Tag Archives: #AccountingRecords

How do tour and travel agencies typically maintain their accounting records for tax audit purposes?

Accounting Records for Tax Audit Purposes Here are some point for how travel agencies maintain their Accounting Records for Tax Audit Purposes: 1. Digital Accounting Software: Many agencies use specialized accounting software to manage their financial transactions. These software solutions often have features tailored to the travel industry, allowing them to track bookings, payments,… Read More »

How do I claim TDS deduction amounts back for interest paid in own FDs?

TDS deduction you can follow these steps: Gather necessary documents: Collect all relevant documents, including the TDS certificate issued by the bank or financial institution where you have the FD, and the Form 26AS, which reflects the details of TDS deducted. Calculate TDS deduction: Determine the total TDS amount deduct on the interest… Read More »

What is the difference between debit invoice and credit invoice?

Debit invoice vs credit invoice Debit invoice vs credit invoice, A debit invoice and a credit invoice are two types of documents used in accounting to record financial transactions. They have distinct characteristics and implications: Debit Invoice A debit invoice is a document issued by a supplier to a buyer when additional goods or… Read More »

Daybook Accounting:What is a “daybook” in Accounting?

Daybook Accounting Daybook Accounting: In accounting, a daybook (also known as a journal) is a primary record where daily transactions are initially recorded. It serves as the first step in systematically documenting accounting transactions. The daybook serves as the initial recording location for transactions before they are transferred to the general ledger or subsidiary… Read More »

Journal vs. General Ledger: How is a journal different from a general ledger in accounting ?

Journal vs. General Ledger Website link Journal vs. General Ledger: A journal and a general ledger are two essential components of the accounting process, each serving a distinct purpose. The primary difference between them lies in the level of detail and organization they provide. A journal is the initial recording tool where transactions are first… Read More »

What is the difference between books of Accounts and Financial Statements?

Books of Accounts and Financial Statements Introduction In the world of finance and accounting, two terms frequently arise: Books of Accounts and Financial Statements. Both are essential for businesses, yet they serve different purposes and have distinct characteristics. Understanding the difference between these two is crucial for business owners, accountants, and stakeholders alike. 1.… Read More »