Category Society Billing Software

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November 20, 2021

Single vs Double Accounting – what’s good for your society?

Accounting can make or break a society. When your society’s finances are handled meticulously and your treasurer or president is well aware of the income, expenses, outstanding payments, loans, etc, auditing the accounts would be a cakewalk for any auditor and he/she might as well make a wonderful example out of your management prowess.

However, when the income and expenses are not accounted for properly and there are too many discrepancies to count, well, your society’s finances will likely go downhill from here irking both the residents (after all, the monthly maintenance fee is a major chunk of income) and auditors.

In India, societies majorly follow the Single Entry or Double Entry Accounting systems. The key differences between these two systems and the impact they can have on a society are explored in this article.

Single Entry Accounting

1. Single entry accounting is majorly used in smaller societies where there is no large maintenance fee collection from the residency.

2. Smaller societies are unlikely to follow a proper bookkeeping process. Their entries may not be comprehensive.

3. They record the transactions on a cash basis and not on an accrual basis. Here, the cash transactions are recorded only when the payment is made and then the invoices are raised. However, Double Entry Accounting gives an estimation of all the transactions, upcoming payments, assets, and liabilities, etc. 

4. The biggest advantage is, Single Entry Accounting will be useful for societies that do not require a skilled accountant to record financial transactions. Also, they do not require a large number of books/statements to record the limited number of financial transactions. 

Double Entry Accounting 

1. This system gives the idea to the Management Committee (MC) members or the treasurer about the total maintenance amount which needs to be paid by the residents, how much is pending to collect, and how much paid by them.

2. Likewise, they will also get a fair idea about how much they need to pay to the vendors from whom they are taking various services, and how much has been paid.

3. By following the accrual accounting method, the MCs can get a clear picture of the fixed assets they have, loans, and advances they have provided to their staff and outsiders, including vendors. They will also be aware of their liabilities such as loans borrowed by the association from banks, financial institutions, and other parties.

4. Accrual accounting comes as a big advantage for larger societies that have thousands of apartments. The treasurer or the Management Committee will get to know how much bank balance, cash, fixed deposit, and investments they have in their books of accounts of the association. This recorded information will come in handy when they have to submit their financial statements to auditors.

Financial maintenance: an obligation

It is imperative that the treasure or the Management Committee precisely knows how much maintenance fee they have collected from the residents, the amount paid to vendors, creditors, and other various parties. Likewise, they should also have updated information about fixed assets, loans, fixed deposits, investments, funds available in bank/cash, etc. This cash flow helps the management to run the society smoothly.

On the other hand, the treasurer, and the Management Committee are obliged to maintain these financial records. After all the residents entrust the treasurer with a portion of their income every month and hence, the management is answerable to the residents and must be able to present a satisfactory financial statement.

Apart from the residents, the management and treasurer should also be able to submit clear financial records to auditors, banks, and other legal entities. At some point, these documents can be used by the society to secure loans.

How can ApnaComplex be of help?

The ApnaComplex software is the only mature solution available in India today that offers an extensive Accounting module specifically conceived for the Indian gated communities. The software completely automates the accounting process in a society and simplifies the process for the treasurer or management.

–          The software or app automatically reconciles the balance sheet eliminating the need for manual intervention.

–          Payments can be paid through the app and when every transaction is digitally recorded, there are no suspense entries.

–          ApnaComplex automatically generates defaulters and penalty collection reports. You can custom configure the software to send automatic notifications to the defaulting residents.

–          You can configure the software to send auto-reminders to residents when maintenance dues are close.

–          You can also configure the software to send recurring invoices to residents or vendors.

–          When a resident default often and fails to pay dues on time on multiple occasions, the system allows you to block them from using certain facilities until the dues are paid. This improves your collection and minimises defaulters.

–          ApnaComplex Budget Variance Report helps you to modify the budget of your society according to your needs. The app helps you keep track of your budget and will send reminders if you are close to the threshold. 

–          ApnaComplex offers 30+ Audit-ready financial reports. These comprehensive reports can be downloaded effortlessly during the time of audit streamlining the whole process.

–          By using ApnaComplex diligently, a treasurer can save their time by 80%.

Though the Single Entry Accounting is straightforward to follow, it is evident that gated communities can benefit a lot by following the Double Entry Accounting system both in terms of legal obligations and welfare of the society.

