Vehicle owner listing…coming soon

SP may have more than one vehicles under their children or family members name, that is not under the strata roll

Most of the time, you will keep a separate excel listing of who is who , in case when there is an emergency to locate the owner. And worst is you may not be in the office and the excel spreadsheet is not shared out.

Fear not, as we are going to include a vehicle owner master listing in our Realtimme Cloud MCST software soon.

You will be able to insert the vehicle number, the make and description of the vehicle, together with the owner’s name (many contact names, or vehicle owner to one SP account)

Look out for our release announcement in this page soon, likely Oct 2021

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

10/08/2021

Paying on behalf

You are checking your online bank statement, you received an amount to pay for the quarterly MF and SF, but  the name is not in your strata roll, neither the payor forgot to indicated the unit number.
This is a common scenario as internet banking becomes common.

  1. The daughter or son or any next of kin (they) can pay on behalf of your sub-proprietor (SP)  and
  2. They are not aware that they need to indicate the unit number, or at best they type the mcst number but not the unit number.
  3. It doesn’t help by the amount since the SV are mostly the same and most or all are paying $2214 (see below), unless there are some late payment interest amount.
  4. You will have a hard time locating the actual SP paying for their MF and SF

We allow our user to update the next-of-kin name (the unofficial or secondary name) as it becomes available or made known, into the system.

When you receive payment from SP or their next-of-kin, you cannot remember or not expected to remember their next-of-kin name, you can search for the secondary name

This will greatly speed up your search for the correct SP.

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

02/06/2021

Keeping stock of expendable items

Many users asked or believed that expendable items need not be taken up in the inventory, or those in the service business where they do purchase inventory for use in the course of delivering their services or job sites in projects accounting

If you look at a recent case where  one of the NPark officer asked for bribe from hat supplier  not all 10,ooo units of hats were delivered but the full amount was paid out (Most likely that each hat is issued out to each NPark officers to protect them from the sun during their course of work and likely that it is expendable items, without the need to return.)  Only 5,000 hats were delivered and the delivery was late, which would have incurred a late fee, according to charge sheets.

Assuming each hat cost SGD10.00 , the total cash outlay would have been SGD100,000 and he asked for a SGD10, 000 bribe, allegedly in return for lying to NParks that the company had delivered 10,000 hats to the statutory board.

The key word here is measure and manage again, against abuse. Management should provide a guide as in the quantum of the value, say example anything more than SGD1,000, for expendable item, to be included in the inventory system, anyone draw out, to who, when, need to be recorded and sign out. A random spot check is needed to ensure that the quantity is almost accurate or let the store keeper know that you are watching.

So the actual lost, for this case alone, could have been SGD50,000 had it gone unnoticed. And we are not talking about those that goes undetected.

It may appear to be administratively expensive, but look at the loss above, for not doing. You do not know how much you lost until it is found out. This will not be the first or last, in any organisation, or your organisation may be next, if you do not have a check and balance in place.

On hindsight, the organisation may want to consider to keep a staff with a full year salary of this amount just to check on the expendable expenses, a necessary evil if the expendable inventory goes by the millions in each year.

Realtimme Cloud has a good inventory system that is available in the Premium plan , for you to track items for sale and items for use in your job costing. You can contact us or whatsApp our sales team for more information +65 8148 8824

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

28/04/2021

 

 

 

 

Print address label to your SP

You print address label when

  1. The SP still want to receive hard copy of their statement of accounts
  2. Send the financial report or minutes of AGM meeting reports

Are you still using mail merge to print out the address label?

When you use Realtimme Cloud MCST, you can print address label to

3.All SP or

4.Preset the selective few who are in the group 1 above

5. Select address that are non-resident SP

Watch video here how you prepare the printing of SP address label

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

19/10/2020

 

Batch receipt for GIRO using import function with excel template

If you have
1. 50 SP paying you via GIRO ,

2. The developer issue one cheque to pay the MF and SF for a few units(20 units) of unsold properties

How long it takes to enter all the payments of different SP accounts?
30 minutes? That is fast though.

What if you can do it within 1 minute, by preparing all these payment in an excel template and do a batch import to auto offset or using FIFO to clear the balance in arrears?

In Realtimme Cloud, we are adding this feature just so that you can save more time for more important work.

We hear you, as our users feedback to us how else we can make them more efficient, taking us half a day to add this function, that goes a long way to save hundreds of hours for our users

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

26/03/2021