Accounting : CommonFloor Groups vs Tally

May 5,2014 / By Nimesh / 2 Comments

Every residential complex requires an accounting tool to effortlessly manage the uphill task of community accounting.

CommonFloor Groups includes a Money Management module designed specially for a residential complex for easy management of income, expenses and dues in and offers considerable information on property taxes imposed by the government.

Tally Accounting Software, on the other hand, is best used as a corporate accounting software designed mainly for taking care of generation of financial statements, accounting vouchers (to record account related transactions) and taxation.

Read on to understand a comparison between both these tools to get a better idea of the aspects of community money management each tool takes care of.

CommonFloor Groups vs Tally

Specifications	Groups	Tally
Initial Set-Up	Free	Paid
Yearly Renewal	Free	Paid
Need Experienced Accountant	No	Yes
Free SMS & Email Alerts	Yes	No
User Friendly with Preset Accounting Heads	Yes	No
Automatic & Manual Options for Invoicing by Managing Committee	Yes	No
View Dues & Make Payment using Payment Gateway	Yes	No
Easy Reconciliation of Payment Gateway	Yes	No
Resident Transaction detail posting for Easy Reconciliation	Yes	No
Automatic Late Payment Penalty	Yes	No
Complete Drop-down box mentioning Accounting Heads & category	Yes	No
Automatic Contra Debit & Contra Credit of Cash & Bank Accounts	Yes	No
Options of Combinations for Creating Maintenance Invoice for Variable Calculations	Yes	No
Easy Access by Managing Committee (24X7)	Yes	No
Moderated Access	Yes	No
Excel Upload of Maintenance Invoice	Yes	Yes
Automatic Interest Calculation and Total Pending Dues	Yes	Yes
Creation of Invoice by the Associations themselves	Yes	Yes
Ledger Accounts for Individual Flats	Yes	Yes
Ledger Accounts for Vendors	Yes	Yes
Ledger Accounts for Bank & Cash & Petty Cash	Yes	Yes
Invoice, Payment Receipts, Payment Vouchers Excel Import	Yes	Yes
Customization of Accounting Heads	Yes	Yes
Journal Entry	Yes	Yes
Export and Importing of Accounts in Excel Format	Yes	Yes
Reports Income & Expense, Trial Balance & Balance Sheet	Yes	Yes
Multi-Currency	No	Yes
Multiple Companies’ Accounts in a Single system	No	Yes

Conclusion: CommonFloor Groups’ accounting system and Tally Accounting Software are both money management tools that have proven significantly helpful in community accounting matters.

But what gives CommonFloor Groups’ accounting system an edge are factors such as combination options when generating invoice, SMS/Email reminder, controlled access of community accounts and due viewing option/payment using payment gateway. And what makes it any residential complex’s obvious choice is the fact that its set-up and renewal doesn’t cost a penny!

Smart Residential Living

Everything You Need to Know About Paying Property Tax in Bangalore (2014-15)

Apr 30,2014 / By Nimesh / No Comment

According to the notification issued by BBMP, you can pay your property tax through cheque, demand draft, Pay Order, or online using your credit card or through your Netbanking account (ICICI, HDFC, AXIS or IndusInd).

You can make the payment directly in BBMP Help centres or BangaloreOne centres anytime between 9.00 a.m. and 12.30 p.m. and again between 3.00 p.m. and 7.00 p.m.

Following are some important pointers regarding the payment of Property tax:

