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Condo and HOA Debit, Credit Card and Petty Cash Best Practices

/ Owner - March 7, 2019

Your community needs to make small purchases for minor day to day operations. What is the best way to accomplish this without a Board member spending his or her own money, or possibly risking fraud from improper controls around petty cash, debit, or credit card usage?  First, some local supply stores may offer a purchase account where they will invoice you for purchases, but there is generally a need for a personal guaranty for payment from a Board member. You will need a good purchase order system to safeguard from charges from an authorized board member or maintenance person. You or your bookkeeper can track the purchases on the invoice from the merchant.     Read the article………………….

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