ApartmentADDA Frequently Asked Questions India's #1 Housing Society Portal

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What changes to be made on ADDA in case of below scenario: A Maintenance company/Builder was maintaining ADDA. Now it will be maintained by the newly formed Association. New Association wants accounts to continue uninterrupted and just this Entity change should happen.

To meet your requirement please ensure below checks: 1. All P&L Accounts need to be renamed to identify the new Entity’s Accounts. Best to rename the Old Accounts as those would anyway get deactivated after Audit is done. 2. All Balance Sheet Accounts will remain the same (e.g., Receivable, Payable . . . Read more

How to account Fixed Deposit?

We can enter the fixed deposit into the system. Step 1: create a GL for fixed deposit in general ledger charts of account. Fixed deposit GL needs to creates under Assets in charts of account. Step 2: Pass a journal entry for entering the fixed deposit: 1. Go to general . . . Read more

How to rename GL account ?

We can rename the GL account after creating it: Step 1: Admin Dash board–>>General Ledger–>>charts of account Step 2: Over write the GL account name in desired Ledger head i.e. Income, Expenses, Assets & Liability & Save changes.

How to show the Prepaid Expense?

Step 1. Book an Invoice for the whole amount under Expense Tracker and pass the relevant Payment Entry. Step 2. Create a ledger head “Perepaid Expense (E.g. Prepaid AMC-Lift) under General ledger–>>Chart Of Accounts–>>Asset. Step 3. Pass a journal entry to show the Prepaid Expense for the by Debiting the . . . Read more

How to pass a depreciation entry to maintain a Gross Block?

Step 1. Create a Ledger “Accumulated Depreciation of relevant Asset (E.g. Accumulated Depreciation of Computer) under General Ledger–>>Chart Of Accounts–>>Asset. Step 2. Create a Depreciation head under General Ledger–>>Chart Of Accounts–>>Expense. Step 3. Pass a Journal Entry from General Ledger–>>Journal Ledger by Debiting the Depreciation Account and crediting the relevant . . . Read more

What is financial statement?

A financial statement is a formal record of the financial activities of a business, person, or other entity reflecting true and fair financial information. Relevant financial information is presented in a structured manner and in a form easy to understand. For Housing Society, Financial Statement are “Income & Expense Statement”, . . . Read more