0:00

Hey everyone, welcome to another exciting managed cost webinar. This time

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in collaboration with Balanced Asset Solutions or BAS for short. My name is

0:09

Patrick and I’ll be your guide as we explore HOA taxes and how to handle them

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like a pro. We’re happy to invite two expert guest

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speakers today. Mo, who is the CEO at Balance Asset Solutions, as well as

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Stephanie, our product specialist and a very talented engineer.

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We’ve got a great agenda for you today. We’ll begin by going over do HOAs pay

0:37

taxes, why it matters, the two key HOA tax forms, whether you can actually use

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an 1120H, the goal,

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what’s usually taxed and not taxed, member versus non-member income, how HOA

0:53

tax is actually calculated, deductibles versus non-deductibles,

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reporting, filing flow, and some key deadlines that you need to be aware of.

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We’ll also walk you through a live demo today so you can see how software like

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manage kasa can make tax season a whole lot easier. And finally, we’ll wrap up

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with Q&A session to answer your questions and help you get the most out

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of today’s experience. Before we dive in, just a few quick

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housekeeping notes. First, we’ve muted everyone’s mics just to keep things

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crisp and clear. Don’t worry, you can still interact using the chat feature or

1:31

the Q&A feature to share your thoughts and comments. The session is being

1:35

recorded. If you miss anything or want to view content later, you can easily

1:39

access this recording via Wistia. We’ll also make this recording available in

1:43

our help center for your convenience. Like we mentioned, there’s a Q&A session

1:48

at the end, so feel free to drop any questions you may have on HOA taxes in

1:53

the Q&A box during the session, and we’ll get to them at the very end.

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Lastly, please consider giving managed CASA a follow on social media. We share

2:04

helpful tips for HOAs, including tax tips, as well as key filing deadlines.

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Okay, so now that all the housekeeping is out of the way, let’s get this

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started. I’d love to turn it over to Mo to go over the fundamentals of HOA

2:19

taxes.

2:22

>> Hey everybody, pleasure to meet you. Uh my name is uh Muhammad Mo Hussein, the

2:27

uh CEO, founder here at Balance Asset Solutions. We are a CPA, accounting and

2:32

consulting firm uh specifically focused on real estate. So today we’ll be diving

2:37

into um some things that you should be aware of when it comes to HOA taxes. um

2:44

uh what HOAs need to file or how they can file, what forms you should use in

2:49

kind of most cases, taxable versus non-t taxable income, deductions, uh filing

2:54

steps and deadlines and and common mistakes. One thing that I want to

2:58

caveat is, you know, taxes are are very nuanced. Uh unfortunately, the

3:02

complexity of tax law is what has bred kind of an entire industry of tax

3:07

professionals like our organization. And so everybody’s, you know, each entity

3:12

and organization’s kind of tax needs and requirements are maybe a little bit

3:16

different. Today, we’re taking kind of a a general approach of kind of the the

3:20

most common use cases from an HOA taxes perspective. Um, but of course, you

3:25

know, whoever your tax uh professional, CPA, whoever’s doing your kind of your

3:29

taxes should have a good idea of um of what particular uh things you need to

3:35

consider in your particular tax situation. So I definitely don’t want to

3:38

take uh this is more informative and don’t want the audience to kind of take

3:42

this as kind of board as law if you will. Let’s go ahead and move on to the

3:46

next slide. So do HOAs pay taxes? So u generally

3:52

speaking HOAs are either nonpro an actual true non nonprofit organization

3:58

which is a 501c organization or you can be a notfor-profit.

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um it doesn’t necessarily mean that you’re automatically always taxexempt.

4:07

And generally speaking, even if you are, you still need to file some type of a

4:12

federal tax return, even if there’s nothing going to be owed. Okay? And some

4:16

states, depending on where the entity is headquartered, um do require kind of a

4:21

separate state filing. So even the tax exemptions are at the federal level, you

4:27

still have considerations at the state level that you should be you should be

4:30

taking into consideration. Um let’s go ahead and move on to the

4:34

next slide. Why does this matter? So firstly, you want to prevent penalties

4:38

and late filing issues, things like mclassification associated with income.

