Tag Archives: invoices

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All-new Invoice View in CommonFloor Groups’ Smart Accounting module

Still generating your societies maintenance invoices printed & generated manually? Check out CommonFloor Groups’ ‘Automated Invoice Generation’ solution that can help you auto-generate your maintenance invoices, dispatch it to all residents over their email or on our mobile app, allow them to pay online and money hits societies bank account straightaway.

Our ‘All-New’ Invoice view covers exhaustive set of information & automatic computations, still looks amazingly simple. Below is a sample view of an ‘Auto-generate’ invoice coming out of our system.

Invoice-Screenshot-new-final-637x1024

 

Here’s a quick explanation of various sections in the Invoice:

1. Invoice Header :- The header of the Invoice is customizable and can display the Full Address of the Association, along statutory information like PAN,  Society’s Registration number etc.

2. Invoice Information :- This contacts the Invoice Id, short title, Invoice/Due dates and recipient name and House number. The name & houses of all residents are automatically picked up from the resident database and needn’t be provided individually. This means just defining invoice once and auto-generating invoices for all in a click.

3. Outstanding Summary :- This is the section where resident can view a quick summary of the Invoice amount, with break-up like:

a. Previous Dues – Un-cleared amount present for that house, at the time when the new invoice is generated. This is auto-computed based on the payments recorded against the house.

b. Current Invoice - Total value of the current Invoice that is generated

c. Adjustments /Advances- If Resident has paid any amount as Advances, system will automatically adjust this amount against the current Invoice (no manual entry needed!)

d. Total Outstanding = (a) + (b) – (c)

4. Invoice Particulars :- This sections show break-up of the Current Invoice against each line items against which a charge has been raised.

5. Previous Invoice Details :- This section shows a break-up of the pending dues, with a break-up  of amount against main dues and penalty etc.

6.  Penalty Information & Terms & Conditions :-  Any applicable Penalty information is automatically shown after particulars, based on the defined rules. So this needn’t be manually added in the Terms & Condition section. Any additional information than Penalty can be added in Terms and Conditions section.

Tip: Choose from our powerful Penalty generator, which auto-computes the Penalty charges on a daily basis.

This Invoice can be viewed by the Resident over web as well as our Mobile App. Additionally, an email notification would be triggered to all members of the House.

New: Residents can pay their dues online instantly, via our Mobile App. Read more.

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Smart Residential Living

Accounting : CommonFloor Groups vs Tally

CFG-vs-Tally_P1 (1)

CFG-vs-Tally_P1 (1)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 FreePaid
Yearly Renewal FreePaid
Need Experienced Accountant No Yes
Free SMS & Email AlertsYesNo
User Friendly with Preset Accounting HeadsYesNo
Automatic & Manual Options for Invoicing by Managing CommitteeYesNo
View Dues & Make Payment using Payment GatewayYesNo
Easy Reconciliation of Payment GatewayYesNo
Resident Transaction detail posting for Easy ReconciliationYesNo
Automatic Late Payment PenaltyYesNo
Complete Drop-down box mentioning Accounting Heads & categoryYesNo
Automatic Contra Debit & Contra Credit of Cash & Bank AccountsYesNo
Options of Combinations for Creating Maintenance Invoice for Variable CalculationsYesNo
Easy Access by Managing Committee (24X7)YesNo
Moderated AccessYesNo
Excel Upload of Maintenance InvoiceYesYes
Automatic Interest Calculation and Total Pending DuesYesYes
Creation of Invoice by the Associations themselvesYesYes
Ledger Accounts for Individual FlatsYesYes
Ledger Accounts for VendorsYesYes
Ledger Accounts for Bank & Cash & Petty CashYesYes
Invoice, Payment Receipts, Payment Vouchers Excel ImportYesYes
Customization of Accounting HeadsYesYes
Journal EntryYesYes
Export and Importing of Accounts in Excel FormatYesYes
Reports Income & Expense, Trial Balance & Balance SheetYesYes
Multi-CurrencyNoYes
Multiple Companies’ Accounts in a Single systemNoYes

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!

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