To know more about our Accounting and other modules, visit apnacomplex.com 

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July 28, 2019

GST for Apartment Associations and Housing Societies – Clarifications

In a recent circular, the Department of Revenue has brought more clarity into the GST Calculation of Resident Welfare Associations(RWA). We have put together a comprehensive guide on how this may impact your Society and how ApnaComplex can help your Society adhere to GST regulations effortlessly.

Q: Is our RWA required to collect GST on Monthly maintenance collected from our members?

A: Your RWA is required to pay GST only if both of these conditions are met:

  • Aggregate Turnover of your RWA > Rs.20 lakh per year
  • Maintenance charged per member per month > Rs. 7500

Your RWA is exempt from GST even if one of these conditions is not met.

To auto-calculate GST for your RWA, just spend a few minutes and update the tax structure for your Society in ApnaComplex. ApnaComplex automatically generates GST Computation Report which exactly specifies how much GST your Society has to pay for a particular time period.

 

Q: Can our RWA take an input tax credit of GST for payment of Capital goods and Services towards our vendors?

A: Yes, RWA can claim an input tax credit of GST paid on capital goods (generators, water pumps, lawn furniture, etc.), goods (taps, pipes, other sanitary/hardware fillings, etc.) and input services such as repair and maintenance services.

In the ApnaComplex expenditure module, while entering the bills, you can capture the GST levied by the vendors. ApnaComplex’s GSTR 3B report automatically shows the GST inflow credits on payment made towards your vendors for Goods and Services. This report will exactly indicate how much GST credits can be claimed by your RWA.

 

Q: If a member owns two or more flats in the housing society or residential complex, will the ceiling of Rs. 7500/- per month per member on the maintenance be applied per residential apartment or per person?

A: As per the general business sense, a person who owns two or more residential apartments in a housing society or a residential complex shall normally be a member of the RWA for each residential apartment owned by him separately. The ceiling of Rs. 7500/- per month per member shall be applied separately for each residential apartment owned by him. For example, if a person owns two residential apartments in a residential complex and pays Rs. 15000/- per month as maintenance charges towards the maintenance of each apartment to the RWA (Rs. 6000/- per month for one apartment and Rs. 9000/- for the other apartment), the exemption from GST shall be applicable on the apartment whose maintenance is Rs. 6000/-.

ApnaComplex’s 100% automated invoicing lets you set up recurring against all or select flats based on formulae or fixed value or both. Our intuitive interface lets you configure maintenance charge calculation methodology yourself without the need to get in touch with our Support. Visit ApnaComplex Portal > Income > Member Income > Recurring Invoice to set up a recurring invoice to your members.

 

Q: How should the RWA calculate GST payable where the maintenance charges exceed Rs. 7500/- per month per member? Is the GST payable only on the amount exceeding Rs. 7500/- or on the entire amount of maintenance charges? 

A: In case the charges exceed Rs. 7500/- per month per member, the entire amount is taxable. For example, if the maintenance charges are Rs. 9000/- per month per member, GST @18% shall be payable on the entire amount of Rs. 9000/- and not on [Rs. 9000 – Rs. 7500] = Rs. 1500/-.

ApnaComplex enables you to easily define the GST calculation methodology in accordance with the above rule. Just select ‘No’ for “Apply Tax on the excess amount” field in your GST tax structure on ApnaComplex. 

 For your reference: GST-circular-No-cgst-109

If you need any assistance in harnessing the full capabilities of ApnaComplex’s accounting module, schedule a demo here. We would be happy to help.

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March 8, 2019

Women’s Day Special: Exclusive interview with Super Women at ApnaComplex

International Women’s Day is no longer a new topic today. It is celebrated across the World in order to recognize and appreciate the contributions and achievements of the women in various fields. Starting from being Home-maker to Management Committee members to Working Professionals, they truly define the spirit of today’s women. Today, we decided to talk to three such women about their journey in ApnaComplex and how they are leading their lives with multiple roles and responsibilities.

These women are super confident and self-motivated either at home or at the workplace. Mrs. Prema Robert, Head of Human Resource at ApnaComplex quoted that “Confidence comes from the kind of responsibilities that I get it, more the responsibility that is given to me, the more I feel confident and that makes me explore more, learn more and motivates me to give my best.” Mrs. Arundhati Sen Pradhan, Head of Strategic Partnerships at ApnaComplex states “Motivation comes from the team that I work with, the people that I work with, gives me the motivation to do best in what I do”.

