The yearender is a crucial time for gated communities with annual audits looming. It must be completed in time for by the Annual General Body Meeting where the Management Committee (MC) has to present the society’s annual accounts and the next year’s budget. To ensure a smooth execution, we have to start off by ticking all the required boxes in our exhaustive yearender checklist.
Legally, cooperative housing societies have to ensure an audit of accounts before the 31st July of every year. In addition, they have to gather support of other members and formulate a viable budget. This can be a challenging task where every small task is critical. This checklist is designed to ensure that every task is completed. ApnaComplex can be a powerful tool in easing the process through accounting automation and professional support.
The Yearender Checklist
So, here’s an exhaustive checklist of all tasks that must be completed at this critical time:
- Set the timetable for finishing all tasks, including data reporting and processing as well as fiscal closure of accounts.
- Check if the current year’s opening balance is synchronised with last year’s audit report.
- Make sure all expenses are recorded.
- Resolve suspense ledger
- Settle outstanding debts
- Analyse expenses and look for tax deductions.
- Update all financial reports.
- Check depreciation entries, FD entries (both accrued and matured)
- Confirm if Professional Tax, TDS and GST returns are filed
- Verify TDS receivable and advance tax entries
- Ensure bank reconciliation
- Analyse the final cheque inventory, including issued, stalled, or canceled cheques.
- Ensure that none of the reports or ledgers show negative value
- Send annual ledgers to all members.
- Create and publish a list of members by 31st March.
- Check the minutes of the previous committee meetings for the agenda.
- Clear pending transfers and update registers.
- Give residents access to relevant reports.
The budget checklist
- Analyse budget variance as well as income and expense report to track expenses.
- Analyse income streams and explore additional avenues.
- Formulate the budget keeping in mind expenses and future infrastructure developments and social spends.
- Evaluate spending against reserve funds and income. Then examine if there is any need to raise maintenance fees. Other options can be explored such as charging a one-time fee for a specific development or raising other incomes like parking fees. Alternatively, income streams like monetising events or vendor partnerships can also be considered.
- Finalise maintenance rates for different units or as per requirements and set due dates.
Preparing for the year end with ApnaComplex
Preparing financial documents for the year end is a challenging task for any accounting team. But with ApnaComplex, the entire process can be executed with minimal effort and time. Here are a few ApnaComplex tools that can help you complete the yearender checklist.
Update reports with ApnaComplex
One of the biggest challenges during the year-end is preparing and compiling reports before the annual audits. ApnaComplex automates the generation of critical reports like budget variance, defaulters’ lists and expense reports.
ApnaComplex makes reports accessible by making these easy to access and read. Admins can now view and download 100+ reports with just a click. This includes Profit and Loss Statement, Income and Expenditure report, Balance Sheet, and the statement of cash flows. Additionally, these reports are easy to read, making it accessible for the average resident.
ApnaComplex offers multiple tools to gather data for budget optimisation. Get a budget variance report to check the efficacy of budget allocations, cut down on untraceable expenses, ensure on-time collections, improve financial reporting, and track expenses. Read more about Optimising Society’s Spending & Improve Cost Efficiency.
For societies without any support from financial personnel, ApnaComplex offers all-inclusive Bookkeeping services. The scope of services includes income and expense tracking, publishing financial statements, and filing TDS and other returns. In addition, our experts also assist auditors with the necessary information to file returns. Find out more about ApnaComplex bookkeeping services here.
To know more about how ApnaComplex can help societies to execute a smooth year-end process, ticking off this yearender checklist, reach out to us at firstname.lastname@example.org or +91 80886 11229 for any other concerns.