Each society has its own way of maintaining their Maintenance dues and accounting procedures. Mainly there are three ways of doing the same;
1.Registers and Account Journals: This is the oldest method of accounting. All the accounts are done and maintained in these books.
It seems to be simplest way to start and works well for smaller communities.
2. Using MS-Excel: This is the first and most simplest of ways to migrate to technology use for accounting and maintenance purpose.
Its easy to create a list of houses and corresponding dues can be calculated using the formulas.
Most of the societies use this method to compute and maintain their dues.
3. Tally: Using a professional accounting software like tally for accounting has been a small trend practiced in large communities. This also requires trained professionals to handle the software and hence adds another level of complexity.
But the challenge doesn’t lie in computing the dues, it can be done via any of the above mentioned methods. The challenge lies in the informing members of their dues and keeping a track of payments.
In all the above methods there is no way to keep track of sending the notification about the dues to corresponding owners/residents. Neither is there a way to effectively manage the paid/unpaid dues and reminders to those who have not paid.
Here’s where Commonfloor dues tracker can very effectively help you. You can upload any sheet of dues to the system and it will automatically calculate the total dues for that flat and from here you can manage the payments made, sent reminders and see the total collection and total outstanding against each collection to be made.
Check out how you can do the same in step wise manner in the below
presentation;