They mentioned that it has been a great journey so far and it is fun working at ApnaComplex. It is quite an experience for anyone to manage multiple roles. Ms. Monika Mitruka, Software Developer at ApnaComplex finds the experience ‘’very challenging and satisfactory.” They also mentioned that the key to confidence is knowledge & learning. These women feel privileged being women as they feel that they have the ability to handle both work and family life.

At ApnaComplex, they all have built stronger social connections amongst themselves. They advised that everyone has her own way of doing things and everyone should have belief in themselves first. Mrs. Arundhati concluded as “It is a very fun life, live to the fullest.” At ApnaComplex, people are full of enthusiasm, confidence and most importantly motivated to face all the odds. Moreover, accomplishing these odds has always been a challenging situation for these women.

Raj Sekhar Kommu – Co-founder and CEO of ApnaComplex says “We are pleased to celebrate International Women’s Day with all the amazing superwomen at ApnaComplex. International Women’s Day is celebrated globally to highlight and honor the social, economic, cultural and political achievements of women, and to call for gender equality. At ApnaComplex, we firmly believe in gender equality and are forever grateful to every female employee who is an integral part of ApnaComplex.”

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February 16, 2019

7 Powerful Guidelines for Cash Locker and Almirah placement that you should apply Now!

Have you ever thought about how you should place different objects at home as per Vastu?  Do you know the direction, colour, and material of the cash locker and almirah for wealth and prosperity? Yes, it is very important to know the placement, colour, and material before placing any object or item. Here are some Guidelines for placing an Almirah (wardrobe) or Cash Locker that you must apply now:

  1. Do not use almirah made of stones or marbles. Always prefer wood or iron almirah in the bedroom.
  2. Almirah should be placed in Southwest direction so that it opens in North or East.
  3. Almirah should be in some subtle colours like cream or light colour shades.
  4. Make sure not to have any mirror on the Southwest almirah.
  5. Placement of Almirah has different impacts for different rooms and should be placed as per Vastu guidelines.
  6. For Bedroom Almirah-
  • Place bedroom cabinet or almirah in Northeast or Southwest corner.
  • Mirrors on almirah must be avoided especially if this almirah is placed in your bedroom.
  • If there is a mirror on the bedroom almirah, make sure it is not facing the bed.
  • Avoid dark coloured wardrobe or almirah in the bedroom. Use light-coloured almirah.
  • For the bedroom, the almirah or wardrobe should open in east or south direction.
  1. For Cash Almirah-
  • Make sure the cash almirah or locker is comprised of a single door.
  • The placement of the cash almirah or locker should be such that it is facing the North. Since North is the direction of Kuber, so it is believed that Lord Kuber refills the cash.
  • Do not place the cash almirah in Northeast, more expenses will be there and ultimately loss of cash.

Conclusion- There is no substitute for hard work, but if you follow these guidelines it helps to balance the energies in the surroundings and attract more positivity to your home.

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February 13, 2019

Smart Vastu tips to retain money

We are at a fast pace for growth. Growth for a better future and for a better world. But have you ever imagined what if there is no money or financial dearth in your life?  Nobody has seen the future, it’s essential to save than regret later. There are different types of solutions available in the market on money management. Retaining money is not that easy. It needs lots of planning.

Let’s talk on some easy and effective vastu changes to ensure a positive outcome and more money inflow.

Cash Almirah or Locker– It is very important to understand where to keep your cash, almirah or Locker. Place the cash almirah or locker in the Southwest or South wall so that it opens in the North. This is the direction of Lord Kuber. It is believed that Lord Kuber refills the cash almirah so this is how you attract money.

Main door instructions– Never place big or high trees in the Northeast direction outside your home as this creates an obstacle for the cash inflow. Also, keep the main entrance clutter free and if there is any shoe rack, replace it away from the main door or entrance.

Place a fish aquarium– An aquarium is used especially to enhance money, career and luck. If used properly in the right direction, it brings wealth and abundance in the home. To know the best direction, you can read http://community.vastudekho.com/3785/attract-wealth-and-luck-placing-aquarium-vastu-tips-aquarium

Check these other important Vastu Dekho measures to ensure no blockades for the cash inflow-

  • Never place big or high trees in the Northeast direction outside your home as this creates an obstacle for the cash inflow.
  • Lord Kuber and Goddess Lakshmi like cleanliness so ensure that all the windows and doors of the house are properly cleaned. If not, they will obstruct the flow of money and wealth inside your house.
  • Leaking Taps in the house is a BIG NO. Since water is symbolic of money so it is believed that if water is getting waste then money is also getting wasted.
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February 8, 2019

15 Unlucky things you should never keep at home

The way you decorate your home says a lot about you. But unknowingly, many times we bring such images, idols or showpieces that disturb our happiness and positivity and ultimately we ruin our lives by ourselves.

