Pay Dues Online!
Be a Smart Resident, and don't waste time writing cheques or worrying about your maintenance dues. Now just pay them on your Community's Payment Gateway.
Smart Residential Living

Accounting: Penalty Reversal on Automatic Penalty

One of the very crucial pieces of the powerful money manager module of CommonFloor Groups is the ability to calculate penalty based on over 150 possible penalty rule types.  This is has been a very widely used feature in our communities. It automatically calculates penalty based on the chosen rule for a particular Invoice line item (Yes, you read it right. Within a single invoice there is a possibility to choose which line items the penalty would be applicable on.)

With great complexity comes greater responsibility. In past we had encountered certain cases when the update/approval of the amount received was delayed on the system. The penalty keeps getting calculated on daily basis on all eligible line items and invoices till the time a payment is  made. Due to the delay in updating the system additional penalties were displayed. In this case the system operator had to add the payment and then add a discount against the additional penalty (or delete the penalty invoice) to balance the entry. This was an inconvenience  and we decided to take your feedback very seriously about it.

We have now released a very simple on approval/update/add payment flow which ensures that when the payment is updated you have an ability to choose what penalty to apply:

1) No penalty

2) Auto calculated penalty

3) Penalty manually calculated (or as per payment received)

This would create an invoice for penalty as per actual penalty received and save you a lot of time . The flow for this is as below:

a) Choose the Invoice(House & Invoice/Outstanding) for which the Payment needs to be added

or

a) Click on Approve payment(In case the resident has made a payment update/claim)

b) Check the details of the Payment pending

c) Edit the Penalty amount as per actual collected in case system penalty is different that what you have collected. Update/Approve the payment.

Voila!! Its done. The payment received is now updated. Penalty based on your choice has been processed(applied as per your selection or zero)

Some of you might be worried o how do you handle bulk payments and penalty ??

We have you covered, you can also do a bulk upload of payments with penalty actually collected and system will update accordingly.

Step 1:

Facility Booking

 

Step 2:

Step 3:

Read More
maintenance Smart Residential Living Tips

Handling of Cash/Payments in your Society post ban on Rs.500/1000 notes

In a landmark announcement Govt of India has rendered Rs.500/1000 invalid legal tender. This has a widespread impact on how we transact in the society on day-to-day basis.

Lets look at some of the important aspects:

1)   Cash in hand (Collections made till Nov 9): Deposit the notes in your bank account without any issue

2)   Reassess if your society will fall into Service Tax bracket (Rs. 5000/month or Rs.60000/annum per flat) and do the needful registrations and declarations to avoid any complications

3)   Move to electronic media for all payments collection (Either netbanking or preferably to a Payment Gateway to handle all modes(credit card, debit card, netbanking & international payments) )

4)   Remember if you are depositing more than Rs.10 L in this financial year as cash in your account, you have a high probability of IT scrutiny and hardships

5)   Ensure you have filed IT Returns for your Society

Keeping the above in mind we have to look into two aspects of money management and how you can do the peacefully:

Money Collections:

1)   Preferable mode of payments should be electronic. Handling cheques and cheque returns is a big cost. You can also move to a payment gateway to handle all electronic payments including international payments( netbanking, credit cards, debit cards & international cards: Know more here )

2)   In case you still are collecting cash, avoid collecting banned notes. Also ensure that you deposit all your collections and withdraw petty cash separately instead of using the collections directly.

Payments:

1)   Use cheques or electronic payments for all payments as far as possible.

2)   For payments to workers, ask them to create bank accounts and deposit the same in it.

3)   Use small petty cash for any other services provided to you

4)   Any recurring payments should be moved to electronic medium

Please find attached the benefits of using CommonFloor Groups online payments and comparison with other modes of payment.  GET FREE ONLINE PAYMENT GATEWAY

We hope you have a smooth transition to electronic money management for your society. Please reach out to us to help you make the transition: Call 080 4278 2600 or  SMS to +91 9901002797  or write to cf-groups-help@commonfloor.com

Disclaimer: This post is for general information perspective. Please talk to your Chartered Accountant for specific queries about your society.

image courtesy : hindustan times

Read More
Smart Residential Living

Join hands with Bellandur Forum for the ORR-Sarjapur Rising

Are you also impacted by the infrastructure collapse on ORR-Sarjapur and struggle to reach your work?  Do you end up spending hours commuting through the Outer Ring Road. Is pollution and your respiratory wellness taking a toll on you? If answers to all these questions is an unanimous YES then it’s time to take things in your hands and join #ORRRISING, the community that is fighting for your rights.

The Sarjapur Road and Outer Ring Road is known for its notorious traffic jams. The area has seen a growth of approximately 400% in the past decade, with no sign of it slowing down. It is home to some of the largest business parks, few world class hospitals, scores of commercial buildings, thousands of residential units and over thirty plus schools.In spite of the fact that this area is one of the busiest roads in Bangalore the situation is pitiable. Roads have not been widened for years and the drains are open or overflowing with sewage. There is no place for pedestrians to walk and driving/riding is a nightmare here.

Thanks to initiatives like #Whitefieldrising & #ORRRising that came to Bengaluru’s rescue.

What is #ORRRISING?

A group of residents/ members who are fighting to get ORR-Sarjapur-Marathalli-HSR Layout  infrastructure back in place. A peaceful protest is planned against the civic problem in their area. They would be protesting against the pitiable road conditions, the excessive pollution and the maddening traffic jams that engulf lakhs of commuters on this junction each day.