4:42

Uh uh many of you may be part of a an HOA board or folks that are or have a

4:48

board that’s usually responsible for things like filings and working with a

4:51

vendor if there’s a CPA or accounting firm that’s submitting this. Um it also

4:55

helps build you know comp confidence validation with the financial reporting

5:00

and the packets that are being sent out to uh the board and the and the uh the

5:04

folks that are part of the HOA. It also supports things like audits, lenders and

5:09

uh and buyers of uh of the assets. Uh so in in generally speaking we have

5:20

kind of two designations or forms that are usually used in in uh in tax in for

5:27

HOA taxes. So the tax the two tax forms are 1120H and 1120. So uh this is mainly

5:33

used for corporations. So US corporation income tax return is what the form 1120

5:39

form is for. Uh and this is to report things like income deductions, credit

5:45

and and taxes due. So usually this is filed for by domestic corporations even

5:50

if they have no taxable income unless you are a 501 organiza designated

5:56

organization. And then you also have uh you know entities that elected to be

6:01

taxed as a corporation which is commonly usually LLC’s that make a corporate tax

6:08

election. Um uh the 1120H which is the US income tax return

6:15

specifically for homeowners association. This is used specifically by qualified

6:21

HOAs that elect to be taxed under the special HOA rules for that tax year. And

6:27

this is usually typically filed by uh homeowners associations which can be

6:31

condo associations, residential real estate, time share associations, and

6:36

specifically they want HOA tax treatment which will allow the HOA to exclude

6:42

certain exempt functions mainly around income from gross income. Uh, and there

6:47

are some core qualifications that we’ll be kind of going over, but kind of quick

6:51

rule of thumb is that, you know, a normal corporation files an 1120 and

6:55

then HOAs that choose that that choose to be choose to have that special HOA

7:00

tax election of the year would file that 1120 1120H.

7:09

Let’s go ahead and move on to the next slide. So, can you use the 112H form? So

7:14

um again you need to you need to file for that exemption status or that

7:18

special status. Uh and then generally speaking HOAs uh meet this this form

7:24

test uh what’s commonly referred to as the 6090 rule which is basically 60% of

7:30

income uh comes from uh members and 90% of expenses come specifically from

7:38

property operations. and then you need to make that election uh by filing that

7:43

112H for that particular year. You would not be able to use this particular

7:48

designation if you have have any commercial activity. So think about like

7:52

brokerage type of services and whatnot any outside rentals. So rather than an

7:57

actual association if you have a lot of units that are being uh you know rented

8:00

out um traditional traditional uh you know uh residential and then if you if

8:07

you fail that kind of that income and expense test so again 60% of the income

8:10

needs to come from member dues 90% of expenses need to come strictly from from

8:15

property operations. Uh so the goal uh at the end of the year

8:23

is you should be going through a a audit process uh file and correct the whatever

8:29

tax form you’ll be using and use the correct form. You should you should

8:33

throughout the year go through a monthly accounting close process which which

8:37

ensures that you identify taxable income and only pay what is owed. um you know

8:42

avoid avoid you know ways to avoid penalties and stuff is to ensure that

8:46

you file in the correct you know by the correct date if not that your tax EPA

8:50

has filed an extension so that you don’t get hit with uh with with with penalties

8:55

and potential audit issues as well. So um next slide. So most HOA income kind

9:03

of falls in two kind of major buckets if you will. Um so that uh uh that 6090

9:10

rule that we had mentioned earlier. Um that 60% would fall will fall under

9:16

member income. What is member income? These are like dues that you’re that

9:20

you’re uh that the members are paying on a monthly basis. any type of special

9:24

assessments whether those are going towards the reserve or not. And then

9:28

essentially fees that are charged only to to members of the HOA uh operations

9:33

and this income is usually used to kind of run the community and generally

9:37

speaking is is non- tax non-t taxable. What is non-member income? So, if you

9:42

have things like laundry rooms, like vending machines, if there is a lease

9:48

for like a cell tower that’s on the property, um if you’re renting any type

9:52

of common areas, for example, some communities have maybe like a clubhouse

9:56

or something that they that they rent and there is uh to the members in the

10:00

community, that income is not is considered non-member income. interest

10:05

income that’s received from things like reserves, things like late fees and

10:09

fines. All of these things are usually taxable.

