How do you handle warranties and returns in your bookkeeping?

Bookkeeping for construction Bookkeeping for lodging establishments

Warranties and Returns in Your Bookkeeping   Managing warranties and returns in your bookkeeping involves several steps to accurately account for these transactions. Here’s how you can handle them: 1. Document Receipt of Goods: When you receive goods from suppliers, ensure proper documentation that includes details such as the date of receipt, description of items,… Read More »

What is the purpose of a statutory audit for tour and travel agencies?

Tax Implications for Artists

Statutory Audit for Tour and Travel Agencies   The core objective of a Statutory Audit for Tour and Travel Agencies is to verify and establish the precision and dependability of the financial statements presented by tour and travel agencies. It verifies that the financial data presented, such as revenue, expenses, and profits, is consistent and… Read More »

Is the balance sheet audited, and if so, by which auditing firm?

Real Estate Industry

Auditing Firm   Auditing Firm, Certain organizations mandated by regulations to undergo financial statement audits, whereas others choose to undergo such audits on a voluntary basis. If a company’s balance sheet audited, the auditor will be a certified public accountant (CPA) who is independent of the company. The auditor will review the company’s financial records… Read More »

How are the liabilities classified on the balance sheet (current vs. long-term)?

Financial Audit Late Filing Penalty

Balance Sheet Liabilities   Balance Sheet Liabilities are classified on the balance sheet as current or long-term based on their maturity date. Current liabilities are debts that are due within one year, while long-term liabilities are debts that are due more than one year from the balance sheet date. The following are some examples of… Read More »

What is the primary purpose of bookkeeping for a Contractual Service Provider?

Bookkeeping for Contractual Service   The main objective of bookkeeping for Contractual Service Provider is to uphold precise and well-organized financial records of their business endeavors. Bookkeeping serves several essential functions for a Contractual Service Provider: 1. Financial Tracking: Bookkeeping for Contractual Service helps track all financial transactions related to the services provided. This includes… Read More »

What is the purpose of conducting a statutory audit for a contractual service provider?

Statutory Audit for Contractual Service Provider   The objective behind performing a statutory audit for a contractual service provider is to guarantee transparency, accountability, and adherence to pertinent laws and regulations. A statutory audit involves an independent and thorough examination of the financial records, transactions, and operations of a company or entity to assess the… Read More »

What is the turn over limit for drafting a balance sheet for the physiotherapist?

Starting book writing

Balance Sheet for the Physiotherapist   There is no turnover limit for drafting a balance sheet for the physiotherapist. However, if the physiotherapist’s turnover exceeds Rs. 2 crores, they are required to get their accounts audited by a qualified auditor. The auditor will prepare a balance sheet as part of the audit process. If the… Read More »