Housing society apartments have hundreds of apartments and just as many monthly payments to process, not to mention additional funds received for emergency situations. Other than that, apartments often see a change in residency as the homeowners often rent their property out to tenants. It becomes essential for Managing Committee to track the following admin and finance activities:
Admin and Finance Activities to Track in Housing Society
- Track the pending dues from residents
- Consolidate received payments
- Maintain the logs and ownership records of payments made by landlords and tenants
- Charge penalties to defaulters
- Create an annual revenue and expenses report based on payments made and received throughout the year for the AGM
Transparent and ready-made accounting charts are essential to generate trust in residents, enable timely payments, and go back to archives to resolve any mismanagement of finances. Manual entries are only restricted to a minimum as MyGate can automate current transactions while keeping immaculate records of past transactions.
Features of MyGate Society Management and ERP
Here’s how MyGate Society Management and ERP suite can provide spot-on solutions to financial data management and logs:
- Chart of accounts – You can create a chart of different accounting hierarchical sections such as general ledgers, auto reconciliation, app dues statement, arrears, online payments intimation, all with the aim of accurate bookkeeping so that every transaction made and received remains transparent.
- List of defaulters/ dues reports -This section lists all the overdue payments with the names of defaulters along with the duration of society-wide pending dues. It makes it easier for Admin to shoot SMS/email alerts accordingly.
- Collection history– Admin can get detailed reports of landlords and tenants as well as historical logs of every payment made by them with dates, time, acknowledgment reports, and skipped payments or unpaid components on itemized bills. This feature is particularly useful when there are disputes regarding the payment or if the ownership of homes changes and the Admin needs to clear unpaid bills.
- Advance collection – You can get a report on any advance payments made by residents, another handy feature that helps you track the history of payments received to create error-free billing.
- Advance, dues with security deposit report records –
You don’t have to manually perform balance reports. MyGate offers a consolidated report on dues, advance, and security deposit received by each apartment sorted according to all flats, towers, and filtered period-wise.
This function enables you to look back at the amount of security deposit to be returned after the tenant moves out while also balancing any arrears or advance payments on the tenant’s side.
- Income/expense and trial balance sheet – MyGate accounting features can pull up all payment histories so that the Admin can avail ready-made reports with periodic graphical analysis for an overall review and access trial balance details with generated income and other provisions/calculations. The updated trial balance is also reflected in the same section. To make things even easier, users can get balance information of actual balance in Schedule VI and N Format.
- History of daily expenses– A separate log of daily cash expenses is available for download, number crunching, or perusal, including receipts and JV. It helps Admin to figure out the type of expenses and their patterns.
- Charging fines – In the event that you need to fine defaulters, MyGate allows for different combinations and permutations setting penalties such as:
- Rate-wise,
- Amount-wise,
- Constant rate
- Percentage of overdue, or
- Custom settings
These can be tracked in penalty logs in order to link them to final accounting statements.
- Logs of recurring invoices – You can customise the invoices by selecting a format for recurring invoices. This ensures that you can go back and check previous payments made by all residents easily. All reports can be uploaded and downloaded as well.
- Tracking security deposits – Any payments made for using amenities and general security deposits can be archived and retrieved for adjusting the accounts.
- Debit/credit/arrears – Users can pull up logs to keep a record of credit notes inside the reports and include consolidated arrears as well as bifurcated arrears as per individual accounts.
- Track online payments – Admin can check all the payments received online through wallets, mobile banking, etc. in a way that it also accommodates historical logs of payments from each apartment.
Functioning of MyGate’s society ERP solution
How to create a chart of accounts
1. log in to dashboard.mygate.com
2. Click on the Accounts icon present on the left-hand side of the screen
3. Click on Chart of Accounts
4. Click on ‘Create Account’ and enter the necessary fields like name and subcategories.
How to create a List of defaulters/ dues reports
1. Login to dashboard.mygate.com
2. Click on the Financial reports icon present on the left-hand side of the screen
3. Click on Dues and Advance collection
4. Now click on Dues Collection
5. Provide the date and other required filters
How to get a Collection history report
1. Login to dashboard.mygate.com
2. Click on the Financial reports icon present on the left-hand side of the screen
3. Click on Dues and Advance collection
4. Now click on Dues Collection
5. Provide the date and other required filters
How to get Advance collection report
1. Login to dashboard.mygate.com
2. Click on the Financial reports icon present on the left-hand side of the screen
3. Click on Dues and Advance collection
4. Now click on the Advance collection
5. Provide the date and other required filters
How to access Security deposit report records
1. Login to dashboard.mygate.com
2. Click on the Financial reports icon present on the left-hand side of the screen
3. Click on Dues and Advance collection
4. Now click on Security Deposit
5. Provide the date and other required filters.
Income/expense report of residential society and trial balance sheet
How to access the Income/Expense sheet
1. Login to dashboard.mygate.com
2. Click on the Financial reports icon present on the left-hand side of the screen
3. Click on Final Account
4. Now click on Income/expense
5. Provide the period for which you need the sheet
How to get the Trial Balance Report
1. Login to dashboard.mygate.com
2. Click on the Financial reports icon present on the left-hand side of the screen
3. Click on Final Account
4. Now click on Trial balance
5. Provide the period for which you want the Trial Balance Report
How to get the History of Daily Expenses
1. Login to dashboard.mygate.com
2. Click on the Financial reports icon present on the left-hand side of the screen
3. Click on Expense
4. Provide the period for which you want the Expense history
Charging fines
The addition of the Fine method(Creation of penalty rule) is from the backend.
How to add a penalty to an Invoice
1. Login to dashboard.mygate.com
2. Click on the Account icon present on the left-hand side of the screen
3. Click on Invoices
4. Select Member Invoices
5. Click on Create/Edit Invoice template
6. Select from the dropdown Fine setting
How to get Logs of recurring invoices
1. Login to dashboard.mygate.com
2. Click on the Account icon present on the left-hand side of the screen
3. Click on Invoices
4. Select Invoice History and click on Group generated charges
How to Track Security Deposits
1. Login to dashboard.mygate.com
2. Click on the Accounts icon present on the left-hand side of the screen
3. Select Dues and Receipts
4. Click on dues
5. Now select the house and click on ”Show Dues”
6. Click on Statement and get the Security Deposit statement
How to get a Credit note
1. Login to dashboard.mygate.com
2. Click on the Accounts icon present on the left-hand side of the screen
3. Select Dues and Receipts
4. Click on Credit Note
Track online payments
1. Login to dashboard.mygate.com
2. Click on the Financial reports icon present on the left-hand side of the screen
3. Click on Dues and Advance collection
4. Now click on Dues Collection
5. Select Online and click on View
MyGate also enables comprehensive accounting with options to view and pay invoices, receipts, overdue, security deposit, and advance in-app so admin can do a quick check to create reports or get members to pay dues immediately.
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About MyGate
MyGate is India’s largest society management software, benefiting thousands of housing societies, developers, society facility managers, and millions of homeowners in every Indian city.
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