Accounting Services For Housing Society

    • Society Registration and Handover
    • Housing Society Accounting and Audit
    • Society Managemenet and Accounting Software
    • Structural Audit of Housing Society
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One important component of housing cooperatives is accounting. Compared to commercial accounts, it is different. 

Business accounts typically aim to track sales growth and increase company turnover. 

However, the only source of money in housing societies is maintenance collection. Secondly, If a mobile tower is available, its rent or a flat transfer amount will be considered income.

What exactly is accounting services society?

As part of its society billing and accounting, every apartment community, housing society, and gated community must pay income tax if non-member income exists. 

This category includes any earnings made through revenue sources that aren't included in maintenance payments.

How do you manage the accounts for the housing society

Society is required to save the following documents forever:

  • Report of Meeting Calendar of regular, extraordinary, and annual meetings.
  • Member Directory.
  • Shares, Debentures, and Bonds Register (with counterfoils).
  • Property Register and the Stock Register/Dead Stock Register.
  • Money Book.
  • Ledgers, both general and private.
  • Sample bylaws.
  • Inspection and Audit Reports and Notes (internal and govt auditors).
  • Reports on audit rectification.
  • Book Register.
  • Register investments.
  • Ledger for Fixed Deposits.
  • All relevant correspondence, as well as the Purchase and Sale Register.
  • Register for Powers of Attorney.
  • Forms for declarations and nominations.
  • Bonds providing indemnity for misplaced stock certificates, receipts, etc. (if any).
  • Membership applications
  • Applications for Shares and Applications for Share Transfers are each in their own area of the Share Register.
  • A manual including regulations, conduct codes, bylaws, bylaw modifications, registration certificates, pamphlets, circulars, notices, etc.
  • Registrar, local governments, municipal corporations, other societies, banks and financial institutions, auditors, architects, builders, contractors, etc.: file of official communications.
  • Conveyance deeds, titles, contracts, agreements, insurance policies, loan applications, and grants are all in one file.
  • Plans, layouts, and allotments of flats, stores, etc., that have been approved.
  • Employee records.
  • Register for Sinking Funds.
  • P&L reports, annual statement accounts, bank passbooks, etc.

Other records that must be kept for a minimum of five and a maximum of ten years include:

  • Bills Receivables Register and Collections.
  • Records of defaulters with paid/unpaid columns and interest.
  • Maintenance and repair logs.
  • Expense, purchase, and income records for society functions, rental locations, etc.
  • Grievances or complaints submitted by customers, vendors, or anybody else.
  • Draft Register and Branch Ledgers.
  • Payment slips that have foil on them.
  • Staff pay register.
  • Register for inventory.
  • Records of current and saved accounts, as well as relevant correspondence.
  • Branch and account opening records.
  • Ledgers, chequebooks, and records of deposits and withdrawals from checking and savings accounts.
  • Forms for specimen signatures.
  • Ledgers for loans (lending/borrowing) and credit limits, from lowest to highest.
  • Register Petty Cash Registers and Cash Vouchers with Receipt of Payment Counterfoils
  • Credit Register with reports on creditworthiness
  • Other records and books required by the governing committee for upkeep

Why should society have accurate records?

Accountability is the most straightforward and convincing response to that query. 

The model bylaws for each state, the Cooperative Societies Act, and the Cooperative Societies Rules all clearly outline the record-keeping requirements for housing societies, and it is also required to follow these laws. 

The Secretary and Treasurer of the Committee shall have joint responsibility for preserving, upkeep, and updating all records referred to above. 

With a general or specific order and a request for production following notice, the Registrar, the government (and even members) have the right to inspect the society's records (particularly audit reports). 

The changeover should occur at the new managing committee's first meeting once the current managing committee's term in office is up. 

The Registrar has the authority to prohibit officeholders from running in elections if they fail to provide over records with due diligence. 

Members ought to have access to the records so they can review them. A clear paper trail is created in the event of an unintended mix-up thanks to meticulous record keeping, which deters committee members from engaging in fraud or embezzlement.

What methods should be used to keep records safe?

In the society's office, the Secretary is in charge of keeping the records secure. If not, society needs to keep them in a different, permanent location. 

Important records are frequently digitally scanned and stored with backups by many societies, which is a highly advised precaution. 

In a society with more than 50 to 100 members, many societies employ a salaried office manager and occasionally even many managers (full-time or part-time) allocated to each block so that recordkeeping and general oversight are well taken care of. 

However, this person must possess a diploma in managing cooperative housing societies or be qualified in accordance with the Commissioner for Cooperation's guidelines. 

Smaller societies typically delegate record-keeping responsibilities to the members of the Managing Committee.

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Cooperative societies are active in a variety of industries, including consumer goods, manufacturing, services, and marketing. 

The double entry system's two elements are referred to as receipt and payment in the accounting system employed by cooperative societies. 

A housing society's purpose is to help its members and create a neighbourhood where they may all live as families and prosper. 

These housing cooperatives' principal goals include the following: Basic amenities like power and water supply are offered by housing societies. The housing society is kept up to date.

If there is Non-Member Income, every apartment complex, housing society, and gated community is required to pay income tax as part of its society billing and accounting. This category includes any revenue obtained through revenue channels that isn't a maintenance payment.

Social housing makes a living in a stable home feasible for an extended period of time. Because they are based on local salaries, rents are more reasonable. Because you have the option to reside there for a long time, social tenancies are typically more stable than those you're likely to receive in the private sector.

In contrast to rent levels intended to make a profit for a person or business, housing cooperatives offer a way for people to live in real estate and share in its ownership at reasonable rent levels. They serve as an alternative to renting in the private sector or traditional home ownership.

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