We're a new HOA. What is the best way to record monthly dues received and prepaid dues?

Hi there, @rppoatreasurer-g.

When receiving monthly dues you can configure the invoice from your Recurring Transactions list and make changes to the information. To avoid recreating them all over again, I recommend editing them and updating the existing amounts.

Here's how:

1. From the Gear icon, select Recurring Transactions.
2. Find the template and click Edit.
3. In the Recurring Invoice screen, make the necessary changes.
4. Hit the Save template button.

For more insights, check out the How to create a recurring invoice and manage recurring transactions article. It also provides an overview on how to manage your monthly recurring invoices.

Then for prepaid, I'd recommend setting up a deposit or retainer process for your company in QuickBooks Online. The retainer or deposit is treated as a liability to show that. 

Here's how:

1. Select Settings , then select Chart of accounts .
2. Select New.
3. From the Account Type  dropdown menu, select Other Current Liabilities.
4. From the Detail Type  dropdown menu, Trust Accounts - Liabilities.
5. Enter a Name for the account (for example, Trust Liabilities) or accept the suggested name.
6. Select an option from the When do you want to start tracking your finances from the is account in QuickBooks? dropdown list.
7. Select Save and Close.

You can view this article for full guidance: Record a retainer or deposit.

The best approach might depend on your specific HOA needs and preferences, consult accountant for further guidance.

I'm adding these articles that will help you track your items:

• Set up your inventory
• Use reports to see your sales and inventory status

I'd be glad to help if you need further assistance with running your financial reports. Have a great day.