Revision Management Revision Management Yes, here are the steps on how to handle variations or change orders during account finalization: 1. Identify the change: The first step is to identify the change that has been made. This may be a change to the scope of work, the budget, or the timeline. 2. Assess the impact of… Read More »
Bookkeeping Basics Absolutely, there exist specific thresholds concerning bookkeeping basics within the realm of electrical items sales and services. In the United Kingdom, when your business surpasses a taxable turnover of £85,000 in the preceding fiscal year, you are obligated by law to maintain comprehensive documentation of all financial transactions associated with your business… Read More »
Inventory Valuation Impact The impact of Inventory Valuation Impact on the balance sheet manifests in a twofold manner: 1. It affects the amount of current assets reported on the balance sheet. Inventory is a current asset, so a higher valuation of inventory will increase the amount of current assets reported on the balance sheet.… Read More »
Revenue Recognition Revenue recognition to ensure accurate it for maintenance contracts, businesses implement several strategies. They focus on contractual terms, performance milestones, and financial reporting. 1. Contractual Terms: Firms establish clear and detailed maintenance contract terms. This includes defining the scope of services, contract duration, payment terms, and any conditions for revenue recognition. By… Read More »
Bookkeeping for Computer Repair Yes Bookkeeping for Computer Repair it is necessary, involves maintaining accurate and organized financial records of your business transactions, including income, expenses, invoices, receipts, and other financial activities. For businesses providing computer repair and maintenance services in India, proper bookkeeping is not only advisable but also a legal requirement. Here’s why… Read More »
Tax Audit for Construction Yes, there is a threshold limit of tax audit for construction companies that deal with works and materials. Under Section 44AB of the Income Tax Act, 1961, a construction company is require to get its accounts audit if its total turnover or gross receipts in business for the year exceeds Rs.… Read More »
Subcontracted or outsourced repair work Managing bookkeeping for subcontracted or outsourced repair work involves several steps to ensure accurate financial tracking and compliance. Here’s how you can handle it: 1. Documentation and Tracking: S tart by maintaining thorough documentation of all subcontracted or outsourced repair work. Keep records of agreements, contracts, invoices, and any… Read More »
Tax Audit Report for Architectural Tax Audit Report for Architectural In India, for businesses engaged in providing architectural, engineering, and surveying services, the threshold limit for tax audit under Section 44AB of the Income Tax Act is Rs. 1 crore. This means that if the total gross receipts or turnover from these professional services… Read More »
ITR latefilling for Computer Sales ITR latefilling for Computer Sales & Services businesses does indeed incur penalties. The penalty amount varies based on the tax due and the delay period. 🕒 If the filing is delayed up to 30 days, the is 5% of the tax due. ⏳ Beyond the initial 30 days and up… Read More »
Financial transactions Key financial transactions in computer repair and maintenance services typically include: 1. Income Generation: Computer repair and maintenance businesses generate income through services provided to clients. This income should be reported accurately in your financial records and tax returns. It’s important to categorize the income… Read More »
