Still relying on your Managing Agent to keep your books manually? That's expensive and takes forever. Automate this simple but tedious workflow with e-payments and auto-receipting. Save your MCST funds for estate upkeep, not data entry.
Money moves through an estate all day — fees come in, contractors are paid out. But the ledger only moves when someone sits down and keys each transaction into it. Every entry is made by hand, and until it is made, the accounts do not reflect what has actually happened.
None of this is accounting judgement — it is data entry. And while it sits in a queue, the council is left reviewing numbers that are already weeks out of date.
Autojournalling connects the two ways money moves — QuickPay for what comes in, InvoiceNow for what goes out — straight through to the general ledger. The moment a payment clears, its double entry is created, coded to the right account, and posted. Nobody keys it, and nothing waits for month-end.
Autojournalling covers both halves of an estate's finances. Whichever way the money moves, the entry lands in the ledger without anyone keying it.
Maintenance fees, booking fees and deposits are paid through QuickPay and receipted automatically. Each collection posts to the ledger the moment it clears, matched to the right unit by its unique QR.
Vendor invoices arrive digitally on InvoiceNow, Singapore's national e-invoicing network, so there is no paper to key. Each invoice and its payment posts as its own journal entry.
With both sides posting themselves, the general ledger reflects the estate in real time. The trial balance stays up to date, and the accounts are ready for review at any point in the month.
When every entry has already been posted as it happened, month-end is not a scramble to rebuild a month of transactions. The work that used to take the first week of every month is already done before it begins.
Autojournalling covers both halves of an estate's finances. Whichever way the money moves, the entry lands in the ledger without anyone keying it.
Because entries post as they happen, the accounts are current every day of the month. Month-end becomes a quick review, and the audit trail is complete from the first transaction.
The management committee reviews live financials rather than a reconstructed picture from weeks ago. Decisions on the budget and the sinking fund rest on numbers that are current.
The team stops keying receipts and invoices and starts checking, analysing, and advising. The same finance function can look after more estates without falling behind on any of them.
We will walk you through a side-by-side of manually updated accounts against fully automated book-keeping — on your own estate's numbers. Ask your Managing Agent to arrange a demo, or speak to the Qornerstone team directly.