Dear ADDA Treasurers,
Santa has made a surprise visit to your ADDA in the middle of the year. Your Income Tracker been upgraded with lot many goodies.
Auto Invoicing for all Income Heads
Earlier Automatic Invoicing was possible only for Maintenance Fee Income Account. Now Automatic Invoicing is possible for any Income Account. You can create Auto Invoicing rules for Corpus Fund, Sinking Fund, Repair Fund, Property Tax etc. All Income Heads will get posted in a single Invoice, at the beginning of the Invoicing Period of your ADDA, automatically.
As before, Automatic Invoicing is for Periodic Member Invoices only, and is not possible for Non-Member Income (e.g., Income from Jewellery Exhibition, Event Stalls etc.)
Automatic Late Payment Interest
This is the one goodie EVERY treasurer craves. Every Society wants to apply fair Penalty on Late Payments, but because of the complexities of calculating it Manually, most of the time the Penalties are either written off, or calculated on a flat basis (e.g., Rs. 100 per month of non-payment, irrespective of Due Amount. Or, Interested calculated on a monthly basis – which means the Member who pays with 1 day delay pays the same penalty as the Member who pays with 29 days delay). Now you can set up Automatic Penalty calculation which calculates based on a Interest Rate per Annum, calculated on a DAILY basis. Which means, the Member who pays with 1 day’s delay pays less penalty than the Member who pays with 2 days’ delay. Fair, Transparent, Timely Collection.
Invoice as a Document
The Invoice is now available as a Document, with Invoice Number et al. You can customize the Header and the Footer per your requirements. Here is a screen shot of how the new Invoice looks like (Isn’t it beautiful!).
You would have already noticed it the past few days – we have doubled our server capacity and also optimized all our Applications . Check out your Trial Balance page – even before the progress bar starts the Trial Balance would have loaded.
IMPORTANT: We request existing ADDA Treasurers to sign up for a Brief Up session to tour the new features and Q&A, so migrating to the new Invoice/Penalty Rules will be easier. Please sign up here : https://adda.io/home/contactUsPage-webinar.php.