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


Suncity Apartment Owners Assocation of 1200+ Apartments benefits using AnpaComplex Apartment Management Software

55% of maintenance due payments are now online, 10,000+ Resident issues solved through ApnaComplex Apartment Management Software during the Year, – says SAOA IT Enablement Team

ApnaComplex is always in the verge of offering and developing smarter ways to address the growing issues in handling the apartment complex operations, through its apartment management software. Our team got an adrenalin rush and a sense of satisfaction when we received a ‘Big Thank You’ from one of our premium customers – Suncity Apartments (a 1200+ flat landmark and mega complex in Bangalore) this Independence Day.

SAOA Appreciation Certificate

Suncity Apartments have started using ApnaComplex from Aug 15th 2013. Suncity has selected ApnaComplex after thoroughly evaluating several solutions in the market (the evaluation itself was one of the most comprehensive we have experienced). Exactly one year later they sent us the below note of appreciation along with a certificate. The note very neatly sums up how ApnaComplex was able to help them in various aspects of apartment management and how we made a difference.

Its a proud moment for all of us at ApnaComplex to receive this note and certificate – there is surely no award that is bigger than a award from a customer.

Dear ApnaComplex Team,

Suncity Apartment Owners Association (SAOA) wishes a very happy Independence Day to entire Apnacomplex team.

SAOA implemented Apnacomplex exactly 1 year back. Looking back in this one year we achieved

  • Rollout to entire Suncity (1200+ Apartments)
  • Managing 10,000+ resident issues through Apnacomplex
  • More than 55% payments today happening online i.e reduced effort
  • Quicker collection cycle, less defaulters
  • Got rid of thousands of Excel and Tally. Complete finance is driven by ApnaComplex.
  • Clarity on individual resident account and collection of long pending dues
  • Streamlined vendor payments
  • Tracking of staff attendance using bio metric module.
  • Availability of information anytime/anywhere.

Specifically, we would like to mention  flexibility that Apnacomplex has shown when it came towards a specific requirement of Suncity  or enhancement or support. We consider Apnacomplex as our IT partner and looking forward for many more years of fruitful association.  As we mature, we would like ApnaComplex to consider and implement some new scenarios where we can act as SME to take this partnership to a new high.

A big “Thank You” to the entire team.

Sanjay Kr Datta – SAOA IT Enablement Team

Want to implement ApnaComplex.com in your Apartments and reap the benefits like Suncity, just Get Started in less than a minute.


New User Interface. New Beginning.

We are super-excited to announce the launch the completely redesigned the user interface of your favourite portal.

The new interface is modern, sleek and takes into account of the web UI patterns that has changed a lot in last 4 years when we launched ApnaComplex. The new UI is also responsive – which means it works well on tablets and phones and other smaller sized screens – which was an issue in the past.

We have provided an option to switch back and forth between to the old “classic” UI and the new UI for few weeks till our users take time to adjust to the new UI – post which the new UI will become standard for every one.

We have intentionally retained the familiarity of the menu structure and all the internal navigation for now. We will gradually change the interfaces of various modules so at we can ease you into the new way of doing things. In other words, its just beginning of the new interface with more and more changes coming your way as we move forward.

We have received several positive reviews already with the new UI and here is a sample we just received:

I honestly feel that ApnaComplex has gone to the next level with its new UI.

We are happy to be associated with you. I am now extremely happy (both as individual and as President of Manar Elegance Owners Association).

The usability in mobile browsers is now nice and intuitive. Thanks for the work and congratulations to the developers and support team at ApnaComplex in achieving this significant milestone.

Regards,
Ravin


ApnaComplex substantially improved realization of timely maintenance payment and past dues

Mr. Pankaj, committee member of Fern Saroj Apartments in Bangalore wrote to us today on how ApnaComplex.com streamlined the finances in the society :)

At Fern Saroj, we adopted ApnaComplex in August 2013.I am happy to say that within 2 months period we migrated our current fiscal accounts to the portal.

It has drastically improved our communication with residents on money matters and has also substantially improved realization of timely maintenance payment and recovery of past dues.

This was possible due to very easy access to accounting records. Paper work is now literally zero.

Must also add, that the support from ApnaComplex has been excellent with first human response always coming in within 15 minutes. Way to go !

