Key Financial Transactions

 

Sure, here are the Key Financial Transactions that a spas and parlor services should record in bookkeeping:

1. Sales:

This includes all revenue generated from the sale of services, products, or memberships.

2. Cost of goods sold:

This includes the direct costs associated with providing the services or products sold, such as the cost of products used, wages paid to stylists, and rent.

3. Expenses:

This includes all other costs incurred in running the business, such as marketing, rent,

To visit: https://www.incometax.gov.in

 

Utilities, and Insurance:

1. Payroll:

This includes the wages paid to employees, as well as any payroll taxes and deductions.

2. Banking:

This includes all transactions related to the business’s bank accounts, such as deposits, withdrawals, and transfers.

3. Fixed assets:

This includes the business’s long-term assets, such as furniture, equipment, and buildings.

4. Liabilities:

This includes the business’s debts, such as loans and accounts payable.

5. Owner’s equity:

This represents the owner’s investment in the business.

 

 

 

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