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Go ahead and kind of jump into a demo here and I’ll uh hand over the remains

10:24

here to to Stephanie to to show some a few reports.

10:31

>> Awesome. Thank you, Mo. So I will be going over manage classes

10:37

flexible chart of accounts feature. Your chart of accounts can be found under

10:42

accounting transactions chart of accounts. And here you will see

10:48

a list of all your accounts that you can customize to fit your needs. So, when

10:52

you first transition over to Manage Kasa’s accounting suite for the first

10:56

time, there will automatically be some default set of accounts ready for you to

11:01

use, including common ones relating to HOA or general property management

11:06

services such as HOA fees and late fees. If you don’t want to use some of these

11:11

default accounts provided for you, you could just turn them off using this

11:14

status toggle. You could also search for a chart of account using the search bar.

11:19

So, I’ll just type in cleaning and here I see all my accounts

11:25

relating to cleaning expense accounts. We have the typical parent child account

11:30

hierarchy where I have a general parent cleaning account and under that cleaning

11:35

account I have various child accounts relating to cleaning. So when you record

11:39

expenses you can record it against the main account or the sub account. When

11:43

you click on this ellipses you have some options. So you could add a chart number

11:48

if you want. Um and that code will then show up in various reports that you run.

11:53

You could also record any uh personal note or make the account aortionable

11:59

which means that the account can be divided amongst multiple units. Um this

12:03

is a lot more common for European accounting rather than US. Now say

12:08

there’s an account that you really want that’s not listed in the defaults that

12:13

we provide for you. You can always create your own. So you could do that by

12:17

clicking add account here. and just fill out the information such

12:21

as the account name, the subtype, and the type. So, if you want to create a

12:27

custom child account under an already existing parent account, just choose the

12:31

right parent account here, and you’ll put that you want to put it under and

12:35

subtype should be the name of your child account. If you want to create your own

12:39

custom parent account, then select you want to select add new. Type in the name

12:44

of your parent account. save that and create the parent account first and then

12:49

you could create any custom sub accounts under that um account that parent

12:53

account you just created. And if you’re familiar with our custom

12:59

fields feature, we support that with our chart of accounts as well. Custom fields

13:04

are very useful in situations where you want to track a data point that is not

13:08

officially tracked in our forms. So maybe there might be an important

13:12

category you want to keep track of for tax purposes or whatever else, but our

13:16

create form doesn’t have that classification explicitly. Then you

13:20

could use custom fields to create any of your own.

13:24

Um once you create your custom account and it’s turned on, you can just use it

13:29

basically the same as you would any of your other accounts when you do your

13:33

day-to-day accounting. Um and that’s the a brief overview of our chart of

13:37

accounts feature. and I’ll take it back to Mo.

13:42

>> Thanks Stephanie. Uh so one thing that I wanted to comment on the uh the chart of

13:46

accounts or at least the flexibility you guys get with um with managed CASA is

13:50

you know every every company and entity wants to provide their reporting and

13:55

financials in a different format. Um you may you know use you may want to have

14:00

you know your income statement for example bucket you know the taxable

14:04

income or like non-member income versus the member income or special

14:08

assessments. You may want to have subcategories that exist on the balance

14:11

sheet um for for uh uh for under the asset section for the building and

14:16

capital expenditures and depreciation and things of that sort. And so you

14:20

should always um you know uh ensure that the reporting structure and the chart of

14:25

account structure you’re using is something that’s conducive specifically

14:28

to uh uh to your needs and how and what makes sense for uh for you the business

14:34

and the folks that are going to be consuming these reports. Um let’s go

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ahead and get back into our presentation here.

