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


ApnaComplex featured on Bloomberg TV – Rising Stars!

Team ApnaComplex is happy and proud for being featured on the Rising Stars program in Bloomberg TV on 28th December 2015.

As a part of the feature, Raja Sekhar, our co-founder talks with Abha Bakaya and Priyank Lakhia of Bloomberg TV about our journey so far, how ApnaComplex helps Housing Societies and Apartment Associations to manage more efficiently.

Will certainly motivate us to reach newer heights!


ApnaComplex covered in Times of India

ApnaComplex is featured on Times of India today under the apps that are making a positive impact to urban living in cities like Bangalore. We are happy to see the recognition we have got. Click on the image below to read the entire story.

ApnaComplex in Times of India

ApnaComplex in Times of India

Link to the ToI article – http://timesofindia.indiatimes.com/city/bengaluru/Heres-how-to-make-modern-living-easy-and-appy-for-busy-Bengalureans/articleshow/50005484.cms


Dream Meadows, Bangalore Live on ApnaComplex!

We welcome the owners and residents of Dream Meadows, a beautiful private layout consisting of 246 plots in the Brookefields area of Bangalore to the ApnaComplex family.

As a Treasurer of our Association with no accounting knowledge I find maintaining accounts is pretty simple with ApnaComplex
What is most pleasing for us is that managing committee of Dream Meadows did very thorough evaluation of various softwares and finalized ApnaComplex.

Mr. Sivaram, Treasurer of Dream Meadows Owners Association, wrote to us on the occassion of going live and has following to say about ApnaComplex:
“Thank you very much for your support in Dream Meadows going live on ApnaComplex in less than 3 weeks. The three best things that we have found with ApnaComplex are:

  1. Pricing : Is reasonable for the features provided compared to other counterparts.
  2. Service : Is marvelous and with very low response time.
  3. Features: Rich and impressive set of features.


We could go live in less than 3 weeks and your support in achieving this is FANTASTIC.

Thanks for taking the feedback on the existing functionality and your readiness to implement the same in to the Application.

Some of the functionality like Discussion Forum, Notice Board with SMS facility are very much helpful to the owners stationed out of Bangalore.

As a committee member, Action Item Tracker with reminder service and Complaint Tracker are really good and pretty much helpful.

I, as a Treasurer of our Association with no accounting knowledge find maintaining accounts (Member maintenance charges, Non-Member Charges) pretty much simpler with ApnaComplex.

Thank You ApnaComplex Team for the great support we received from you to help us go live and will definitely recommend your services to my known contatcts.

Hoping to have to have the same kind of support in future too!!!!”

Thank you Mr. Sivaram for your kind words!


ApnaComplex at NASSCOM Product Conclave 2010

ApnaComplex was at the recent NASSCOM Product Conclave. We were one of the ten product start ups that were selected from around 50 nominations to be presented to media in an exclusive event of NASSCOM Product Launchpad on 9th November 2010.

ApnaComplex at NASSCOM Product Conclave 2010

ApnaComplex at NASSCOM Product Conclave 2010

ApnaComplex in News

ApnaComplex in News

We really had good time presenting and interacting with all learned people post the session and learned quite a bit. We were covered by few news papers post this event (see right side for a snippet from Deccan Chronicle dated 10th November 2010).

Below are links to few more blogs/papers that we got a mention. We thank every one who covered us. These definitely help us to put our best foot forward.

WAT Blog: http://www.watblog.com/2010/11/10/nasscom-product-conclaves-launchpad/

Mint: http://www.livemint.com/2010/11/09212408/8216Product-ecosystem-needs.html?atype=tp

Deccan Herald: http://www.deccanherald.com/content/111378/nasscom-product-conclave-city.html

Deccan Chronicle Article (extracted from the e-paper): http://blog.apnacomplex.com/media/2010/11/ApnaComplex-NASSCOM-Product-Launchpad-Coverage.pdf

We thank NASSCOM for providing this platform for us. We also thank all the jury members for having selected us to be in top ten from a list of 50 products.