The tax rates remain the same for the financial year of 2014-2015 as the previous year.
If entire tax is paid before 30th April, you will earn a rebate of 5% on your incurred tax amount. If tax of 1st half of the year is not paid before 30th May, you will be charged an interest of 2% per month after that.
In case of payment in installments, for interest-free payment you need to make the 1st payment before 30th May and the second before 29th November.
If your tax details starting from 2008-2009 to 2013-2014 are available online, you can pay your BBMP property taxes online using your credit/debit card through the BBMP website. In this case, no transaction charges will apply. You will need your BESCOM & BWSSB connection R.R. Numbers or Meter Number while filling the online form.
If you have an assigned Khata or PID number, you can pay your property tax for the financial year 2014-15 through Cheque, DD, Pay Order or by using a Credit/Debit card at Office of the Assistant Revenue Officer or at BBMP Help Centres. If you don’t have a Khata can use separate forms/returns and pay similarly. People who have not paid taxes since 2008-09 can file their returns and then pay like the others.
If you don’t have an authorized revenue layout or don’t have an Occupancy Certificate/Ownership/Title Deed, you can pay register your property in B Register at the Office of the Assistant Revenue Office and pay your tax under the Self Assessment Scheme.
If the sum of your incurred tax and Solid Waste Management Cess is less than Rs.1000, you can pay at the Office of the Assistant Revenue Officer or at BBMP Help Centers in cash.
The Self Assessment Property Tax applications/return form and Solid Waste Management Cess application form are available at the Office of the Assistant Revenue Officer/ BBMP Help Centres. The Solid Waste Management Cess can be calculated on a yearly or half-yearly (proportionately) basis and must be paid while paying property tax.
BBMP has already issued a tax assessment notice to owners who haven’t made the payments from 2008-09 to 2012-13. Only after clearing the current outstanding due amount, you can pay property tax for 2014-15.
If you pay a property tax of over Rs.15000 by DD/Pay Order, the payment receipt is issued immediately. If you choose to pay the same by cheque, the receipt will be issued after the amount is realized. In case the amount is less than Rs.15000, the receipt is issued right away. In case you opt to pay your tax online, the payment receipt will be issued instantly.
Banks that allow you to make property tax payment over-the-counter: Canara Bank, Corporation Bank, HDFC Bank, IDBI Bank, Induslnd Bank, Indian Overseas Bank, Kotak Mahindra Bank, ING Vysya Bank and Yes Bank.
Property owners have to fill out one of the two forms – Form IV or Form V. For more details on this, visit http://www.karnataka.com/govt/bangalore-property-tax or directly call the relevant zonal office number.

Bangalore Zone Office Number Control Room Numbers:

AC/JC/DC (Yelahanka) 2297 5935 / 2297 5949 2363 6671 / 2297 5936
AC/JC/DC (Mahadevapura) 2851 1166 / 2851 2229 2851 2300 / 2851 2301
AC/JC/DC (Dasarahalli) 2297 5901 / 2297 5902 2839 4909 / 2839 3688
AC/JC/DC (Rajarajeshwari Nagar) 2860 4652 / 2860 3827 2860 0954 / 2860 1851
AC/JC/DC (Bommanahalli) 2573 2628 / 2573 5608 2573 2247 / 2573 5642
AC/JC/DC (West) 2297 5601 / 2346 4648 2356 1692 / 2346 3366
AC/JC/DC (South) 2297 5701 / 2297 5731 2656 6362
AC/JC/DC (East) 2297 5801 / 2559 5239 2297 5803

Smart Residential Living

How To Manage Situations When Residents Do Not Pay Maintenance Dues

Apr 28,2014 / By Nimesh / 8 Comments

Collecting dues in a perfect world is un-challenging, in fact fulfilling. You get up early in the morning, stretch your arms, take a big yawn, shake your head and get ready for a work-filled yet lovely and successful day.
But snap back to reality!
You get up, stretch your arms and take a big yawn only to see it quickly fade when you’re reminded of your job of the day-COLLECTING MAINTENANCE DUES!!

And why do you exactly dread this day every month? Because some people simply forget it every month, and some detest the idea of paying their dues.
Now, the question is- How do you remind them to pay for the community services they avail, and what measures do you take if they refuse to pay?

Prevention is better than cure, so you can send them SMS/email reminders well in advance so that maintenance dues do not get lost in the long list of bills to pay (You can use CommonFloor Groups for the same).
If a resident has not paid his maintenance due till the decided due date, you may give a written notification of 12 days extra to make the payment, and then a grace period of 3 days.
If still not paid, discuss with the Management Committee and send a notice to the defaulter.
Post this, you may pass a resolution during an association meeting and send a legal notice to the defaulter after consulting an advocate.
An interest of 12% per annum may be charged on the default amount from the due date to the payment date.
After this, committee may withdraw community borne facilities such as tanker-water, or generator power supplied during a power-cut, or both. In this case, re-connection of services shall be made only if and when full default amount has been paid along with interest incurred. For re-connection of services, defaulter has to additionally pay some amount as penalty.

