Dues & Financials

Balance sheet

The statement of financial position your accountant opens first. Cash by account, owner credit balances, receivables and payables on accrual, fund balance, and a tie-out strip that proves the numbers agree with the Profit & Loss.

Last updated August 20, 2026

The balance sheet answers one question: what does the association own, what does it owe, and what is left over. The Profit & Loss covers a period of time. The balance sheet is a snapshot of a single day. Accountants open it first, because it is the report that has to agree with the bank.

Where to find it

Manage > Reports in the admin sidebar, then the Balance Sheet tab.

What’s on the report

Assets start with cash, one row per account, grouped by what kind of account it is:

  • Operating cash - your checking accounts
  • Reserve cash - reserve and replacement funds
  • Undeposited and in transit - Stripe and PayPal balances that have not landed in the bank yet
  • Other cash - petty cash, CDs, money market, second checking

Each account’s balance is its opening balance (if the opening date is on or before the as-of date) plus every payment, bill, fee, refund, and transfer that hit it through that date. That is the same math the Accounts page shows and the same math a bank reconciliation matches, so all three agree.

Assessments receivable appears on the accrual basis only. On the cash basis it prints as a note instead, because a cash-basis balance sheet has no receivables by definition.

Liabilities start with prepaid assessments - owners who have paid ahead. That money is already in the bank but the association has not earned it yet, so it is a liability on both bases. Accounts payable (bills entered but not paid) is added on the accrual basis.

Fund balance is total assets less total liabilities, split by fund. The last line, total liabilities and fund balance, always equals total assets - that is what makes it a balance sheet.

Cash basis or accrual

The basis toggle is the same switch as the Profit & Loss, so the two reports always tell one story.

  • Cash basis (the default): assets are cash, liabilities are prepaid assessments. Revenue is cash received - that is the house default, and it is how most volunteer treasurers and most small association CPAs work.
  • Accrual: adds assessments receivable to assets and unpaid bills to liabilities.

Whichever you choose, the report prints the other side as a note, so nothing is hidden.

Fund columns

Associations report operating activity and reserve (replacement) activity separately - that is the convention the AICPA guide for common interest realty associations uses, and what a CPA expects to see.

HomeHerald derives the columns from your accounts: reserve accounts make a reserve column, and everything else is operating. If you have no reserve account, the report shows one money column and no fund headers, because there is only one fund to report.

Receivables, payables and prepaid assessments carry no fund tag in the data, so they are shown in the operating column with a footnote rather than split by a guess.

The tie-out strip

Under the statement is a strip that proves the report against the Profit & Loss:

Change in cash $20,190.40 · Net income (cash) $20,190.40 · Difference $0.00

Cash in the bank grew by exactly what the association earned. If the difference is not zero, the strip says so in amber, and there are two usual causes:

  1. Unassigned cash - a payment or bill that is not attached to any bank account. The report shows those on their own amber row rather than folding them into operating cash. Fix them on the Accounts page.
  2. A half-recorded transfer - money moved between accounts with only one side written down.

If your association’s opening balances were entered inside the period you are looking at, the strip adds one more line, “opening balances added this period”. That is cash the association already had rather than money it earned, so it is listed as a reconciling item instead of being counted as income.

Amenity deposits

Refundable amenity deposits are card holds, not cash. Nothing has been charged, so there is no money to report and no liability to carry. The report prints the authorized amount as a note and leaves it off the statement. When a deposit is actually forfeited and captured, it becomes a payment like any other and shows up in cash.

Export

  • CSV for a spreadsheet or to hand to an accountant
  • PDF on association letterhead for the board packet, with the assets, liabilities, fund balance, tie-out and notes sections

Both include every line on screen.

Before you trust the number

Set a real opening balance on every account. If an account was created with $0.00 as of the day you added it, but the account existed before then, the balance sheet will be short by whatever was in it. The report warns you when it sees a $0.00 opening balance. Fix it in Manage > Accounts, then this report matches your bank statement to the cent.