How can you make a difference?

  • Join their Facebook group  and  ’Like’/ ‘Follow’ their page to know about all the latest updates.

  • Sign the petition at change.org which would go to Mr KJ George, Bangalore minister for development and urban planning.

  • Spread the word by sharing all the information on all the social media platforms.

Protest Poster_Dec 15_Opt 01 revised

We at CommonFloor Groups are with them and urge all our readers to join hands for the cause to make Bangalore a better city to live in.

Hoping to see all of you on the 18th of December, 2015 from 12pm to 2 pm,  at Ecospace, Iblur junction, Wipro junction, Cessna park.

DressCode: Orange, Red, Vermillion.

Read More
Smart Residential Living

Chennai Rains: A quick guide to be safe and emergency numbers

Heavy rains have once again pounded the city of Chennai and until now close to 188 people have been killed and many are injured. The rains that have virtually broken a 100-year-old record with a day’s rainfall covering a month’s average. The worst affected are the low lying areas and people living near the banks of Adyar river. Close to 4,000 people living on the banks of the river has been evacuated to safer zones.

In such adversities here’s a quick guide for being safe :

  • Travelling: it’s better you don’t travel through the water logged areas especially do not drive or walk as there might be strong under currents, huge crater like potholes or worse still leeches and snakes. Travelling if at all must be done through public transport preferably busses.
  • In the face of such adversities many of you must have lost many important documents. Well for those who haven’t, then do quickly put all your important documents in one plastic packet and keep it handy so that in case of an evacuation you can take them with you and there won’t be a fear of you losing them or these getting destroyed with water.
  • Keep all the contact numbers especially the emergency ones written down in a pocketbook
  • Don’t forget to boil the drinking water even if you are using a water purifier

List of food items that you must keep stocked up at home:

  • Packaged food
  • Milk
  • Water Cans
  • Bread, jam/butter
  • Biscuit

The medicine cabinet should be well stocked up too:

  • Paracetamol
  • Cough Syrup
  • Electral and Glucose
  • Band aids, multi-purpose ointment
  • Any prescribed medicine especially for diabetics and blood- pressure patients

An assorted list of household items you should have at your house:

  • Candles with matches
  • Torch lights with extra set of batteries
  • Charge your cell-phones & battery banks
  • Bedsheets & Shawls for all family members

Help line numbers:

Tree fall, Waterlogging 1913
Free Boat service ((for rescue and hospital emergencies) 044-27237107 & 27237207
State Emergency 1070
District Emergency 1077
Electricity 1912
Fire & Rescue 101
Sewage Overflow 45674567, 22200335
Ola Boat 7708068600
The Navy has deployed boats in Adyar 044-25394240
DMK helplines 044 24320280 & 7810878108

Lastly for regional emergency number click here

Read More
Product Updates Right Step Smart Residential Living

[Important] – Change in Service Tax Rate for Housing Societies, Additional Swachh Bharat Cess of 0.5% to be levied

TAX

As per the recent Service Tax(ST) notification circulars, vide Notification No. 21/2015-ST & Notification No. 22/2015-ST dated November 6, 2015, government has appointed November 15, 2015 as the date from which, “Swachh Bharat Cess” (SB Cess) at 0.5% of the service value, has to be levied on the value of all taxable services over and above the prevailing service tax rate i.e. the effective rate of Service Tax including SB cess will be 14.5% w.e.f November 15, 2015.

How are Housing societies impacted by this?

  1. If your monthly invoice value is more than Rs 5,000/-, you must be collecting & paying service tax( (Refer Jan 2014 Circular on Service Tax on RWAs for more details) at the rate of 14%.With the SB cess in place, the revised Service Tax rate shall now be 14.5 %.  This is applicable on Invoices with Invoice date on or after 15th November 2015.

  2. You would have to pay an additional of 0.5% as SB cess to your vendors, for any services rendered by them that come under service tax ambit.

What do you need to do?

  • Swachh Bharat Cess must be charged as a separate line item on the Invoice, wherever applicable, as well has to be accounted for separately. Hence, if you are using any sort of “manual” invoicing, where Service tax is added manually, you need to add another line item of Swachh Bharat Cess of 0.5% for Invoices generated on or after 15th November.

  • Swachh Bharat Cess is payable to Govt., however it cannot be claimed as an Input Credit. Hence, you will be charging your Residents now at 14.5% (if applicable) and paying your Vendors a total Service tax of 14.5%; however, the 0.5 % SBC will not be allowed as input credit against the service tax liability.

Using Commonfloor Groups’ Smart Accounting? We’ve got you covered:

For all Invoices dated after 15th November, and with Service tax applicable, we will automatically add another line item for Swachh Bharat Cess of 0.5% to such Invoices. No effort needed from your side!

Above change will be made to:

  1. All future invoices already created in the system OR
  2. Invoices raised after 15th November OR
  3. Recurring Invoices ( Smart Invoicing as we call it)

Please do cross-check the implications with your CA/ Auditor as well to ascertain the changes for any specific cases applicable for your society. Feel free to reach out to us, if you need any further information/ help from our side.

Wishing you all a very happy & safe Diwali once again!

Regards,

Team CommonFloor Groups.

P.S : In case you are not using Commonfloor Money Manager, you should certainly reconsider it and ask us for a demo to your association.

Read More
1 2 3 22