Accounting

Accounting Cycle-Receipt Side

• DECIDE THE HEADS OF INCOME
  Designing the bill as per the byelaw's synthesis with the Management needs and expense budget
• IMPACT ON TAXATION
  Each transaction tax effect under GST / Income tax needs to be considered
• PREPARATION OF BILL
  Bills are generated either online package(cloud base accounting) like Apartment Adda or offline package like Tally
• DISTRIBUTION
  The bills are e-mail to the members and can pay online / offline according to convenience
• COLLECTION
  Collection from members are acknowledge and they will be updated in accounting which is viewable by members and related correspondence is done
• NECESSARY CORRECTION
  Discrepancy in members details like parking charges/ nonoccupancy charges / name change or corrections, etc is handle and corrected after due diligence
• AUDIT
  Audit – Internal / Statutory Audit and checking by various authorities like Income tax / GST are attended with Expert guidance.
• CUT OFF TRANSACTIONS / REPORTING
  Every periodically recording of Interest Income / other income. Follow up with the bank , reconciliation , Finalizations of accounts

Accounting Cycle- Expense Side

• BUDGET ALL THE EXPENSES
  Budgeting of Expenses is the first necessity in Society, as it’s Non-Profit Organization. This also help to collect the relevant receipt accordingly to avoid excess of Expense over Income.
• 360 DEGREE ANALYSIS
  Invoices are checked before accounting / payment, whether all the due diligence about expense incurred is taken care of and all internal SOP established are followed up.
• RECORDING OF EXPENSES
  All the expenses are recorded in books of accounts , prior to payment of the same. Petty Cash Expenses are kept to minimal level.
• NECESSARY DEDUCTION
  All necessary deductions are made before release of the payment to the Vendors.
• PLACE FOR APPROVAL
  All the expenses are placed in meeting for recognition / approval / verification that it’s spend within pre-approve budget.