Managing financial accounts

This article explains how to create multiple financial accounts in WEGly, switch between accounts, and manage them.

Why multiple accounts?

Many HOAs maintain a separate reserves account in addition to the regular service charge account. In WEGly you can create multiple accounts and record transactions separately. This gives you a clear overview of which funds are in which account.

Typical accounts in an HOA:

• Base (service charge account): Ongoing income and expenses
• Reserves: Maintenance reserve for larger repairs
• Special account: Temporary account for specific projects (e.g. roof renovation)

How it works

Adding an account

New accounts are created under Organization:

1. Navigate to Organization in the sidebar.
2. Click on the Financial accounts tab.
3. Click Add account.
4. Enter a name for the account, e.g. "Reserves account".
5. Confirm with Save.

The new account appears in the account list and is immediately available as a dropdown option in the ledger under Finances.

Switching between accounts

Switch between accounts in the ledger:

1. Navigate to Finances in the sidebar.
2. Click on the All accounts dropdown at the top.
3. Select the desired account.
4. The view now shows only the transactions of the selected account.

Select All accounts to see an overview of all bookings.

Assigning a transaction to an account

When recording a new transaction under Finances, select the target account. Make sure the correct account is selected in the dropdown at the top before clicking Record transaction.

Editing an account

1. Navigate to Organization and open the Financial accounts tab.
2. Click the Edit icon (pencil icon) next to the account.
3. Change the name of the account.
4. Click Save.

Account balances at a glance

The account list under Financial accounts shows for each account:

• Name and type (e.g. "Standard")
• Number of transactions
• Current balance

Tips

• Create a separate reserves account if your HOA maintains a maintenance reserve. This prevents current expenses and reserves from being mixed together.
• The default account Base cannot be deleted. It is always present.
• Use the CSV export per account for the annual statement. Select the desired account under Finances and click CSV export.

Frequently asked questions

Can I transfer money between accounts? There is currently no direct transfer function. Record an expense on the source account and an income on the target account with a corresponding description (e.g. "Transfer to reserves account").

How many accounts can I create? The number of accounts is not limited. However, we recommend keeping the account structure simple. 2 to 3 accounts are sufficient for most small HOAs with 2-9 units.

Who can create and manage accounts? Only members with the Administrator role can create new accounts and edit existing ones under Organization.