How to start with Accounting of your Society?

iSocietyManager is a complete suite for real estate. You can manage your complete accounting online through and get the different accounting statements generated on the go.

iSocietyManager Accounting is a cloud-based smart accounting software that takes care of all your accounting needs.

If you want to keep on top of your finances, then you have to keep them organized. iSocietyManager gives you accounting tools to categorize transactions, track cash flows, and monitor your financial health.

Benefits of accounting service:

  • Create accounting entries for partial, project-based, or vendor invoices.
  • Collect payments from vendors, customers.
  • Match payments with invoices to keep an accurate record of accounts.
  • Synch with Billing and Payment Service
  • Different accounting-related artifacts get created:
    • General Ledger
    • Trail Balance
    • Income/ Expense Statement
    • Balance Sheet

 

What Is a Journal Entry in Accounting?

A journal entry is a record of the business transactions in the accounting books of business. A properly documented journal entry consists of the correct date, amounts to be debited and credited, a description of the transaction, and a unique reference number.

A journal entry is the first step in the accounting cycle. A journal details all financial transactions of a business and makes a note of the accounts that are affected. Since most businesses use a double-entry accounting system, every financial transaction impact at least two accounts, while one account is debited, another account is credited. This means that a journal entry has equal debit and credit amounts.

For keeping books updated for vendors, salaries, income or expenses, etc. you can pass a Journal Entry in the System.

  • Go to Accounting -> Create Journal Entry

society accounting system

  • You will see the Journal Ledger UI , where you can:
    • Select accounts to debit or credit
    • Select as many accounts as you want by clicking button.
    • Select GST or TDS account as per applicability
    • Add narration
    • Add Reference Number & GSTIN Number of the Vendor/ Account
    • Print last Journal entry voucher

society accounting system

 

You can add a new account or ledger name under any of the main groups. You can add a group as per your need. The main groups are:

  • Income: like- Maintenance Charge, etc.
  • Expense: like – Salary, etc.
  • Assets: like Sundry Debtors, Cash, Bank, etc.
  • Liabilities: like Sundry Creditors, Tax, etc.

To add a new account:

  • Go to Accounting -> Account Master

society accounting system

 

  • You will see the accounting charter or account master. Enter details:
    • Account Name
    • Select Group
    • GL Code  ( General Ledger Code)

society accounting system

 

  • Click  Add to save the new Account

Opening balances are normally added at the beginning of the financial year. The Indian accounting System’s financial year start from April 1st.

To add opening balance:

  • Go to Accounting-> Account Master

society accounting system

  • On account master or account charter UI, you can see the option to add Opening Balance at the top. You can edit opening balance by clicking the button ‘Update Opening Balance’ against each account.

society accounting system

 

  • On click of Opening Balance, You can see the UI where you see different groups.
    • Select a particular account.
    • Fill details like date, opening balance, debit or credit then save.

society accounting system

 

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We create groups so that different ledgers can be merged and viewed together for better understanding. For example, All customer accounts grouped under Sundry Debtors.

To add a new group:

  • Go to Accounting -> Group Master

society accounting system

 

  • You will see all the existing groups. To add a new group, fill the details under any of primary group. The primary groups available are:
    • Income: like- Maintenance Charge, etc.
    • Expense: like – Salary, etc.
    • Assets: like Sundry Debtors, Cash, Bank, etc.
    • Liabilities: like Sundry Creditors, Tax, etc.

society accounting system

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We create groups so that different ledgers can be merged and viewed together for better understanding. For example, All customer accounts grouped under Sundry Debtors.

To add a new group:

  • Go to Accounting -> Group Master

society accounting system

 

  • You will see all the existing groups. To add a new group, fill the details under any of primary group. The primary groups available are:
    • Income: like- Maintenance Charge, etc.
    • Expense: like – Salary, etc.
    • Assets: like Sundry Debtors, Cash, Bank, etc.
    • Liabilities: like Sundry Creditors, Tax, etc.

society accounting system

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You can add a new account or ledger name under any of the main groups. You can add a group as per your need. The main groups are:

  • Income: like- Maintenance Charge, etc.
  • Expense: like – Salary, etc.
  • Assets: like Sundry Debtors, Cash, Bank, etc.
  • Liabilities: like Sundry Creditors, Tax, etc.

