User Guide for Income Tracker on ApartmentAdda

Transcription

1 User Guide for Income Tracker on ApartmentAdda Author: ApartmentAdda Product Management Last Edited: 05-Aug-2011 Note: No portion of this Manual is to be reproduced/reused in any form other than that intended. Sharing of this Document outside the intended Audience, or for any purpose that is detrimental in any way to ApartmentAdda is strictly prohibited. 1

2 Contents User Guide for Income Tracker on ApartmentAdda... 1 Introduction... 3 Purpose of this Document... 3 Target Audience... 3 What the Income Tracker offers... 3 Setup regular Maintenance Fee Invoicing (One-Time)... 4 Create Apartment Categories Assign Apartments to the Apartment Categories Create Rules for Automatic Maintenance Fee Invoices Create Late Payment Interest formula Customize Bill Generate Invoices Verify Invoices... 8 Association Name on Receipts Finalize & Publish Dues to Residents Resident s view of Dues Setup for other Invoices (One-Time) Create Income Accounts Manual Invoices Enter Collections Online Receipts Entering Advance Collections

3 Entering Collections from Outsiders Create the Receivable / Invoice Enter the Collection Reversal of Postings Introduction Purpose of this Document The Income Tracker on ApartmentAdda.com is one of the 3 Accounting Applications. It is a complete Invoicing and Collection Module that works around the Residents Database. This manual intends to provide step-by-step guidance to setup and use the Income Tracker. Target Audience Setup: Treasuer / Any other Management Committee Member or Resident Posting: Treasurer / Estate Manager What the Income Tracker offers Complete Apartment Invoice and Receipt generation Automatic Invoicing for recurring, pre-set Invoices (e.g., Maintenance Fee) Interface to each Apartment Resident to his/her Financial Transactions. and SMS Reminders for Dues Income Summary in the Weekly Digest to Admin Users. 3

4 Setup regular Maintenance Fee Invoicing (One-Time) Pre-requisite: Residents Database must be uploaded Create Apartment Categories. If different Flats are charged differently, e.g., Tenant Occupied Flats are charged differently from Owner Occupied Flats, they need to be categorized. All Flats in one Category will have similar charges. Admin Dashboard> Income Tracker > Track Flats > "Flat Categories" tab Enter the Apartment Categories Assign Apartments to the Apartment Categories. Admin Dashboard> Income Tracker > Track Flats > "Flats" tab 4

5 Create Rules for Automatic Maintenance Fee Invoices. Admin Dashboard> Income Tracker > Setup > "Auto Invoicing" tab 1. Choose the Maintenance Fee Invoicing Frequency Monthly/Quarterly/Half Yearly/Yearly 2. The Maintenance Fee Rule is provided for each Apartment Category, by default. Click on Revise Rule tab to revise it for each Apartment Category 3. For all other Income Heads e.g., Sinking Fund, Corpus Fund etc., please use the Add Rule button. 4. After Setting each Rule, click on Preview Rule, to see how the Bill will appear. 5

6 Create Late Payment Interest formula. Admin Dashboard> Income Tracker > Setup > "Auto Invoicing" tab > scroll to the bottom Set up the Rule for Auto calculation of Late Payment Interest here. Please refer to the question-mark Icon, for complete detail on this feature. Customize Bill. Admin Dashboard> Income Tracker > Setup > "Customize Bill" tab On Preview of the Bill, if you find certain changes to be made in the Header and Footer of the Bill, the changes can be made from the Customize Bill page. 6

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8 Generate Invoices. Admin Dashboard> Income Tracker > Member Income > "Batch Posting" tab Click on the button Generate Auto Invoices This step needs to be performed whenever there is a change in the Setup. E.g., the Rates are changed, or new flats are added, or sq.ft. area is revised. Verify Invoices Admin Dashboard> Income Tracker > Member Income > "Subledgers" tab You can see automatically posted Dues, according to the Category Rule set by you. NOTE: If you have set the Rates Effective From (in the Setup tab) as a future date, then the Dues won t show up now. 8

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10 Association Name on Receipts To ensure the Association name shows up fine on the Receipt, Go to Admin Dashboard > Setup Adda Profile > Location Tab Populate the Association Name field as shown in the below screenshot Figure 1.5: Association Name on Receipts 10

11 Finalize & Publish Dues to Residents If you are satisfied with the Setup, Admin Dashboard> Income Tracker > Setup > "Other" tab 1. Provide the Next Receipt Number if you plan to move from Paper Receipt to Online Receipt. If the last paper receipt issued was 580, the Next Receipt Number will be 581. You can enter the Next Receipt Number as 1, if you wish to make a fresh start with Online Receipting. You can also enter the Next Invoice Number in similar fashion. 2. Check the Include logo in Receipts while printing. (optional). The logo can be uploaded from Admin Dashboard > Admin Reports application. 3. Optionally check the Send Receipts by as and when posted. On checking this, whenever a Collection is posted against a Flat, a Receipt will be automatically sent to the -id of the Primary Contact for the particular flat. 4. Optionally check the Send a Flat s open Invoices by as and when posted. On checking this, whenever an Invoice is posted against a Flat, the Account statement of the Flat with all open Items will be automatically sent to the -id of the Primary Contact for the particular flat. 5. Click on Edit Payment Instruction button to provide specific payment instructions to Residents. This is pre-populated with recommended Payment Instructions. 6. Now, check the Publish Dues to all Residents checkbox. Until this checkbox is checked, the residents cannot see the dues in Residents Dashboard > My Flat widget. 7. Hit Save Changes button. 11

