A shopping mall is a large retail complex containing a variety of stores and often restaurants and other merchandise housed in a series of a connected building. It is characterised by a constant influx of customers, parking spaces, segments where similar businesses with operating activities are cited together. For instance, in Nigeria, we have the Ikeja shopping mall where merchandise like ShopRite, chicken republic, Remmy Martins and other retail outlets are situated including Silverbird cinemas.
Managing malls with an accounting software are the best decision a real estate developer or facility manager can take except they are ready to go through the rigorous processes involved managing account documents and generating a financial report.
Here is a guide on what a typical accounting software setup for a facility manager to manage shopping mall will do:
- You can setup each of the segments of the shopping mall by creating a class.
- You can track your customer’s account (retail or wholesale business owners), names, and account receivable balances as at a conversion date.
- A very important part of the shopping mall is facility management, tracking inventories on hand, transfers, sales and purchases.
- You can also track rental income and receivables from different shop owners.
- For service charges paid, and expenses incurred on maintenance, the software has a cheque payment window that records actual amount paid.
- When you receive payment from shop owners as rent renewal or from balance due, the software has a feature that matches actual amount received and invoiced figure.
- For service providers or maintenance fees, the software tracks all payment made to respective contractors from bank accounts.
- You can also set your bank balances up as at the same conversion date selected earlier and reconcile any differences with your bank statement.
- Using the company snapshot, you can view all account balances at a glance, and relevant financial report.
For more inquiries on how to setup an accounting software for your shopping mall, request for a free consultation – 08084219399