10 things to consider before evaluating balance sheet

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.

Bank Reconciliation

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

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


Enjoy 100% Data Privacy, only with ApnaComplex

In the year 2017, the Supreme Court of India declared “privacy” a fundamental right of every citizen. Subsequently, the Personal Data Protection Bill was proposed in the year 2019.

The bill proposes a restriction on how personal data are used and prohibits the misuse of the data. How any of this is related to ApnaComplex, society management, and most importantly, residents and their data?

When a society deploys a society management app or software, collecting, storing, and using the data frequently is a part of the process to ensure seamless society operations. However, how the company uses the data entrusted to them sets them apart.

In this article, we bring you why data privacy and protection is a big deal to ApnaComplex and how your data is safe with us.

Your privacy, our priority

To ApnaComplex, residents’ privacy and data protection are of utmost importance. We are the only brand that has prioritised residents’ data security and protection over anything else.

While the top players of the society management industry, who came into existence less than five years ago have landed in controversies due to data-breach accusations, we are proud of the fact that in 11 years since our inception, there have been zero security breaches with ApnaComplex.

Paying – not always a bad thing

Yes, ApnaComplex is a paid app but the privacy and data protection you get while using our app is indeed priceless! With ApnaComplex, you don’t ever have to worry about your personal information being shared with other parties.


If you are not paying for a product, you become the product

By paying for our services, you become our premium customers and we have policies that prohibit misusing or selling resident data for rental and other businesses. The price we charge is so affordable that it does not cost more than a cup of coffee for each household!

And for this price, you not only avoid unsolicited calls and emails but can live in complete privacy and utter peace.

Premium Services with data security

In the ApnaComplex app, we offer a plethora of relevant premium services and offers to the residents, but we have never nor will we ever share any resident data with these third-party services.

These services are primarily offered based on the exclusive discounts they offer to ApnaComplex residents. The vendors are carefully selected and only after vetting them thoroughly.

Role-based access

ApnaComplex inherently supports role-based access. It not only comes with 30+ inbuilt roles but also allows societies to define custom roles to meet any of their work delegation preferences or data access.

Be it an action or a document in the repository, you can control access at not only rudimentary levels of resident/owner/ Management Committee but can define a role for people or groups of people who have access to it.

This adds an additional layer of protection to residents’ data. For example, if a society has a corrupt Facility Manager or staff who is looking to make money by selling user data, they can easily do so in another software by downloading the data. 

However, in ApnaComplex, they cannot access the data without getting permission from the respective authorities and this will make it hard for them to download or misuse the data.

Data privacy is one of the core values of ApnaComplex and we 100% agree with the Supreme Court – privacy is the fundamental right of every Indian citizen. In fact, even the employees ApnaComplex do not have access to any sensitive data

We strongly believe that everyone should have access to technology that simplifies their life without the fear of their privacy being violated. You, the user alone have the power to decide what information you want to share, and to whom you want to share.

ApnaComplex is designed in such a way that users’ privacy is protected and they alone have full control over their information.

To know more about our modules, features, and how we can help you streamline your society’s operations, please visit our website.