Society accounting & management solution in MumbaiA Story by SonamIn this article, we define the functions of a treasurer so that you have a clear understanding of his responsibilities
The importance of the treasurer in
the management of a housing
society cannot be overstated. The treasurer is the backbone of the
entire financial framework of the society and is responsible for any financial
mismanagement or fraud. In this article, we define the functions of a treasurer
so that you have a clear understanding of his responsibilities.
What is a Treasurer? The Treasurer is the elected official
of the housing society who is responsible for financial and legal compliance,
assets, and liabilities and whose primary job is to manage and oversee the
financial affairs/activities of the society.
What type of treasurer should be appointed by the housing society? Society should choose a treasurer who
is financially literate, has knowledge of the functioning of the society
accounting, and has skills such as paying attention to details, careful
record-keeping habits, and strong moral values.
What is the role of the treasurer in housing society? Some people usually mix the role of
secretary and treasurer. This can be misinterpreted when reading the Model
Housing of the State Housing Corporation, in which the Secretary is entrusted
with the highest financial
management duties. The role of the secretary is also administrative and
communications-centric, while the treasurer is in charge of finance-related
work.
Responsibility of Treasurer
1) Financial Management
All the money received by the society
should be deposited in the bank/depository and receipts should be given to the
payers.
Record members' contributions for
maintenance, compensation, general funds, etc., point out late or persistent
payments to secretaries, and implement functional payment collection procedures
that secretaries/committee members may follow.
Pay all vendors, service providers,
etc. by signing a check, bill of exchange, etc., or signing a bill of exchange
(transfer of online payments).
Reconcile the bills received from
member ledgers, passbooks, statements, and general account ledgers from
depositors and reconcile them annually.
To verify the member's contribution
between maintenance charges, parking charges, transfer premiums, and any other
charges, as well as the amount paid by the members and the interest payable by
the defaulters.
Develop a financial transaction
strategy to pay sellers and lenders, as well as a short cash policy for
internal expenses and a cash withdrawal policy.
2) Budget planning
3) Accounting/book-keeping
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