Guidelines on Accounts and Other Records

Part 1

v     General

The Society is governed by Rules and regulations laid down under Maharashtra Co-operative Societies Act, 1960, the Rules made thereunder and the Bye-laws of the society.

The Act provides that every Society has to maintain proper accounts of the money received and spent. Other records/documents are also required to be maintained for the smooth working of the society.

v     Accounts Books & Documents

As per Bye-law No.140 and as per standard accounting principles, the following accounts books needed to be maintained in respect of the financial transactions of the society:

(1)    The Cash & Bank book

(2)    The General Ledger

(3)    The Personal Ledger ( Member-wise monthly collection register)

(4)    Bill Register ( Month-wise charges register )

v     Registers and Other Records

As per Bye law No. 142, the Society is required to maintain the following registers and records:

(1)    Register of members in ‘I’ form prescribed u/r 32

(2)    The list of members in ‘J’ form prescribed u/r 33

(3)    The Property Register

(4)    The Shares Register

(5)    The Sinking Fund Register

(6)    The Audit Rectification Register in “O” form – u/r 73

(7)    The Investment Register

(8)    The Nomination Register

(9)    The Loan register ( if loan is raised )

(10)     The mortgage register ( if the property is mortgaged )

(11)     The minutes books for managing committee meetings

(12)     The minutes book for General Body meetings

(13)     The Register of deposits made with the local Authority, Electric supply company and other authorities

(14)     The Register of Furniture, Fixtures and Office Equipment’s

(15)     The Register of Library books

(16)     The Register of Allotment of flats

(17)     Structural Audit Register ( wherever applicable )

NOTE: For Discussion refer Chapter No 3- Maintaining Statutory Register.

v     Files

As per Bye law No. 143 the Society shall maintain the following files separately:

(1)      Application for membership

(2)      Application for associate membership

(3)      Application for nominal membership

(4)      Letters of resignation from membership including resignation from associates and nominal membership

(5)      Application for transfer of shares and/or interest in the capital/property of the society

(6)      Case of expulsion of members

(7)      Nominations made by members including revocations thereof

(8)      Separate file for correspondence entered into with each member

(9)      Correspondence with the Registering Authority

(10)  Correspondence on property taxes including Non-Agricultural taxes

(11)  Correspondence on water charges

(12)  Correspondence on electric supply

(13)  Correspondence regarding conveyance of the property

(14)  Agreements, Contract deeds with papers connected thereto

(15)  Approved plans of construction and correspondence thereon

(16)  Application for exchange of flats

(17)  Correspondence about allotment of flats

(18)  Application for allotment of parking spaces and stilts

(19)  Vouchers, along with the bills relating thereto arranged in order of entries in the cash book and the journal

(20)  Counterfoils of challans for credits of amounts into the bank, arranged in order of dates of credits

(21)  Counterfoils of Cheques issued

(22)  Counterfoils of Share certificates

(23)  Application for duplicate Share certificates

(24)  Application for registration of the society, the copy of the Bye-laws and amendments thereto

(25)  A certificate of registration duly framed

(26)  Counterfoils of receipts or carbon copies of receipts issued  by the society

(27)  Counterfoils of bills or carbon copies of bills for the Society charges

(28)  Correspondence about loans received and property of the Society mortgaged

(29)  Notices and Agenda of the meetings of the general body of the society

(30)  Periodical statements of accounts prepared by the society

(31)  Committee annual reports on the working of the society

(32)  Audit memos received from the statutory Auditors with rectification reports therein

(33)  Audit reports received from Internal Auditors, with rectification reports therein

(34)  Notices and agenda of the meetings of the Committee

(35)  Papers pertaining to the election to the Committee

NOTE:  The society shall also maintain separate files relating to other subjects not expressly indicated above.