We are super charged up after receiving this note! Thank you so much!


Want to manage your apartment easily and financials transparently in your Housing Society? – Get on to ApnaComplex – Today!

ApnaComplex is India’s #1 mobile and web based Apartment Management Software.

ApnaComplex is designed to make the life of residents and owners lot better by bringing in more transparency and accountability in managing a housing society. Check out why we say ApnaComplex is Best Apartment Management Software and sign up your society today to get the benefits! We offer ApnaComplex – Free Edition with awesome capabilities which you can use free of cost forever.


Decision to go ahead with ApnaComplex was one of the best we have taken

What better way to start a New Year than receiving words of praise and satisfaction from a customer! Its even more special if the customer has selected ApnaComplex after thorough evaluation with similar portals and have using it for more than nine months. Here is a solid testimonial for ApnaComplex from Mr. Shantanu Chaudary, Treasurer of Balaji Pristine Apartments, Bangalore

We did our evaluation on an online portal which brings in real value and was easy to use and zeroed in on Apnacomplex. I must also say while there are other portals too but the way ApnaComplex Team handles client does makes a difference. They make it easy for the client to take a decision.

Coming to the portal, I must say it has eased out the biggest pain area of treasury, raising bills, payments etc and I am sure will be of great value during the year end audit process. While we have not explored a lot of additional features to its potential, I must say the decision to go ahead with ApnaComplex was one of the best we have taken.

To top it all, the book keeping services has been a great value addition. Great going ApnaComplex Team. All the best.

Regards..Shantanu/Treasurer Balaji Pristine

Thank you Mr. Shantanu! We would continue to work towards adding more value in 2013 with all the inspiration we have now with your words!


Want to manage your apartment easily and financials transparently in your Housing Society? – Get on to ApnaComplex – Today!

ApnaComplex is India’s #1 mobile and web based Apartment Management Software.

ApnaComplex is designed to make the life of residents and owners lot better by bringing in more transparency and accountability in managing a housing society. Check out why we say ApnaComplex is Best Apartment Management Software and sign up your society today to get the benefits! We offer ApnaComplex – Free Edition with awesome capabilities which you can use free of cost forever.


ApnaComplex really changed the environment in a very positive manner

When we started ApnaComplex, our objective was simple – Help create Happy Communities. We are proud and super excited today when we received the following testimonial from Mr. Praveen, Hon. Secretary of Ferns Habitat Owners Association, a gated community near Doddanekundi, Bangalore who have been using ApnaComplex now close to an year.

ApnaComplex is really an efficient tool for Association management activities and effective communication, and it really makes life easy for all the management committee Members in all areas including treasury management.

The Ferns Habitat Portal built on ApnaComplex really changed the environment in a very positive manner and created credibility among the members about treasury and all the Association related areas.

It has helped in bringing in transparency effectively in whatever the Association do. Many members who were detached from the community were brought back on board in the system and we see many smiling faces around.

The society environment has improved drastically and there is no match to the feature rich experience we have with this amazing software suite. You think of a feature and let them know, to your surprise, you will get a reply that either they are doing a beta testing or the feature is under development. Man, these guys are so close to the customers and market.

I think I enjoyed my tenure as a Gen.Secretary largely by bringing this software into practice in Ferns Habitat and making it as the backbone of the community today. Long Live ApnaComplex !!

Thank you Mr. Praveen for your words!! We are glad to have helped you create a happier society.


Want to create a happy society? Get on to ApnaComplex – Today!

ApnaComplex is India’s most comprehensive web based housing society accounting, management and communication software. It is designed to make the life of residents and owners way lot better by bringing in more transparency and accountability in managing a housing society. Check out the features of ApnaComplex and sign up your society today to get the benefits! We offer a free 30-day trial as well so that you can try before you buy!


Support provided by ApnaComplex team is always lightening fast

Citilights Rustique, an apartment complex in Whitefield, Bangalore has selected ApnaComplex quite sometime back after thorough evaluation of other portals. Today we received a great testimonial from Mr. Prasad, Treasurer of Citilights Rustique Apartments Owners Welfare Association . Happy to share the same below:

We at Rustique have been using ApnaComplex for a while now. It is definitely the best portal based on our evaluations with other similar portals. It helps in managing various day to day activities of a typical association.