To add a new account:

  • Go to Accounting -> Account Master

society accounting system

 

  • You will see the accounting charter or account master. Enter details:
    • Account Name
    • Select Group
    • GL Code  ( General Ledger Code)

society accounting system

 

  • Click  Add to save the new Account

Opening balances are normally added at the beginning of the financial year. The Indian accounting System’s financial year start from April 1st.

To add opening balance:

  • Go to Accounting-> Account Master

society accounting system

  • On account master or account charter UI, you can see the option to add Opening Balance at the top. You can edit opening balance by clicking the button ‘Update Opening Balance’ against each account.

society accounting system

 

  • On click of Opening Balance, You can see the UI where you see different groups.
    • Select a particular account.
    • Fill details like date, opening balance, debit or credit then save.

society accounting system

 

Load More

We create groups so that different ledgers can be merged and viewed together for better understanding. For example, All customer accounts grouped under Sundry Debtors.

To add a new group:

  • Go to Accounting -> Group Master

society accounting system

 

  • You will see all the existing groups. To add a new group, fill the details under any of primary group. The primary groups available are:
    • Income: like- Maintenance Charge, etc.
    • Expense: like – Salary, etc.
    • Assets: like Sundry Debtors, Cash, Bank, etc.
    • Liabilities: like Sundry Creditors, Tax, etc.

society accounting system

Load More

 

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Opening balances are normally added at the beginning of the financial year. The Indian accounting System’s financial year start from April 1st.

To add opening balance:

  • Go to Accounting-> Account Master

society accounting system

  • On account master or account charter UI, you can see the option to add Opening Balance at the top. You can edit opening balance by clicking the button ‘Update Opening Balance’ against each account.

society accounting system

 

  • On click of Opening Balance, You can see the UI where you see different groups.
    • Select a particular account.
    • Fill details like date, opening balance, debit or credit then save.

society accounting system

 

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What is General Ledger?

General Ledger in simple language is the grouping of transactions of similar nature.  An organization has multiple transactions in a day. Every transaction leads to two entries as per the double-entry system of bookkeeping. These entries are then posted in respective accounts called ledgers.

To get a general ledger of an account:

  • Go to Accounting-> General Ledger

society accounting statement

  • Select Account and period for which you want to get General Ledger

society accounting system

 

What Are Financial Statements?

Financial statements are written records that convey the business activities and the financial performance of an entity. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. Financial statements include:

  • Balance sheet
  • Income statement
  • Cash flow statement.

What are the financial reports in iSocietyManager?

Currently, from the Society Accounting perspective, iSocietyManager has below statements to gauge the financial health and accuracy of accounts.

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What Is a Trial Balance?

A trial balance is a bookkeeping worksheet in which the balance of all ledgers are compiled into debit and credit account column totals that are equal. A company or entity prepares a trial balance periodically, usually at the end of every reporting period. The general purpose of producing a trial balance is to ensure the entries in a entity’s bookkeeping system are mathematically correct.

To get the trial balance:

  • Go to Accounting->Trial Balance

society accounting system

  • Select Period and click on Search. You can also:
    • Export Trial Balance in excel
    • Print Trial balance.

society accounting system

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What is an Income Statement?

An income statement is one of the three important financial statements used for reporting a company’s financial performance over a specific accounting period, with the other two key statements being the balance sheet and the statement of cash flows.

  • Go to Accounting -> Income Expense Statement

society accounting system

  • Select the period and click on Search. You can:
    • Get what is the surplus or deficit during the period.
    • Export profit and loss statement in excel
    • Print statement.
society accounting system

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What Is a Balance Sheet?

A balance sheet is a financial statement that reports an entity’s assets, liabilities, and shareholders’ equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what an entity owns and owes, as well as the amount invested by shareholders.

To get the balance sheet:

  • Go to Accounting -> Balance Sheet

society accounting system

 

  • Select the period and click on Search to get the balance sheet. You can
    • Export balance sheet in excel
    • Print balance sheet

society accounting system

 

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What Are Financial Statements?

Financial statements are written records that convey the business activities and the financial performance of an entity. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. Financial statements include:

  • Balance sheet
  • Income statement
  • Cash flow statement.

What are the financial reports in iSocietyManager?

Currently, from the Society Accounting perspective, iSocietyManager has below statements to gauge the financial health and accuracy of accounts.

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