Ledger Balance in GST Ledger balance in GST: It refers to the balance amount available in a taxpayer’s electronic cash ledger or electronic credit ledger. The electronic cash ledger reflects the amount of cash deposited by the taxpayer and can be use to make GST payments, while the electronic credit ledger reflects the… Read More »
Are fictitious asset and deferred revenue expenditure are same No, fictitious asset and deferred revenue expenditure are not the same. A fictitious asset is a non-monetary asset that has no physical substance and cannot be seen or touched. It represents an expense that has been paid for in advance, such as prepaid expenses or deferred… Read More »
Bookkeepers Bookkeepers tasks are typically perform by bookkeepers. A book-keeper is responsible for recording and maintaining the financial transactions of a business. They ensure that all financial records are accurate, complete, and organize. Book-keepers handle tasks such as recording daily transactions, maintaining general ledgers, reconciling bank statements, managing accounts payable and accounts receivable, preparing… Read More »
Bookkeeping and Accountancy Bookkeeping and Accountancy, Bookkeeping is the process of systematically recording, organizing, and maintaining financial transactions and records of a business. It involves tasks such as recording sales and purchases, tracking income and expenses, reconciling bank statements, and maintaining general ledgers . Bookkeeping focuses on accurately and consistently recording financial data to provide… Read More »
Introduction In the world of business transactions, financial documents like credit notes and debit notes play a crucial role in maintaining transparency and accuracy in accounting. These documents help businesses correct errors, issue refunds, or adjust invoices, ensuring smooth financial operations. Understanding their significance, usage,… Read More »
Double-entry bookkeeping Double-entry bookkeeping is a method of recording financial transactions that involves recording both the debit and credit aspects of each transaction in separate accounts. For every debit recorded, there must be a corresponding credit of equal value, ensuring that the books always balance. It is important to accountants and auditors because it provides… Read More »
Meaning of accountancy Accountancy is a field of study and practice that deals with the measurement, processing, analysis, and communication of financial information about a business or organization. It involves the recording, classifying, summarizing, and interpreting of financial transactions to provide useful information for decision-making.The meaning of accountancy is very clear. To visit: https://www.incometax.gov.in Accountancy… Read More »
TDS Compliance for LLP For a Limited Liability Partnership (LLP), compliance with TDS (Tax Deducted at Source) provisions is important to fulfill its tax obligations. Here are some key aspects of TDS compliance for an LLP: 1. TAN Registration: The LLP must obtain both valid Tax Deduction and Collection Account Number (TAN) from the tax… Read More »
Invoice management Invoice management: is the process of handling and tracking the creation, processing, and payment of invoices within a business or organization. It involves various tasks such as generating invoices, sending them to customers, recording payments, and reconciling accounts. Effective invoice helps businesses to streamline their billing and payment processes, reduce errors… Read More »
Accrued expense definition Accrued expense definition, Accrued expense and outstanding expense are both terms relate to expenses that are incur but not yet paid. However, there is a difference between the two terms: Accrued expense An accrued expense is an expense that has been generate but not yet paid, and has not been record in… Read More »