Category Archives: Book Writing

Is bookkeeping mandatory and any limit for starting for the School, Colleges, Universities, Professional Schools?

Bookkeeping for construction Bookkeeping for lodging establishments

Bookkeeping is Mandatory for Schools Yes, bookkeeping is mandatory for schools, colleges, universities, and professional schools in India. Properly maintained books of accounts are essential to ensure transparency, accuracy, compliance with tax regulations. 1. Legal Requirement: The Income Tax Act of India requires educational institutions to maintain books of accounts and other documents related… Read More »

What are the key financial transactions that a Organizations, Charitable and Social Service should record in Bookkeeping?

Bookkeeping for Social Service Bookkeeping for Social Service, Organizations, charitable, and social service entities in India should diligently record various financial transactions in their bookkeeping for social service. Some key transactions include: 1. Donations and Contributions: You must record any funds or assets received as donations or contributions. These could be in the form of… Read More »

What are the key financial transactions that a School, Colleges, Universities, Professional Schools should record in Bookkeeping?

The completion of financial transactions

Financial Transactions Record in Bookkeeping Key Financial Transactions Record in Bookkeeping for Educational Institutions in India: 1. Tuition Fees Collection: Educational institutions should record all tuition fees collected from students. This includes regular fees, special course fees and any other charges associated with the educational program. 2. Salaries and Benefits: Recording the salaries and… Read More »

Why bookkeeping is required for Fashion Designers?

Bookkeeping Required for Fashion Designers Bookkeeping required for fashion designers for several important reasons: 1. Financial Management: Bookkeeping helps fashion designers manage their finances effectively. It allows them to track their income, expenses and profits. This information is crucial for making informed financial decisions and ensuring the business remains profitable. 2. Tax Compliance: Fashion… Read More »

What are the key financial documents that engineers should maintain and update regularly for accurate bookkeeping?

Financial Documents for Accurate Bookkeeping Engineers should maintain and update regularly the following key financial documents for accurate bookkeeping: 1. Invoices: Liability records show all the liabilities that the business owes. They play a crucial role in tracking liabilities and managing debt. 2. Receipts: Receipts are documents that provide proof of payment. They are… Read More »

What are the key financial transactions that a Dental and Medical Laboratories should record in Bookkeeping?

Bookkeeping record for Medical Laboratories Key financial transactions that Bookkeeping record for Medical Laboratories Laboratories should record in India include: 1. Income from Services Rendered: Dental and medical laboratories should meticulously record all income generated from services provided. This includes charges for tests, diagnostics, and other medical services offered to patients or healthcare facilities.… Read More »

What is threshold limit for bookkeeping for fashion designers?

Bookkeeping for Fashion Designers According to the Income Tax Act, 1961, bookkeeping for fashion designers it is not mandatory of account if their turnover does not exceed 1,20,000 in any of the three preceding years. However, it is still advisable for fashion designers to maintain books of account even if they are not required… Read More »

What are the key financial transactions that a Motion Picture & Video Studios & Theatres should record in Bookkeeping?

Financial Transactions for Motion Picture Key financial transactions for Motion Picture & Video: Studios & Theatres should record in bookkeeping in India include: 1. Revenue from Ticket Sales: Studios and theatres should record the revenue generated from ticket sales as a primary source of income. This includes both physical ticket sales and online bookings. It’s… Read More »

What are the key financial transactions for Hospitals should record in Bookkeeping?

Financial Transactions for Hospitals Financials Transactions for Hospitals in India should diligently record various financial transactions in their bookkeeping to ensure accurate financial reporting and compliance. Here are some key Financials Transaction they should record: 1. Patient Services Revenue: Hospitals should record all revenues generated from patient services, including consultations, surgeries, diagnostic tests, and… Read More »

What are some effective ways for bookkeeping for the Motion Picture & Video: Studios & Theatres?

Key financial transactions for Mall owners

Bookkeeping for the Motion Picture Effective bookkeeping for the Motion Picture & Video: Studios & Theatres industry in India is crucial for maintaining financial transparency, complying with tax regulations, and making informed business decisions. Here are some strategies to ensure accurate and organized bookkeeping: 1. Categorize Income and Expenses Properly: Start by creating specific… Read More »