Co-operative society or Associations as we generally know is a group of people or business owners who come together under similar interest, pool resources to achieve a common financial goal.
It could be credit society, housing society or general associations.
As a manager or head of cooperative society, one of the key challenges confronting your financial management processes are effective tracking of individual member’s contribution – daily, weekly or monthly, accurate recording of loans or cash advance to members of your association plus interest accrued, fixed assets or collective investment portfolio and income received on such assets, expenses, subscriptions dues from members, advances and so on.
These issues are not an end in itself as they could attract distrust if your association’s financial position cannot be ascertained properly.
In order to accurately organised your statements of accounts, here are tips on QuickBooks accounting software can work for cooperative society.
1. Membership Contribution – QuickBooks has a receipt feature which could treat subscription as income and record all subscription in areas as current assets and subscription in advance as a current liability.
2. Loan Advanced to members – QuickBooks will track all cash advanced to members as an assets and track all interest accrued as an income to income and expenditure account. If there are loan written off from your book, QuickBooks can also treat that.
3. Cooperative Investments – QuickBooks uses the fixed asset list to track all property acquired and owned by your association.
4. Expenses – All your associations’ expenses will also be tracked via an already programmed chart of account.
5. Cash Collection – You can run a cash collection report in QuickBooks to track all income received and outstanding balances within a specified period.
6. Report – You can view your associations’ position on a real-time basis using the daily, weekly or annual report.
If you need help on how we can set up QuickBooks accounting software for your cooperative society, CONNECT with us on 09092942048, 08175420054 or SEND us your request: info@magnetgroupng.com