PS: The above mentioned points are suggestions, and not laws. Please consult your lawyer before implementing any of the above.

Some wise words of advice:
When you set your community’s by-laws, do it carefully and make sure you add a clause on steps/measures to be taken in case a resident continually/regularly defaults on paying their due maintenance amount..

All said and done, remember what the amazing Spider-Man had once said-
‘With great power comes great responsibility.’
So, keep that in mind and keep up the hard work!

Here is a fun video that we made on this topic, do share it with your friends!

If you have effective ideas regarding this subject, or experiences you feel others can benefit from, do share them with us in comments!

Product Updates

Custom Bulk SMS to be suspended During Election Silence Period (Starting 48 hours before election day to end of election day)

Apr 14,2014 / By Nimesh / No Comment

To comply with the guidelines issued by the Election Commission of India, no custom bulk SMSes will be allowed to be sent from one party to the other through CommonFloor Groups starting 48 hours before the date of election in your respective cities.

This will not apply in case of SMSes under other categories that have a preset template such as Reminders, Complaints or Invoice/ Receipt of payment.

Bulk custom SMSes will not be sent to a given location starting from 48 hours before the election day of that location (state or union territory) to the end of the election day.
Visit the link below to know exactly which dates will be impacted:
http://eci.nic.in/eci_main1/GE2014/Schedule/Home.htm

Also, remember you have a role in shaping your country to become the way you dream it to be. So, do exercise your right to vote to build a better nation for you and your future generations.
Note: Bulk SMS within this duration will not get delivered. Bulk SMSes of a political nature will be marked as spam.

Smart Residential Living

Pet Policies to Keep in Mind When Living in an Apartment

Mar 26,2014 / By Nimesh / 2 Comments

Quite alike adding a little baby to your family, adopting a pet can only come as a bundle of happiness to your already blissful home. This new addition to your home is strictly your responsibility and it is none but your duty to take good care of it, while making sure to not inconvenience your complex neighbours in the process. Some basic pet rules that pet-parents are expected to adhere to are:

1) House-Train Your Pet: It is important to house-train your pet so that urination and defecation in common use areas is avoided.

2) Abide by Government Pet Rules: Remember to vaccinate your pet and get a pet license, to comply with government regulations.

3) Don’t Let Your Pet be a Disturbance: You need to make sure your pet does not cause any damage to your apartment complex or bother any resident in any way possible. Pet droppings on ground should be cleaned up and disposed of properly. Pet litter is not to be flushed in your flat toilets as this can clog your apartment’s sewage system.

4) Show Them Care, Don’t Desert Them: You cannot abandon your pet or leave them without food or water for a long period of time or refrain from taking care of them when they are sick.

5) Keep An Eye On Them, They Belong in your Home: Pets are not allowed to climb up/down into your neighbour’s balconies. Your pet is strictly restricted to your flat not others’.

6) Roaming in Common Areas without Restrain is a Strict No-No: Your pet will not be allowed to roam freely without anyone accompanying it or left tied in a common area unattended. While walking your pet in complex common areas, remember to keep it on a leash. You may also carry it using a pet carrier.

7) Note your Complex’s Pet Weight Limit: There is generally a limit on the weight of a pet allowed to live in an apartment complex. This varies from complex to complex but is generally within 50-60 pounds.

8) Guest Pet Policy: If your guest wants to bring a pet along, remember to get a written approval from your Management Committee, prior to their arrival. All other pet rules apply to your guest’s pet as well.

9) Keep Pet Noise Under Control: Noise is a major concern among neighbours of dog-keepers. Keep this in check by training your dog to be quieter.

The pet policies of an apartment community can be subjected to change (addition or amendment) in case of any meaningful suggestion by its residents.

Author Archives: Nimesh

Accounting : CommonFloor Groups vs Tally

CommonFloor Groups vs Tally

Everything You Need to Know About Paying Property Tax in Bangalore (2014-15)

How To Manage Situations When Residents Do Not Pay Maintenance Dues

Custom Bulk SMS to be suspended During Election Silence Period (Starting 48 hours before election day to end of election day)

Pet Policies to Keep in Mind When Living in an Apartment