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13 Resident s view of Dues Now each Resident will be able to see their Due as below: 13

14 Figure 2: Done! 14

15 Setup for other Invoices (One-Time) Create Income Accounts Admin Dashboard> General Ledger > Chart of Accounts > "Income" tab 1. Enter Account Name (e.g., Fine) and Account Number. Note: Account Numbers are important for utilizing Excel Upload/Download of transactions. 2. Assign a Bank Account / Petty Cash to the Account. (Pre-Requisite: Bank Accounts should be configured in the Asset tab of Chart of Accounts.) E.g., if all collections made for Fines go to Petty Cash, then map the Fine Account to Petty Cash. 3. If the Collection made to this Account is NOT from Residents (Owners/Tenants), create this Account under the Setup Non-Member Income Account section. 4. You can temporarily/permanently de-activate any accounts you create, to prevent postings to it. E.g., if the Community Hall is under renovation, you may deactivate this account temporarily so that Invoices are not posted to it, even by oversight. 15

16 Figure 3: Setup - Income Accounts Manual Invoices Admin Dashboard> Income Tracker > Member Income" tab Please Note: The screenshot is a bit out of date; the Track Fees tab has been renamed as Member Income. We found the screenshots too well explained to be replaced : ) 1. Click on Invoice Button next to the specific Apartment. 2. Enter Amount, Account, Comment and Due Effective Date. Note: The same Invoice can be made recurring if required. 16

17 Figure 4: Manual Posting of Invoices 17

18 Enter Collections Admin Dashboard> Income Tracker > Member Income" tab 1. Click on the Collection button next to the specific Apartment. All open Dues for the Apartment will show up. 2. Select the relevant Due(s), Amount field will get populated accordingly. Edit the Amount field if required. 3. Enter Comments : Cheque/Online Transfer/Cash, and other details. 4. Enter Reference Number : Cheque Number, Online Transfer Reference etc. 5. Enter Post On date: Date on the Cheque / Date of Online Transfer. 6. Hit on Post Amount Button. An Online Receipt will get generated automatically. Figure 5: Enter Collections 18

19 Online Receipts Income Tracker Admin Dashboard> Income Tracker > Member Income" tab Right after a Collection is posted against a Flat, an Online Receipt is automatically generated. These receipts can be viewed by going to either of the below: View button next to the flat. Print button next to the flat. Receipts tab. Figure 6: Online Receipt 19

20 Entering Advance Collections Admin Dashboard> Income Tracker > Member Income" tab 1. Click on Collection Button next to the specific flat. 2. Click on Credit Note Button. 3. If there is already an Invoice existing, you could simply apply the higher amount agains the same Invoice. E.g., if the Invoice is of Rs.500, but the collection is Rs.2000, you can just over-write the Invoice amount with Rs This will post the correct accounting entries into Advance (1500) and Receivables (500). 20

21 Entering Collections from Outsiders Admin Dashboard> Income Tracker > Non-Member Income" tab This tab is to be utilized when you are receiving payment from an Outsider, not associated with a Flat, for utilizing a service provided by the association e.g., Community Hall Rental by a Jewellery Exhibitionist. Create the Receivable / Invoice Create an Invoice for the service provided. Click on Create Invoice, enter Amount, Client Name in the From textbox, and Description. Select Effective From date, and the appropriate Income Account under Post to Account. Hit the Post Button. Invoice will be registered in the System. Enter the Collection After you receive the payment, click on Receive Payment button, the open Invoices will show up. Select the appropriate Invoice. Enter the type of Payment Instrument in Comments, and the Cheque Number or Online Transfer Ref. or other References under Reference Number. Select Bank & Cash Account, if relevant. Choose Auto Reconcile only if you are sure this transaction need not be reconciled with the Bank Statement. Select Post On date. Hit Post Amount button. An Automatic Receipt will be generated. Note: In case you are entering a Collection, without having created the Invoice for it, on this window itself you can quickly create the Invoice. 21

22 Reversal of Postings A transaction once posted cannot be deleted. It can only be reversed. Typical scenarios when you may have to Reverse postings: 1. A cheque deposited has bounced. 2. A penalty has to be waived. 3. A data entry error happened while making the posting. The Narration on the postings that are made Manually, can be Edited. You can edit these by going to the View button against the To reverse a posting made against a Flat Admin Dashboard> Income Tracker > Member Income" tab Choose View button against the particular Flat. Locate the Transaction. The Reverse link will be visible against it. Click on this link and enter the Reason for Reversing. Click on Reverse Transaction button. A reversal entry will be made as shown below. Figure 7: Reversed Entry 22

23 To Reverse a Posting made against Outsiders (not related to a Flat) Admin Dashboard> Income Tracker > Non-Member Income" tab Locate the Transaction. The Reverse link will be visible against it. Click on this link and enter the Reason for Reversing. Click on Reverse Transaction button. A reversal entry will be made If Reverse link is not visible This will be the case if a) the posting is auto generated, e.g., Maintenance Fee Invoice. In this case, enter an Invoice with a NEGATIVE Amount. b) it is a closed posting i.e., it has already been reversed. e.g., the screenshot in Figure