Introducing Reserved Advances & Allocation

Namaste Treasurers, 

On ADDA, Automatically allocating Payments to Open Invoices based on First In First Out Logic is highly appreciated – as it removes any manual errors, works seamlessly and does all the calculation for full/partial allocation etc. 

However, there are a few scenarios where Automation does not work and you are forced to manually do the entries.

An Owner, Mr.Rao takes care of paying Maintenance Fee for his flat. He typically pays the amount in Advance for a year since he is abroad most of the time. 

His tenant, Mr.SubbuRao – pays for the piped gas Charges that he consumes on a monthly basis. 

However on ADDA when the piped gas charges are uploaded, the automatic allocation kicks in and the maintenance fee amount gets allocated to the Piped Gas Charges automatically. 

Not anymore – we have solved this troublesome scenario. 

Reserved Advances

Now when the collection or a credit note is being posted – there is an additional option to choose the Income Heads where this money will be allocated against in Future.  If All Income Heads are chosen then this money will be allocated to any invoice posted in future.

This can be viewed in the Flat’s account statement under the head "Current Advances" and the Income Heads to which it will be applied. 

Screen Shot 2013-10-25 at 7.54.26 PM

Reserved Allocation

When the Maintenance Bill is generated during the next Billing cycle, money is allocated from this Advance Amount alone.

When a Piped Gas Bill is uploaded this advance is not used for allocation, and this bill remains open till the Tenant Pays this bill. 

Bonus Feature

We have redone the Account Statement to display the breakup of Due, Advances, Refundable Deposit – in addition to the Full Account Statement – for better understanding of a Flat’s Account Statement. 

Regards
ADDA Team

 

 

 

 

 

 

 

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