I was wondering why there is an increased negativity in my home until I recognize these very important facts.

Let’s talk about these 15 things that affect our lives. You may not be knowing the negative effects of these things:

  1. Broken or unused clocks- as we all know time is symbolic of Growth. It is highly recommended to avoid keeping a wall clock that is not in use or broken.
  2. Old Calendars- similar to Clock a calendar also signifies growth, so avoid keeping an old calendar on the walls of the house. Also please make sure if you are hanging current year calendar then you must keep the current month and date open.
  3. Cactus, Bonsai or thorny plants- Except Rose and medicinal plants, avoid keeping cactus and thorny plants at your home as these are inauspicious. Do not place any bonsai plant as they represent short/ little growth.
  4. Negative Images- Never keep images that depicts negativity like- sadness, loneliness, war scene, trees without fruits or flowers, nude, hunting scenes, fight scenes using swords, captured elephant, weeping or crying image. If you have such images remove immediately.
  5. Taj Mahal Picture or idol- Taj Mahal is considered as an epitome of love but it is actually a grave that symbolizes death and inactiveness. So avoid keeping Taj Mahal picture or idol at home.
  6. Broken furniture- If you have broken furniture, pots or vessels that are not in use and unrepairable. Throw them off to remove negative energy.
  7. Mirrors- Mirrors should be kept wisely. Make sure not to place any mirror in front of your bed. Your image should never be reflected when you are sleeping. Put a curtain or cloth if you have a mirror in front of your bedroom. Legends say if you have broken mirrors at home, it brings bad luck for seven years and a broken marriage too.
  8. Avoid things under your bed- Never keep anything under your bed as it causes disruptions and disturbed sleep. Also, make sure you don’t keep any footwear under your bed before sleeping.
  9. Statue or Paintings of Animals- Don’t put any image or showpiece of any wild animals and birds like snakes, owl, vulture, bat, pigs, pigeons, crows, tiger, etc. Vastu recommends not to keep any picture or statue of a single bird or animal in a couple’s room. Keeping wild animals and bird’s image or showpiece brings Violent Attitude in your life.
  10. Pictures of Ramayana and Mahabharata War scenes- Never place such pictures that depicts fight story or scenes from Ramayana or Mahabharata as it strongly brings rivalry among family members.
  11. Black Door- Avoid black door as your Main entrance door. According to Chinese Feng Shui tradition, a black door invites bad luck to your house EXCEPT if the door faces the North.
  12. Avoid placing Empty Rocking Chairs- Avoid placing empty rocking chairs at home as it invites dark forces to come and sit in it.
  13. Brocken Crockery- if you have broken plates, cups or any crockery, remove immediately. Crockery symbolizes wealth and family so when you eat on broken or chipped plates, you are subconsciously inviting failures and troubles in your life.
  14. Sinking Boat or sinking Titanic Image- I also kept Titanic image at home, until I knew its bad effects. A sinking boat depicts a failing or deteriorating relationship so if you have one in your home, throw it immediately.
  15. Nataraja- This is an image of cosmic dancer Shiva and it is found mostly in every dancer’s house. As we see it has two different meaning. One that symbolizes tremendous art form and other symbolizes destruction.

Conclusion- It is good to décor home as you love, but at the same time it is very important to know the adverse or bad effects of these decorative before it’s too late!

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January 23, 2019

Responsibilities of the Resident: A Proactive Approach

Managing the affairs of an apartment complex is not just the responsibility of the Managing Committee. Surprised? Don’t be. Just as the quality of your family life depends on the behaviour of all members of the family, in the same way managing a society depends on the behaviour of all the residents living in that apartment complex. How you interact with the committee and the rest of the residents has an effect on the management of the society. We have listed below a few such interactions which can decide how well your society functions.

 

Breach of bye-laws

In an apartment complex, it is quite common for a resident to lock horns with a member of the managing committee. Most often, resolutions arrive amicably. But when they aren’t, the residents often retaliate by ceasing to pay maintenance dues. Residents should remember that this is a breach of the bye-law and hence, illegal.

 

If, as a resident, you are unsatisfied with the resolution, escalate this issue with the appropriate authority. Alternately, if it is an issue that affects all the other residents then take their opinions into account and put it to vote. Withholding dues you owe the society affects the smooth functioning of the society. You may end up with a shortage of funds. Further, the committee is legally authorised to issue notices against defaulters and to penalise you for the same.

