What happens when “Post Payment to Accounts” is Enabled ?

When the ‘Post Payments to Accounts’ option is set to ‘Yes’ in RunHOA, the system is configured to automatically post transactions to the appropriate financial accounts upon payment processing. This feature streamlines accounting practices and ensures that each payment is accurately reflected in the HOA’s financial records.

Account Configuration for Online Payment Transactions:

1. Stripe Bank Account Configuration: The Stripe Bank Account must be set up in RunHOA to designate where the electronic payments will be deposited.
2. Assessment Fees Account: This account should also be specified to track the income from dues and assessments paid by the homeowners.
3. Stripe Fees Account: Setting up a Stripe Fees Account allows the system to separate and track the transaction fees charged by Stripe for processing payments.

When a homeowner pays their dues by card or bank transfer:

• The gross amount of the dues, before fees, is recorded in the ‘Assessment Fees Account,‘ which represents the income owed to the HOA.
• The transaction fees are recorded as a withdrawal from the ‘Stripe Fees Account,‘ ensuring accurate tracking of these specific expenses.

Transfer from Stripe to your Bank Account

When the money is transferred to your bank account from stripe, use the transfer module to create a transfer transaction as shown below.
This way you revenue is correctly reflected in your HOA Books.