To do List – Contract due date, reminders for renewal of licenses

One of the many important tasks for managing agents is to monitor the due date of licenses, and end of contract maintenance date or insurances for each of the projects.

As you take in more projects, the number of due dates that comes with each project increases.

You will say that “I have my hand phone calendar to remind me.”

But all these are only in your hand and no one can assists you or share the responsibilities with you.

You do not want to miss the date especially third party insurance or lift license renewal where life is at stake.

How do you keep track of so many dates, and do you leave it to one person to handle so many projects’ maintenance or licenses due date?

In Realtimme Cloud, we have a built-in calendar to add task with each task assigned to one or many staff, with reminder date and due date , adding instructions to the task or Supervisor can assign the task to the office admin to renew license when the user login to Realtimme Cloud for their daily MCST accounting tasks.

Let this be a shared responsibility and not a personal responsibility.

In this way, the risk is lowered whereby more than one person is in the know of the many due dates in each of the projects.

Click the link here to know how you can manage your To-do list

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore

Email   : choohp@realtimme.net

As at 15/8/2020

 

Recording of miscellaneous revenue

Owners book facilities within the condo and paid a relatively small fee from tens to hundreds of dollars or when there are deposits involved.

Not many condo have Paynow to be directly transferred to the MCST bank account, so handling of cash must still be managed properly.

Many a times, these amount are recorded as a general ledgers item, ie, Debit cash and Credit the various revenue account when general ledger receipts are non-trade (others)related

Many reasons were given …
1. Amount is too small, recording becomes administratively a hassle
2. There are refunds or returned of cheques if there are no damage to the facilities
3. It is not many in a month

In my opinion, it is revenue in nature, so must be recorded as an AR item ,
Dr Receivables                      XXXX
Credit Revenue 1,                                   YYYY
Credit Revenue 2.                                   YYYY

Also, for income tax purposes, all revenue (facility booking fees) need to be accounted for of the date, and invoice be generated with serial number

Technically speaking , it should hit the SP account.This will ensure transparency, when I receive my monthly statement of accounts.
Imagine if I am the SP, I see the SOA…there was a record of my booking and an acknowledgement of receipt ..versus without the facilities booking fee.

Another feedback is the booking maybe a tenant and so it should not be reflected in the SP account.
Yes, and no.. Owner will also be informed of the booking or otherwise create a tenant account.

Will the money go missing. Where is the accountability and control of cash?

Also most of these are transacted at the ground and may or may not flow to the accounts department, so there is another weakness here.

We heard so many cases of criminal breach of trust from as small amount of a few thousands of dollars to hundreds of thousands to millions of dollars.
You definitely do not want this to happen to your project and reflect badly on your operation.

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore

Email   : choohp@realtimme.net

As at 12/8/2020