Category Archives: Bookkeeping and Accounting

Is bookkeeping mandatory and any limit for starting for the Dental and Medical Laboratories?

Bookkeeping mandatory for Dental   Yes, bookkeeping is mandatory for Dental and Medical Laboratories in India. Bookkeeping involves maintaining accurate and organized financial records of the business transactions, which is crucial for ensuring transparency, accountability, and compliance with taxation and regulatory requirements. Proper bookkeeping helps in tracking income, expenses, assets, and liabilities associated with the… Read More »

Is bookkeeping mandatory for Wholesaler?

Bookkeeping Mandatory for Wholesaler   Yes, bookkeeping mandatory for wholesaler in India. Bookkeeping refers to the systematic recording of financial transactions and activities of a business. For wholesalers, maintaining accurate and up-to-date books of accounts is crucial for several reasons: 1. Compliance with Legal Requirements: Wholesalers, like all businesses, required to comply with the provisions… Read More »

What is the limit for starting bookkeeping for the Doctors?

Bookkeeping limit for Doctors   Bookkeeping limit for Doctors In India, doctors required to start bookkeeping and maintain proper financial records if their annual gross receipts from the profession exceed Rs. 1,50,000 in any financial year. This threshold set by the Income Tax Act, and it’s important for doctors to keep accurate records of their… Read More »

How do YouTubers categorize and record expenses in their bookkeeping?

Bookkeeping for YouTubers     Here’s how they do it: 1. Expense Categorization: YouTubers start by categorizing their expenses into relevant groups. Common categories include production costs, equipment purchases, marketing and promotion, software subscriptions, travel expenses, and any other business-related costs. This categorization helps them gain a clear overview of where their money is being… Read More »

How to ensure accurate financial representation in balance sheet for the YouTubers?

Accurate Financial Representation in Balance Sheet    Ensuring accurate financial representation in balance sheet for YouTubers is crucial for transparent financial reporting and compliance. Here’s how to achieve this: 1. Income Categorization and Recognition: Properly categorize all sources of income, including ad revenue, sponsorships, and merchandise sales. Recognize income when it’s earned, even if not… Read More »