Rwa accounting procedure

A/c entries 4072 views 3 replies

NITIN MITTAL

COUNTRY MANAGER- CREDIT CONTROL

25 Points Joined April 2012

Dear Friends.

I am Treasurer of RWA. Prv Treasurer were maintaining manual accounts which i didn't like it. I would like to transfer books from this April on accounting software TALLY.

I have some questions before converting accounts from Manual to Computer:-

1) At present books are on Cash basis whereas implementing TALLY accounting, I need to adopt Accrual Basis else list of defaulters & advance payee will not come in the system. Can I do this?

2) Every month we are collecting certain fixed amount from Residents. Should I debit Resident account in the begining of the month to create outstanding in their name & adjust with receipt entry upon collection so that there account will become ZERO? OR should i pass entry for only those residents who are paying in the particular month?

3) If residents are paying yearly subscripttion in advance. we are giving one month discount as per by laws. Should i pass discount entry for one month subscripttion to keep proper accounting of residents ledger?

Regards

Replies (3)

lucky bhatia

37 Points Joined February 2010

if you have to maintain your book on tally you shoul follow accrual concept.

on the beginig of the month you should make you tenant as debtor and

while receipt on the payment just pass the cash to debtor entry.

for discount if it is necessary to show the discount for your official

purpose than only maintain the discount account, otherwise we have to consider that

the actual amount received is the acctual subscripttion price.

Rajendra Gupta

consultant

21 Points Joined October 2016

can RWA maintain its accounts on cash basis.

VISWANIVAS

Retired Chief Manager PSB

92 Points Joined March 2009

I suggest if the RWA has less than 50 members use Google spreadsheet. The columns DATE, GL HEAD, DETAILS, CASH, BANK, CASH BALANCE, BANK BALANCE, DEMAND.

In GL head flat number, mis income, expenditure heads. Expenditure/debts are shown with minus sign. Demand col also shown with minus sign.

By pivot table you can get any information you want. Maintain consistency for GL heads.