14:43

So uh uh just to summarize um uh you know what we spoke about before we have

14:48

those two categorizations right what is usually not taxed which is the member

14:53

assessments regular dues special assessments member only service fees um

14:58

this again is income that’s mainly used to kind of uh operate and maintain the

15:03

property and not subjected to federal income taxes specifically for HOAs that

15:07

are using that 1120H uh what’s usually taxes laundry income

15:11

vendor income any income honestly that’s being received that’s outside of these

15:16

uh uh these dues and special assessments that are used to operate the property.

15:24

How is tax being calculated? So, you’re usually looking at your taxable income

15:29

minus uh which is equal to the non-member income minus related expenses

15:35

and then uh the standard deduction and then that’s multiplied by whatever the

15:39

tax rate is depending on the bucket and the amount of uh of income of taxable

15:44

income expenses. So, uh what are some items

15:49

that uh traditionally can be used to be able to reduce your taxable income? So

15:54

any deductibles, any expenses associated with uh with things like laundry

15:59

repairs, utilities, rental areas, uh maintenance specifically for income

16:04

assets, uh management tied to to to rentals and expenses associated with

16:09

that, tax prep fees, um and uh and certain types of capital expenditures.

16:16

So think about, you know, renovations and things that may be done on the

16:19

property. Um, there’s a whole host of also other considerations there that

16:24

that allow for you to be able to kind of depreciate in the way that those items

16:27

can move over to the income statement. Again, that’s going to be specific on

16:30

the type of renovation and capital expenditure. Generally speaking, the

16:34

things that are not used to reduce your taxable income, which is your, you know,

16:38

HOA operations, landscaping for like common areas, board expenses, uh, member

16:43

services, um, and, uh, and member and member

16:46

services. This actually ties into the 1099s which

16:51

we are currently in 1099 season. Um you know the the miscellaneous form which is

16:57

due on January kind of 3 on January 31st and this is something that should be

17:02

sent out to all the vendors. Uh the 1099s are calculated the 1099 balances

17:08

are calculated from the total uh expenses or checks and payments that

17:13

went to to the vendors. And again this uh this calculation does not take into

17:20

consideration um you want to make sure that within

17:24

your accounting system you’ve been creating within managed cost you’ve been

17:26

creating payables and payments versus using journal entries. Um, and uh, you

17:32

know, any vendors that are corporations would be ex they they don’t get a 1099,

17:36

but if it’s a any other type of uh, like LLC or any other type of entity and

17:41

they’ve been doing services, they should be getting some type of 1099. And again,

17:46

these are due on the 31st, which is in about a few days here, Saturday.

17:52

Reports. What are the core reports that you should be using for your taxes? And

17:57

usually these are things that your tax accountant or firm will usually ask for

18:01

usually based they usually ask for income statement uh the 12 month or the

18:06

year end uh uh balance sheet. Um they may look at the the budget versus actual

18:11

1099 and then usually they may ask for the general ledger. After the taxes are

18:16

completed you should be getting some series of adjustments what they’re

18:20

called year-end adjusting journal entries from the tax accounting team. Uh

18:25

these things usually incorporate um things like writing off bad debt. Like

18:29

let’s just say there’s past owners that are no longer a part of the HOA. Um they

18:34

had open dues that were not that are not going to be collected that things like

18:37

that can be written off as as as bad debt. Then usually those adjusting

18:41

entries will also contain things associated with like asset that mainly

18:45

focus on the assets and the equity section of your of your balance sheet.

18:53

uh tax support schedule. Uh so these are usually documents that support the

18:58

taxable income, the expenses that were calculated. Uh so you should have a

19:02

section that has like non-member versus member income and then and then details

19:06

and line items if you will of what that of what that uh of what those income

19:10

sources are and some type of an expense allocation schedule.

19:18

Bank and reserve support. Uh so this is used uh for the reconciliation process

19:26

of the balances in the cash and the reserve balances that’s used on the

19:31

return. And so supporting documents for that are usually uses bank statements,

19:35

the bank reconciliation uh bank reconciliation reports and then there

19:39

should be some type of like reserve statement that you’re receiving from

19:42

your bank and uh that’ll be used on a on a roll forward basis.