 

Unauthorized constructions

The action of every resident has an effect on all the residing neighbours. This becomes especially evident during renovations and constructions. Whether you change the interior or the exterior of your flat, make sure that your plans don’t break any rules of the society. Get the consent of the Secretary of the Managing Committee before you begin and make sure you don’t become a nuisance by exceeding the noise to respectable hours.

 

Certain changes like altering the fundamental structure of the building and construction in common areas require special legal permission. If you fail to obtain the same, the committee (and even the municipal council) is entitled to take action against the same. Lastly, remember that if not conveyed, other residents are well within their rights to complain against the construction to seek redressal.

 

Favours from the Managing Committee

As longtime neighbours, you might be close friends with certain members of the committee. So sometimes, you may find yourself asking for favours like waiving off the penalty charge for late payment or reducing the rent charged for the clubhouse. Not only is this unfair to rest of the complex, but it also puts your friend in a dilemma. It puts them to choose between friendship and their duty.

 

Participation in society meetings and elections

As a resident, it is both your right and duty to contribute to the functioning of the society. Despite personal commitments, it is important that residents attend society meetings and elections. The decisions and opinions expressed here will have a direct effect on your life in the complex. It is also important that you express your opinions about an idea that is being discussed. There is no point in complaining about a decision taken during the meeting you missed. It is important to work with both the committee members and other residents to make sure that the complex runs efficiently.

 

The role of a resident extends beyond the payment of maintenance dues. These are just a few areas in which the behaviour of the members can decide how efficiently an apartment complex gets managed. We hope you are playing a proactive role in the affairs of your apartment complex – whether you are a part of the Managing Committee or not!

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January 12, 2019

Why Chartered Accountants prefer ApnaComplex

Presently, the number of apartment complexes in India is growing exponentially. With the growing number of apartment sizes, management committees are looking for some active help from chartered accountants or auditing firms to manage their accounting operations. This scenario offers a huge potential to accountants to grow their business.

 

ApnaComplex, a mobile and web-based apartment management service is a one-stop solution for all housing society requirements. The Billing and Accounting module is now being increasingly trusted by chartered accountants (CAs) as their technology partner for offering premium service. In this digital era, CAs who have adopted ApnaComplex achieved multi-fold growth in their business along with reducing their manual work.

 

Top reasons Chartered Accountants prefer ApnaComplex over other software:

 

  1. Best accounting software across India:

ApnaComplex offers online services, integrated with emails, SMS and online payments providing a clear edge over other players.

  1. Helps in saving time and money:

The accounting software helps in easing the accounting effort drastically and automates a lot of accounting process. Even non-accountants can be employed for data-entry.

  1. Supports a growing business:

Not only do the accountants use ApnaComplex for their existing customers but also acquire customers referred by ApnaComplex. As a result, the customer base of accountants grows in size.

  1. Offers convenience to work from anywhere and everywhere:

ApnaComplex accounting software enables accountants to enter and access data digitally. One does not need to carry all data to a centralized location. Moreover, multiple people can work on entering data simultaneously, further speeding up the work.

  1. Provides training and support:

ApnaComplex offers regular training and support on the product and conducts periodic refresher courses. This allows our customers to master using it.

 

The ApnaComplex accounting software is specially designed for a housing society

 

ApnaComplex automates the following housing society requirements for the accountants and management associations:

  • Offers readymade flat-wise sub-ledger
  • Automates unit-wise due generation
  • Provides flat-wise account statement
  • Automates calculation of late payment interest
  • Automates allocation of a collection to invoices
  • Generates reports

 

So, partner with ApnaComplex today to create synergy. Get powered with technology to offer superior accounting services and maximize your revenue.

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January 4, 2019

Ensure Vehicle Safety with Vehicle Sentry

Vehicle Tracking of is one of the key responsibilities for security guards of every apartment. In addition, Vehicle Security itself is a very important issue for every society. With theft of vehicles increasing, it has become an imperative for societies to address this issue. How would one know whether their vehicle is safe and is still at the same place they left it? Wouldn’t it be nice to be able to keep track of your vehicle’s movement whenever you are not using it?

 

The system in most housing societies:

“Parking lot stickers” are issued to vehicle owners. These are stuck to windshields. Vehicles are permitted entry into a complex after the sticker is verified by the security guard. However, since there is no way to “deactivate” the sticker the entry of unauthorized vehicles even after they left the society cannot be controlled. Further, there is no record or log of the entry or exit of vehicles of the residents. In case of a security issue, this can be a major shortcoming.

