that you can track it easily. The Quota Map provided already has this request.
  • Some banks may provide the number of the origin account. If so you can ask homeowners for their Bank Accounts number.