19:51

Okay, now we’ll go ahead and jump into some examples of kind of the reports on

19:57

uh that you can run within uh within manage kasa and I’ll hand over the

20:00

reigns back to Stephanie.

20:04

>> Thank you Mo. So in this demo I will be giving a brief overview of the reports

20:09

you could run in manage kasa that are useful during tax season. You can find

20:13

your reports under accounting reports. And here you have common accounting

20:19

reports such as balance sheet, income statement, cash flow. Um, for this demo,

20:25

I’m going to run a trial balance report. Now, when you go first land on a report

20:33

run page, for your convenience, we allow you to save your filter preferences as a

20:37

preset, which is useful if you tend to run the same report over and over again

20:42

using the same set of filters. Presets are essentially just a shortcut to say,

20:47

“Hey, manage classes system, run, run my usual report.” You can hide certain

20:52

columns you don’t want to see and choose how you want to save or share the

20:58

reports. I won’t go over them in too much detail here since we went over all

21:02

of this in our last webinar. So, if you want to refresh on this part, you can

21:06

just refer back to our last webinar. For the trial balance, you can split by

21:11

property association. Uh, select an as of date. I’m going to

21:16

select our sample association Gryffindor COA.

21:23

And if you run the report, this is a sample trial balance report.

21:30

And I will actually hand it over to Mo to briefly explain how to read a trial

21:35

balance report.

21:37

>> Yeah. So the trial balance report is basically showing you all the GL

21:40

accounts um that have activity for the entire year. And it usually will show

21:45

what the debits are, the credits are, and then what that final balance is for

21:50

the end of the year. So, usually your tax accountant will look at, you know,

21:54

the trial balance as of the end of the year before. Again, each year that you

21:58

close out your books and the taxes are completed, there’s a series of of of tax

22:02

uh adjusting entries that need to get kind of created. And so they’re usually

22:06

looking to see, hey, does the previous trial balance with those adjusting

22:10

entries that are usually dated for 1231 of the year before, do those tie out and

22:14

match the previous taxes that were completed? And then uh and then they’ll

22:18

look at the activity throughout the uh entire year. They usually start off with

22:21

the trial balance to ensure that things kind of make sense, balances kind of

22:25

make sense, and they’re in the right spot. And then usually they’ll kind of

22:28

ask for a subsequent report, which is like the general ledger, which actually

22:31

shows the details of like each individual transaction.

22:37

Thank you, Mo. So, next we’ll go over a different report,

22:43

the general ledger report, which essentially lists all transactions

22:48

posted to each account. So, it’s kind of like your master repository of all your

22:53

accounting data. Uh for time period, I will do

22:59

last quarter. And for association, I’ll select refender again.

23:10

and Mo, any any insights you want to add about this report?

23:15

So, usually the the general ledger um a a few things that you want to kind of

23:21

spot um that will hopefully save time with your your tax accountant. um is uh

23:29

is kind of the the validation the review process of your financials. And usually

23:33

the general ledger is a is a great place a great place to get the level of detail

23:37

that you would to be able to understand uh the transactions that have been coded

23:40

against the GL accounts uh that make up your financials. And so things like

23:44

accounts receivables that are supposed to be transactions associated with

23:49

monies and funds that that the HOA is expecting to receive. And so you should

23:53

see that there’s always a payee and payer. There shouldn’t be a journal

23:57

entry for example against the accounts receivable account um because the

24:02

accounts receivables are tracked at the actual individual tenant or the

24:05

homeowner’s ledger basis and so um be careful or what you want to look for is

24:11

things like entries being coded against control accounts. So what do we mean by

24:16

control accounts? So the entire accounting system is based on a property

24:21

based accounting system. There are what’s called subleddgers. So like an

24:24

owner ledger is considered a subleddger which rolls up to the property ledger.