 

Our solution:

Vehicle Sentry is a Vehicle Tracking System that is RFID based and fully integrated with the ApnaComplex cloud. At a broad level, Vehicle Sentry includes RFID tags for all authorized vehicles and RFID readers at the gate. This allows you to track the movement of your vehicle when it exits or enters the apartment gate.

 

How does Vehicle Sentry work?

Authorized vehicles are first fitted with RFID tags. Next, RFID readers are installed at the gates. These Readers come with ApnaComplex’s own custom hardware called ‘Sentry Controller’ that acts as the gateway between ApnaComplex Cloud and the RFID Readers. Sentry Controller helps sync the vehicle entry, and exit information to the ApnaComplex cloud server in near real-time, and also keeps the reader in sync with tags issued for new vehicles and de-activated tag list.

 

Important features of Vehicle Sentry:

  • When a Vehicle with valid tag passes near the gate, the light/buzzer connected to the reader will buzz indicating the detection.
  • It can also be configured to hoot for invalid tags.
  • It can be hooked up with a boom barrier for automatic entry/exit.
  • Vehicle movement information will get automatically synced up with the ApnaComplex portal.
  • Admins can check the vehicle movement records any time in the portal.
  • Data of any new tags issues or old tags deactivated will automatically update the RFID reader (as long as it has internet connectivity)

 

Benefits of Vehicle Sentry:

  1. Increased security in your society:

The movement of every vehicle entering and leaving the campus can be tracked, making it more secure. Unwanted intrusion is avoided with the use of Vehicle Sentry.

 

  1. Easy and quick Updates:

All the data for your entire apartment complex is stored in a single database. Any other RFID solution you implement will force you to maintain separate databases for vehicles and apartment units. This means you need to manually update the same information over and over again. Vehicle Sentry is an integrated solution and redundant efforts do not come into the picture.

 

  1. Cost Effective:

No extra hardware is needed apart from RFID reader installed at the gate. All functionalities are driven from the ApnaComplex portal. Your estate manager can issue and deactivate tags to be updated to the portal. In addition, you could just deploy the vehicle movement tracking with our boom barrier, making it very cost effective for the housing society.

 

This is yet another innovative approach by ApnaComplex to keep your mind free from worry while providing you with the best services possible. To know more about Vehicle Sentry and to implement it in your society, kindly submit a sales request at the Contact Us page and we will get back to you with the details.

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October 17, 2018

Pitfalls of Cash Transactions in an Apartment Complex

Maintenance collection is a task that recurs every month. Committee members need to ensure that each unit in the apartment complex pays what is due and is done so in a timely manner. This is a long undertaking in itself. However, in many cases, these transactions are made in cash. While this is convenient in many cases and helps clear any immediate payments that need to be made, cash transactions come with a few pitfalls that are not easy to ignore.

Inefficiency
The time of maintenance payment sees a lot of activity within an apartment complex. Often, the committee members have to knock on individual doors to collect the dues. In other cases, the residents flock to the committee office to make the payments. Payments also need to be eventually collected and recorded from the defaulters. This takes up a lot of time from the committee member’s schedule.

Safety concerns
One of the main concerns with cash transactions is safety. When there are multiple units within an apartment complex, the amount of cash that is exchanged is a considerable sum. This opens up the possibility of misplacing or miscounting the amount. It also makes it open to theft. Further, the cash collected needs to be physically deposited in a bank. Driving around the streets with a large amount of cash can even put you at risk.

Inaccuracy
With an influx of cash payments, it falls on the committee members to ensure that the amount is recorded and reconciled. In an absence of an automated system, it has to be done manually. This leaves room for human error. The issue further extends even to cheque payments. In case of a bounced cheque, bookkeeping becomes long and tedious and prone to errors.

With tools like ApnaComplex, maintenance collections can be made almost effortless. It also sends out reminders for payments and draws out a defaulters list. ApnaComplex also offers a one of a kind and convenient Collection Gateway where members can do a NEFT/IMPS transfer of their maintenance dues to a unique “Account Number” issued by ApnaComplex. With Collection Gateway, ledgers are updated automatically with details of the amount transferred by the member and payment receipts are issued automatically. This eliminates the need for cash transactions and manual effort by the treasurer or accounts office. Going cashless has never been easier!

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