Proper entry of the income and right management of the expenses forms the very basis of any accounting system. Housing society accounting is no different. However, management of housing society accounts does call for some extra and specialized solutions and that is why we’re here. onesociety, powered by oneapp, is a full-fledged housing society management solution that takes care of every single need of the society managers in maintaining and managing the housing society. Managing income and expenses is no doubt one of the most responsible tasks for society managers. They are entrusted with lakhs of rupees of the residents in the society and it is their responsibility to safekeeping that. To make the task of managing income and expenses easier, simpler, and clearer, onesociety features two dedicated modules i.e. income and expense in its administrative web portal.
In this post, we will look in-depth at the Expense section of onesociety.
HOW DOES THE EXPENSE SECTION OF ONESOCIETY SOFTWARE WORK
The expense section of onesociety can be accessed from the module panel in the dashboard after logging into the portal. Within the expense section, there are several other sub-modules that help to input any expenses incurred or planned easily into the system and keep track.
Purchases/Expenses- This section records all the purchases/expenses made or are planned to be made irrespective of whether it is made from a vendor or not. It allows booking an expense bill either single-item or multi-item via two different buttons and forms for greater convenience. This section features three separate tabs of approved, unapproved, and rejected expense bills to keep the records segregated and easily referable.
- Approved – Bills that are approved by office bearers and payment for these bills can be released to vendors/parties.
- Unapproved – Bills that are yet to approve by office bearers such as bills payment can not be done.
- Rejected – Bills that are rejected due to error or any other issues of billing terms
Miscellaneous – This section records all the miscellaneous purchases or expenses made with petty cash and does not have a proper bill. Such as payment made for tea/coffee, copier, and cleaners, etc
Purchases/Work order – Purchase Order or Work Order refers to the document that has been raised to undertake any purchase of goods or services. Whenever there is a purchase of a service like construction or consulting work, the order document is referred to as Work Order (WO). And whenever there is any purchase of goods, the order is referred to as Purchase Order (PO). This section records all the work orders and the purchase orders raised. Approval, Rejection, Reviewing and refusal of the orders are also done from this section.
Member Billable Purchases – Billable purchases are the purchases that are marked to be recovered from the members while adding the expense bills. In this section, one will be able to find all such bills with their status, billed or unbilled. This section also records bills that are marked to be recovered from the members by adding the divided amount with their maintenance bills. All the details of such bills along with their status, Billed/ Yet to the bill are available in this section.
Payment Tracker- As the name indicates, this section records all the payments already been made by society. This section also keeps track of the fully paid and partially paid bills
Vendor Advances – This section lists and displays all the entries of the vendor advances lying in the society fund. Along with the details of the record, this section also allows to view all the transactions in detail, allows editing of existing entries, and adds new Credit entries.
Hope this post has given you a clear picture of how the expense section of onesociety works. For more detailed information, you can claim a free demo for yourself Now, click here.