24:29

So transactions that belong at the subleddger level should only be done at

24:34

the subleddger level. So any transactions associated usually with

24:37

like income dues um you know owner credits late fees

24:43

things of that sort should be transactions that are created at the

24:46

individual owner ledger because that will roll up to the property ledger. If

24:50

you create a journal entry, for example, at the property ledger that’s hitting a

24:53

receivables account, that doesn’t tie into an actual owner ledger. And so

24:57

there’s no validation of like where that that income or those funds are expected

25:01

to be received. And so usually the control accounts you want to kind of

25:05

take a look at are kind of accounts receivables, accounts payables,

25:09

prepayments. Those are the things those are kind of the main big items in

25:13

security deposits that you want to make sure that the kind of the subleddgers

25:16

are uh in the general ledger is only showing transactions that always have a

25:20

pay and payer. Awesome. Thank you, Mo. And as I

25:27

mentioned previously, you can export your report to Excel or PDF and share

25:33

the report with your tax preparer um via different means.

25:40

and Mo will go over the next slide.

25:43

>> Going back to our presentation here. So, kind of the general process you should

25:47

be going through um and filing uh your taxes. Uh some of these steps are things

25:53

that you should be doing kind of on a on a monthly basis. And the value of doing

25:57

this kind of on a monthly basis is you see many clients that are usually kind

26:01

of scrambling, if you will, at the end of the year during tax season. And

26:05

usually that’s a result of things not being reconciled each month and uh not

26:10

not having kind of that accounting discipline if you will. Um and creates

26:14

this huge backlog of work at the end of the year. Um and and it can be very

26:19

costly if you have your tax accountant that has to you know reconcile and get

26:22

and create all these entries and whatnot because transactions were not uh

26:26

properly entered and books were not closed out on a monthly basis. So you

26:29

want to close out your books on a monthly basis. You should be doing a

26:32

review of kind of the big the big three reports. You know, your balance sheet,

26:36

income statement, and cash flow. Income should be separated based on member,

26:39

non-member. Uh expenses should be allocated. And then u you know, the form

26:44

that you’ll be using for your taxes should be should be uh should be

26:48

elected, selected, and then uh filled out. And usually that’s something that

26:51

your tax preparer will kind of handle. And then once that return is prepared,

26:55

that’ll be filed and paid. I will say probably one of the one of

27:01

the biggest things that a lot of folks kind of struggle with or overlook is is

27:04

just the importance and significance of doing like bank reconciliations. You

27:08

know, the entire and we have a screen here of kind of the uh the bank

27:12

reconciliation and bank feed feature that managed CASA has. Uh it’s very

27:17

important that you’re reconciling on a monthly basis. This ensures that the

27:21

transactions that are being uh that are hitting your bank account are also being

27:26

reflected in your accounting system. This also ensures that you know if

27:30

you’re preparing financials on a monthly basis that’s being consumed by the

27:34

board, investors or whomever that those financials are actually accurate and

27:37

everything has been accounted for. Uh versus if you’re not doing those

27:41

reconciliations, then there’s no guarantee that those transactions have

27:44

been entered. And so in the future, if when you do finally reconcile or when

27:48

you’re doing your taxes, if all these adjustments need to be created or

27:51

transactions that were not entered before need to be entered, it’s going to

27:54

it’s going to uh it’s going to impact the integrity of the financials that

27:58

you’ve already provided. Deadlines.

28:03

Everybody loves deadlines. Uh March 15th is when the federal HOA return is due

28:08

and you can file for an extension. um filing for an extension just ensures

28:14

that you don’t get hit with penalties. Uh however, you if if if there is taxes

28:20

that are due, there is still that you’re still going to be responsible for the

28:24

interest that gets acred. And so this is something to kind of take into

28:27

consideration. Um you know, filing for an extension does not necessarily mean

28:31

that you know, you’re not going to be paying any extra taxes. If if there is

28:35

there if there is monies that are due once the taxes are filed then there is

28:39

going to be an acred uh interest uh on on on what should have been filed on the

28:45

15th. Uh if you choose to extend you can you can extend it to to September 15th.

