Tag Archives: #Bookkeeping

What are the key financial transactions that a School, Colleges, Universities, Professional Schools should record in Bookkeeping?

The completion of financial transactions

Financial Transactions Record in Bookkeeping   Key Financial Transactions Record in Bookkeeping for Educational Institutions in India: 1. Tuition Fees Collection: Educational institutions should record all tuition fees collected from students. This includes regular fees, special course fees and any other charges associated with the educational program. 2. Salaries and Benefits: Recording the salaries and… Read More »

What are the key financial documents that engineers should maintain and update regularly for accurate bookkeeping?

Bookkeeping for construction Bookkeeping for lodging establishments

Financial Documents for Accurate Bookkeeping   Engineers should maintain and update regularly the following key financial documents for accurate bookkeeping: 1. Invoices: Liability records show all the liabilities that the business owes. They play a crucial role in tracking liabilities and managing debt. 2. Receipts: Receipts are documents that provide proof of payment. They are… Read More »

What are the key financial transactions that a Architectural, Engineering and Surveying Services should record in Bookkeeping?

Architectural, Engineering and Surveying Services

Architectural Engineering and Surveying Services   Architectural, Engineering, and Surveying Services in India should accurately record several key financial transactions in their bookkeeping to maintain proper financial records and ensure compliance. Some essential transactions include: 1. Income from Services Rendered: Record all income received from architectural, engineering, and surveying services provided to clients. This includes… Read More »

What are the key financial transactions that a Motion Picture & Video Studios & Theatres should record in Bookkeeping?

Financial Transactions for Motion Picture Key financial transactions for Motion Picture & Video: Studios & Theatres should record in bookkeeping in India include: 1. Revenue from Ticket Sales: Studios and theatres should record the revenue generated from ticket sales as a primary source of income. This includes both physical ticket sales and online bookings. It’s… Read More »

What are the key financial transactions for Hospitals should record in Bookkeeping?

Financials Transaction

Financial Transactions for Hospitals   Financials Transactions for Hospitals in India should diligently record various financial transactions in their bookkeeping to ensure accurate financial reporting and compliance. Here are some key Financials Transaction they should record: 1. Patient Services Revenue: Hospitals should record all revenues generated from patient services, including consultations, surgeries, diagnostic tests, and… Read More »

Is bookkeeping mandatory for Wholesaler?

Bookkeeping Mandatory for Wholesaler   Yes, bookkeeping mandatory for wholesaler in India. Bookkeeping refers to the systematic recording of financial transactions and activities of a business. For wholesalers, maintaining accurate and up-to-date books of accounts is crucial for several reasons: 1. Compliance with Legal Requirements: Wholesalers, like all businesses, required to comply with the provisions… Read More »

What turnover threshold do architects need to consider for bookkeeping?

Turnover Threshold for Architects     There is no specific turnover threshold for architects to consider for bookkeeping in India. However, architects generally required to maintain proper books of account and get their accounts audit if their gross receipts of profession exceed Rs. 50 lakhs in a financial year. The Companies Act, 2013 (the “Act”)… Read More »

What is the limit for starting bookkeeping for the Doctors?

Bookkeeping limit for Doctors   Bookkeeping limit for Doctors In India, doctors required to start bookkeeping and maintain proper financial records if their annual gross receipts from the profession exceed Rs. 1,50,000 in any financial year. This threshold set by the Income Tax Act, and it’s important for doctors to keep accurate records of their… Read More »