Community Association Management Accounting or CAM Accounting is a major piece of property management. At J Brooks & Associates, Inc. we want to help you better understand what our accounting department does for your Association’s finances. Our Property Management team works closely with our Accounting team to ensure you have the most complete and accurate picture of your association’s financial health and well being.
- Accounts Payable:
- Coordinate getting bids, executing any agreements & contracts, and issuing purchase orders and paying invoices
- Accounts Receivable:
- Collection of rent from tenants, collection of all association fees from unit owners; collection of all coin-operated revenue; and take action on all delinquent accounts
- Collections:
- Verify debts, issue demand letters in accordance with state and federal law, and coordinate with legal counsel.
- Banking:
- Custodial care of checking accounts, savings accounts, certificate of deposits, and any other bank or financial product. Track all and account for all deposit and credit entries. All accounts will have a full monthly reconciliation.
- Financial Statement:
- J Brooks & Associates, Inc. will report to you on a monthly basis: Balance Sheet Statement and Profit and Loss statements prepared according to GAAP (Generally Accepted Accounting Principles).
- Budgets:
- J Brooks & Associates, Inc. will conduct an annual budget review and will. Preparation of an annual budget will be completed once the budget review has been completed.
- Check Detail:
- J Brooks & Associates, Inc. will prepare a check detail report for every check run that we process showing payee, invoice, amount, and account.
- Statement of Payables:
- Monthly detail on ledger entries
- Statement of Receivables:
- Monthly detail on ledger entries
- Quarterly Reporting:
- 941, UCT6, Sales Tax as applicable and prepared according to state and federal rules and regulations.
- Annual Reporting:
- 940, 1120H Tax Return as applicable and prepared according to state and federal rules and regulations.