Why Accounting is Important for Proper Management of Society Funds?

Funds, Incomes, and Society expenses can be controlled and known when they are appropriately represented and recorded. Society Billing and Accounting System is the main method for keeping track in a compelling way. 

Bookkeeping Records might be manual or modernized relying upon Society’s inclinations and requirements. Manual records are almost certain than mechanized reports to be human blunders. For good dynamic in business, precise fiscal reports are required and mechanized bookkeeping frameworks are in this way prudent.

Here are a few of the important records that are required to be maintained by a housing society according to per bye-law no. 141 and Rule 65 of Maharashtra Co-operative Societies Rules, 1961. 

  • The Cash and the Bank Book
  • The General Ledger
  • The Personal Ledger (member-wise monthly collection register)
  • Bill Register (month-wise charges register)
  • Vouchers for Cash and Cheque payments
  • Monthly/quarterly / six-monthly / yearly bills raised on the members
  • Receipts of the collection of charges
  • Bank Passbook

Safety measures to be taken by individuals for the administration of the records 

To prevent and watch over the mismanagement of the money paid by the residents of the housing society plays a crucial role in cross-checking and inspections of accounts on frequent yet consistent verification. Instead of cash payments, cheque payments are appreciated more.

Individuals should meet office-bearers occasionally for a casual conversation on Society matters and request a clarification in the event that they discover their demonstrations unsuitable. Individuals ought to be alert and should see that their well-deserved cash is used appropriately by office-bearers like society staff the board, cost the executives. 

Individuals should see whether the Maintenance bill is raised according to the bye-laws. For instance, Non-Occupancy Charges are 10% of administration charges. Every part should know the different heads under which they are charged and the purpose behind which they are charged. 

It is the privilege of a part to make a move against the bungle of assets. False demonstrations of the workplace bearers are recoverable and culpable. The individuals can grumble to the Deputy Registrar of Co-usable Housing Societies under the MCS Act 1960, Section 83 for examination and misfortunes caused to the Society. 

Computerized Society and Accounting System:  

A manual record requires additional time and exertion. 

A mechanized bookkeeping framework dispenses with numerous massive and tedious manual procedures. 

Notwithstanding computations being mechanized, bookkeeping programming produces different reports, at the pinch of a catch. Reports like Members’ Ledger, Members’ Arrears List, Members’ Bill Register, Bank Reconciliation Report, Cash Book, Bank Book, and Income and Expenditure Statement (which is basically required at the Managing Committee Meeting to design the following month’s costs). 

Exact bills are produced with different heads according to bye-laws. Receipt of prior installment is appended to the bill. 

Records and significant money related data can be put away in CDs or a pen drive. 

Individuals’ data can be sent to them if any bill or record is Required by them. Along these lines, it encourages quick detailing. 

Cubeoneapp’s housing society management module called “onesociety” is an idealistic application on which you can rely for the maintenance of your housing society’s accounts and all other requirements. 

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