If you are a Secretary, President, or the Treasurer of a gated community, terms like maintenance dues, late payment charges, reconciliation of the balance sheet are a part of your everyday job.
For a society to run smoothly, maintenance dues have to be paid on time, the accounting has to be precise, and the treasurer must have clear insights on the society’s income and expenses.
However, not every treasurer or secretary comes from an accounting background and for this very reason, ApnaComplex offers a robust, fully automated accounting and billing solution with 100+ financial reports and 30+ audit-ready reports.
When the time comes to reconcile or evaluate a balance sheet, the Treasurer must consider various aspects and pay attention to a handful of factors before evaluating the balance sheet and submitting for audit.
Keep reading to learn about these essential factors and why they can never be overlooked!
Fixed Asset Verification
A Treasurer must ensure that whatever fixed assets physically available in the society’s premises, must reflect on the balance sheet as well. This will help the treasurer keep note of the available assets, depreciated value, etc.
Outstanding receivable confirmation
All outstanding amounts, including maintenance charges, vendor payments, service charge dues, etc are received and updated on the balance sheet. Failing to add even a negligible amount can cause confusion and discrepancies which will cause trouble to the Management Committee during the time of auditing.
The treasurer must ensure that the bank balance reflecting on the account and bank statement/balance sheet are the same. If it doesn’t match, the treasurer must spend eons of time figuring why the statement and balance doesn’t match and must fix it before auditing.
Thankfully, with ApnaComplex, a treasurer doesn’t have to worry about this, for the solution auto-reconciles the balance sheet. It also gives the comprehensive details of overdue, advance payments, late payment charges, etc, saving a treasurer’s time by more than 80%.
Vendor payments, including any loans or advance payments made to or received from vendors, have to be cross checked and recorded along with the date and vendor details. The treasurer must also keep a copy for all the invoices and receipts for future references.
The ApnaComplex system, enables the treasurer to auto-generate receipts and invoices, and maintain digital repository of the same.
Vendor Payable Reconciliation
Payments made to vendors must be recorded and reflected on the bank account and bank statement.
Corpus Fund and Sinking Fund
The Treasurer must confirm that the Corpus Fund (capital amount, or the money provided by the builder to RWA during the formation of RWA), and the Sinking Fund (emergency money) are untouched. They should also ensure that the money in the bank and the amount reflected on the balance sheet/statement are the same.
Fixed deposit and interest
The Treasurer must confirm the money fixed deposit and the interest it generates. It should match the bank statement.
Year ending provision
Any provision such as security services, electricity charges, equipment maintenance services that happened before March has to be incorporated in the provision and reflected on the balance sheet.
Refundable Deposit and Advances
The Treasurer must also confirm the Refundable deposits (if any) and advance payments.
Statutory Payment payable and Compliances
The Treasurer must make sure that the TDS payments, GST payments, ITR payments, etc are done and all the relevant forms are filled and submitted.
We hope you find these quite useful! ApnaComplex’s accounting solution is the only fully-mature solution made for and by gated communities available today. It is GST compliant and fully automated. If you would love to simplify your society’s accounting processes and save your time and energy, visit apnacomplex.com
Leave a Reply