The Tech team of ApartmentAdda has been burning gallons of midnight oil collating the Accounting related inputs from customers,and running through them with reputed Apartment Auditors.
The latest release of ApartmentAdda carries with it many upgrades on all the Accounting applications. Existing customers data have been migrated over the last two days.
Here are the highlights of this Release.
1. Apartment Categories
Introducing “Apartment Categories” in the Income Tracker. You can create categories e.g., 2BHK, 3BHK, Rented, Penthouse, Service Apartment etc. For each Category you can create an Invoicing rule – assign different rate per square feet, or flat rate – depending on your setup.
Then you can classify each Apartment into one of the categories.
That’s All! Invoices will be automatically posted against each Apartment, at the beginning of the term ( monthly, quarterly, half-yearly or yearly ) based on the Category rule.
How to configure: Admin Dashboard > Income Tracker > Setup tab. Populate the Category field, and the Category Rule accordingly. Go to the ‘Track Flats’ tab and assign the Apartments to the respective Categories.
If you are already using Income Tracker, and need to create Categories, please select a Revision, provide the date from which the revision will be applicable (e.g., 01-04-2010), then populate the Category field. Automatic Invoices posted only from the applicable date will pick up the changes.
Change of Category
Lets say the owner decides to convert his unit into a Service Apartment. Just assign the Apartment to the new Category. Starting from the next Invoicing Term, the automatic invoice which ApartmentAdda will generate will take this into account. It is seamless.
2. Service Tax Calculation
In cases where Service Tax is charged on the Regular Invoice (Maintenance Fee), the Service Tax component gets automatically generated on the Invoice. An additional line item now shows up for such Apartments which is a % of the maintenance fee posted. It is possible for an Adda to levy Service Tax on certain Category of Apartments only (e.g., Service Apartments).
How to configure: Admin Dashboard > Income Tracker > Setup. Populate the Service Tax percentage for the Apartment Category(s) that Service Tax is applicable to.
If you are already using Income Tracker, and need to populate the Service Tax field, please select a Revision, provide the date from which the revision will be applicable (e.g., 01-04-2010), then populate the Category field. Automatic Invoices posted only from the applicable date will pick up the changes.
3. Flexible Allocation of Incoming Payments
If there are multiple open invoices for an Apartment, and when the resident makes a payment – the amount can be distributed among the open invoices. This is an optional feature. If you don’t opt to use it, just post the payments via ‘Bulk posting’ and ApartmentAdda will automatically distribute the payment starting from the oldest to the latest invoice (FIFO – First-In-First-Out basis).
4. Payment Instrument Number is mandatory
While posting an Incoming Payment, there is a new field – for capturing Cheque Number or NEFT’s reference number – in addition to the Comments field. This will help in automatic reconciliation. Something to make your Auditor happy!
5. Complete provision for Tally Integration
The much awaited gateway is now open! Now all transactions captured in ApartmentAdda can be ported to Tally, and vice-versa! However, the decision to use or not use Tally along with ApartmentAdda, or the strategy of its use still remains your call! Please read this post to understand how best to utilize ApartmentAdda Accounting.
Import of Dues and Payments from Excel
Earlier one could import the Dues against the Apartments, but incoming payments had to be posted individually against the Apartments. With this release the Incoming Payment postings can also be uploaded from Excel. Using this feature, the Dues and Collections posted in Tally can be easily imported into ApartmentAdda. This feature enables you to use Income Tracker solely as a Billing interface, in case you wish to continue with Tally as the Point of Origin of transactions.
Export of Dues and Payments to Excel
In Bank & Cash Application an additional tab has been enabled – called “Dues and Payments”. Here you can choose the account heads from Resident Income, Miscellaneous Income and Expenses, choose the date range – and get all the dues and payment transactions on Excel. This includes Accounts Receivables as well as Payables. This can be exported to excel for further analysis or to be imported into Tally. Also, you can now answer some queries like :
What is the total service tax that has to be collected?
What is the total amount collected under Festival Funds?
What are all the transactions ( both Income and Expense ) pertaining to Project X?
Archive “I have paid intimations”: Now after you have posted a transaction based on the intimation from the resident, you can archive them for future reference by either Accepting or Rejecting it – and you have the option of entering comments.
Performance Improvements: The Income tracker pages will now load faster than ever, and any changes to setup, track flats – will also happen much faster.
With this, we hope we have equipped you for the coming Financial year !
ApartmentAdda Team !
PS: Our sincere thanks to Anju Pruthi, Guruprasad Pandit and Prestige Langleigh for helping us raise the bar!