The accounting module is the best and robust one, it is very simple to use, this helped us in not only in managing the accounting but also made things transparent.

The support provided by ApnaComplex team is always lightening fast. We are very happy with our over all experience with ApnaComplex .
Prasad
CRAOWA Treasurer

Thank you Mr. Prasad for your words!! We are so happy to receive these words from you!


Want to ease your (or your treasurer’s) burden? – Get on to ApnaComplex – Today!

ApnaComplex is India’s most comprehensive web based housing society accounting, management and communication software. It is designed to make the life of residents and owners way lot better by bringing in more transparency and accountability in managing a housing society. Check out the features of ApnaComplex and sign up your society today to get the benefits! We offer a free 30-day trial as well so that you can try before you buy!


ApnaComplex has Really Revolutionized Facility Maintenance

As the year end comes , we just recieved great testimonial from Mr. Ganesh Raja, treasurer of Ittina Abby, a 200+ unit society in Bangalore who have been using ApnaComplex for past 6 months now. Below is the testimonial:

Gone are the days of Maintaining Excel sheets and reconciling the same for Expenses made … Gone are the Days of having a home grown solution that crashes or have sleepless nights thinking about a Hard Disk crashes… ApnaComplex has really revolutionized facility maintenance all the way from collecting Maintenance to spending it. We at ITTINA ABBY are so happy and yesterday also a resident was saying how easy it is to use it and they never have to come to the Treasurer’s office for anything.

Great Team who is always ready to hear our problems and offer a solution even if it means more work for them. Always there to correct mistakes made by our Facility Manager, Support is so important for a System like this and the Team at Apnacomplex have understood that very well.

Kudos to the team and hope to see them enhance this more as we roll into 2012. — Ganesh, Treasurer ITTINA ABBY LBS Nagar Vimanapura PO”

Thank you Mr. Ganesh for your kind words!! We are so happy to receive these words from you!


Want to ease your (or your treasurer’s) burden? – Get on to ApnaComplex – Today!

ApnaComplex is India’s most comprehensive web based housing society accounting, management and communication software. It is designed to make the life of residents and owners way lot better by bringing in more transparency and accountability in managing a housing society. Check out the features of ApnaComplex and sign up your society today to get the benefits! We offer a free 30-day trial as well so that you can try before you buy!


ApnaComplex Delivers what it Promises

Recently Kamal Co-operative Housing Society, Mumbai went live on ApnaComplex. The society has moved all thier accounts into ApnaComplex and for the first time issued digital invoices and receipts to its members. Mr. Hemang Thakker, Hon. Treasurer of the society was very pleased with the many positive comments from their members and has the following to say on ApnaComplex –

“We were on the lookout for an accounting software for our society for quite some time. We zeroed in on Apnacomplex as the site is well designed and featured all the things one looks for in a good software AND offered a no-obligation one month free trial.

The best part is that ApnaComplex delivers what it promises. I am very happy to say that all the doubts, queries and issues raised by us were addressed promptly and in a very positive manner. And as new features are being added the whole experience becomes richer.

We look forward to a long and fruitful relationship and would recommend the program whole heartedly.”

Thank you Mr. Thakker for your kind words!


Mayuresh Park Co-operative Housing Society Live on ApnaComplex!

Mayuresh Park Co-operative Housing Society, a cozy society in Thane, Maharashtra, is now “Live” on ApnaComplex. Mr. Shailendra Gawas, committee member of Mayuresh Park Co-operative Housing Society Ltd., wrote to us on the occassion of going live:

Apnacomplex provides transparency in functioning of Apartment Owners Associations

Apnacomplex provides transparency in Apartment Owner Association

“We at Mayuresh Park Committee were looking for centralized and cost effective software as service based solution to manage our society. After evaluating ApnaComplex for one month, we found that the application really helping us a lot to manage almost all our requirements effieciently and in productive manner. Managing Invoices, Payments, Expenditure, MOM’s etc. has made our committee members life easy. Also it brings trasperency to the operations due to which I hope all our resident members will be happy.”

Thank you Mr. Shailenra and we hope to make a difference in lives of your society members!