Key Topics found on this page:
Fiscal Year setting
Set the first month of your fiscal year. While many associations rely on a calendar year, others may begin their fiscal year in June or September. Set yours here, which affects annual budgets as well as reports.
Reconciliation start date
When you import existing financials and have quite a bit of history, you may set an official cutover date and only begin bank account reconciliation from that specific date forward in order to avoid viewing older transactions which need no reconciliation prior to the cutover date. You can set the beginning date for reconciliation on this page.
Reporting Basis
Set Accrual, Cash, or Hybrid. This impacts your budget versus actual and income statement reports specifically. Each report can still be viewed on a different basis, but this will be your default. The GL and the balance sheet are always accrual. If you set cash or hybrid P&L, it recognizes assessment income when received, so a prepaid assessment liability is only informational and not authoritative. See your accountant if you have more specific questions around what's best for you.
Closing Books Date
You can set a lock on the General Ledger for specific dates once the books are complete.
Financial Approvers
Who approves and when. When a bill is received either through your inbound email or when added manually, the system relies on this financial approver setting to determine whether more than one approval is needed before payment can be made on a specific invoice. Set those details here.
Refund Permissions
Who can approve refunds and when. Similar to the bill pay approval chain, this setting determines who can issue a refund from payments made to the association and how many approvers are needed. It is important to note that when approving a refund, in all cases, the payment processing amount is not refunded, as it is paid regardless once the initial transaction takes place. Approving a refund to a resident when the resident has paid the processing fee specific to that payment will mean that the HOA ultimately pays that processing fee.
Financial Controls
Approval limits for WAB Transfers. This is a control specific to Western Alliance Banking and the ability to approve a transfer from within the platform. This setting sets the maximum dollar amount, or no maximum, for any individual to make a transfer without a secondary approval.