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Income Statement

Overview

The Income Statement is a crucial feature within the RunHOA financials suite. It provides a comprehensive report on the organization’s financial performance over a specific period, typically within a fiscal year. This report is essential for the management of HOAs, as it helps in understanding the financial status in terms of income and expenses.

Accessing the Income Statement

  1. Navigate to the ‘Financials’ section in the RunHOA dashboard.
  2. Click on ‘Income Statement’ to access the report for the current fiscal year.

Key Components

  • Actual YTD: Reflects the actual Year-To-Date financial transactions.
  • Budget: Displays the budgeted figures for the fiscal year.
  • Variance: Shows the difference between the actual amounts and the budgeted figures.
  • Monthly Amounts: Offers a breakdown of financials on a monthly basis.

Customizing the Report

  • Filter Columns: You can customize the report to display monthly amounts or other specific financial data.
  • To view particular months, such as January and February 2020, you can adjust the columns to reflect these periods.

Summarized View and Graphical Representation

  • By selecting ‘Summary’, you can view a condensed version of the Income Statement.
  • Graph icons available in the summary view allow you to visualize the data, providing a graphical representation of the Income Statement for better analysis.

Tips for Effective Use

  • Regular Review: Regularly review the Income Statement to keep track of financial performance against the budget.
  • Variance Analysis: Pay attention to the Variance column to understand where the actual figures diverge from the budget.
  • Trend Spotting: Use the monthly breakdown to spot trends or issues that may require attention or adjustment in the budget.
  • Graphical Analysis: Take advantage of the graphical representations to present financial data to the board or members in a user-friendly format.

Remember that a well-maintained Income Statement can provide valuable insights into the financial health of your HOA, aiding in strategic decision-making and ensuring financial accountability.

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