Balance Sheet for Lodging-Hotels There exists no predetermined threshold for the Balance Sheet for Lodging-Hotels, Motels, Resorts sector. The balance sheet serves as a financial snapshot, summing up a company’s assets, liabilities, and equity at a specific moment. The size of this sheet varies based on the company’s scope and intricacy. However, certain general… Read More »
Statutory Audit for Hotels Here are some potential consequences of a delayed filing for the statutory audit for Hotels, Motels, Resorts: 1. Fines and penalties from the government. 2. Loss of public trust. 3. Damage to the company’s reputation. 4. Difficulty obtaining loans or lines of credit. 5. Increased scrutiny from regulators. 6. Delayed… Read More »
Statutory Audit for Grocery Stores Certainly, here’s a rephrased version of the steps to conduct a statutory audit for grocery stores and merchandise stores: 1. Audit Planning: Gain a comprehensive understanding of the business and this operations. Identify potential risks that could impact the accuracy of financial statements. Create an audit strategy tailored to… Read More »
Tax Compliance for Hotels Failing to meet the deadline for submitting a Tax Compliance for Hotels – lodging, motels, and resorts sector comes with its financial repercussions. A late filing incurs a penalty of Rs. 1000 per month or fraction thereof, accumulating up to a cap of Rs. 5000. This is a significant consideration… Read More »
Tax Audit Report for Hotel Tax Audit Report for Hotel, For businesses in the Lodging–Hotels, Motels, and Resorts sector, it’s crucial to be aware of the threshold limit and due date for tax audit reports: 1. Threshold Limit: The threshold limit triggering a tax audit for Lodging–Hotels, Motels, and Resorts stands at ₹1 crore. In… Read More »
Bookkeeping for lodging establishments There is no federal threshold limit of bookkeeping for lodging establishments such as hotels, motels, and resorts. However, some states may have their own thresholds. For example, the state of California requires all businesses with gross receipts of 25,000 or more to keep books and records. Even if there is… Read More »
Financial transactions a Restaurants & Hotels Certainly, here are some of the key Financial transactions a Restaurants & Hotels should record: 1. Sales: This includes all revenue generate from the sale of food, beverages, and other products or services. 2. Cost of goods sold (COGS): This is the cost of the food, beverages, and… Read More »
Balance sheet for Hotels Drafting a Balance sheet for Hotels – Lodging, Motels, Resorts. This is because a balance sheet is a financial statement that provides a snapshot of a company’s assets, liabilities, and equity at a specific point in time. It is a required financial statement for all businesses, regardless of their size… Read More »
Hotel Audit threshold Limit Hotel Audit threshold Limit, The stipulated deadline for the statutory audit in the Lodging–Hotels, Motels, and Resorts sector is contingent upon the annual turnover. If the turnover surpasses INR 5 crores, a mandatory audit by a chartered accountant is imperative. The audit dossier must be lodged with the Registrar of… Read More »
Bookkeeping for Furniture and Appliances Here are the Effective Bookkeeping for Furniture and Appliances Traders and Stores: Accurate recording of financial transactions is crucial for furniture and appliances traders and stores. Here are some essential transactions to record in your Bookkeeping for Furniture and Appliances: 1. Purchase of Inventory: When acquiring furniture and appliances,… Read More »