28:51

And then state deadlines every state varies kind of state by state. Uh you’ll

28:55

need to go to kind of your state your state uh secretary of state website in

28:58

order to be able to confirm what that date is specifically. And that’s also

29:02

information that your tax accountant and CPA should also have.

29:07

Uh common challenges and screw-ups that we see. So one is you know not filing

29:11

the return. Again you need to file a return regardless of whether you are a

29:17

taxable entity or not. The only scenario where you don’t need to file is if you

29:21

are a 501 designated nonprofit organization using the wrong form. Uh so

29:29

uh you need to make sure that or ensure that you get you know a proper opinion

29:34

and an objective kind of assessment from your tax account and CPA if you if you

29:39

if you choose to elect for the 1120H designation. Again there’s that 69year

29:44

rule that you need to make sure that you are sufficing or that you are that you

29:49

suffice those requirements for um non-member income that’s hidden in

29:53

member buckets. So kind of allocating income in the wrong buckets, expenses

29:57

that are not allocated. Um, so one thing that I want to, you know, highlight

30:02

that’s probably a very common thing that’s kind of uh not allocated

30:05

correctly or properly is like things like, you know, prepaid dues. So if

30:08

somebody like prepays dues for the next year um or even for the next month uh as

30:14

of the end of December and the year prior, prepayments are considered a

30:18

liability. That is not considered income yet. Okay. Uh so ensuring that expenses

30:23

are allocated correctly is very important and you need to things like u

30:28

you know renovations and capital expenditures and stuff need to be

30:31

handled correctly. Um every every type of renovation there are tax laws around

30:37

kind of the way that capital expenditures can be expensed and move

30:40

over to the income statement and things like using bonus depreciation if there

30:43

are certain uh property improvements that are done for you to be able to take

30:47

advantage of that. state return state returns being ignored, you know,

30:51

regardless of what entity or type of a organization, you always have to you

30:57

always have to submit a a state return. And then also, you know, filing filing

31:02

late without asking for without without uh without filing for an extension prior

31:08

to the initial deadline. Okay, looks like we’ve reached towards

31:17

the bottom of our presentation here. Um, and we’ll open up the floor to to any uh

31:24

any questions. Yeah, I think a few have actually

31:28

already come in. Um, looks like the first question is, are custom ledger

31:33

accounts filterable when running reports?

31:38

So, this would be yes. Uh for reports that have an account filter, you can

31:42

filter that by specific accounts. So it works the same as any other account

31:46

would. Um question number two, can you edit a chart of accounts? Like say you

31:52

wanted to reclassify it. Uh for default ledger accounts, those are all fixed. Uh

31:57

for ledger accounts that you manually created though, some fields you can

32:01

edit, like you can change the chart number, uh but you can’t change

32:04

something like the overall type, like if it’s an expense or an income account.

32:08

Um, so it’s probably better just to create a new chart of account in that

32:12

case, right? Number three, how does the split

32:16

by property check mark work when running reports and how is that different from

32:22

selecting a property? Split by property creates an entirely

32:27

separate report for each property, whereas like the property filter just

32:31

narrows down the data based on those specific properties. So the difference

32:35

is whether you see one report or multiple reports. That’s really the key

32:39

difference there. And I think that is the rest of the

32:44

questions. Um if you have any other questions we didn’t get to, feel free to

32:47

reach us after the presentation. Um we’re always able to answer questions

32:52

then. Um but for now, a big thank you for attending today’s webinar. We hope

32:55

you found it helpful and um as we mentioned, you can always reach us after

33:00

the presentation or just go to our help center at help.managedcasa.com

33:04

where we answer a lot of these key questions. We’ve got so many articles

33:07

there um including new features and lots of videos. Um you can also find other

33:13

webinar recordings and newsletters in the news section of the help center. So

33:16

if you found this webinar helpful, maybe there are some others you’d like to take

33:19

a peek at. Um thanks again for being with us and we look forward to seeing

33:23

you for another presentation. Thanks everyone.

33:27

Dave