ESIC Payment Challan Employers use the ESIC payment challan to deposit their ESIC contributions with the designated bank. It serves as proof of payment and contains essential details such as the employer’s name, address, ESIC code, the amount to be deposited, and the period for which the payment is being made on ESIC portal. … Read More »
Bank Overdraft & Cash Credit Bank overdraft and cash credit facilities are both forms of short-term borrowing provided by financial institutions to individuals and businesses. Here’s a detailed explanation of each: 1. Bank Overdraft: i. An overdraft is a financial arrangement where a bank allows an account holder to withdraw funds from their account even… Read More »
Kisan Vikas Patra (KVP) The Kisan Vikas Patra (KVP) serves as a modest savings program provided by the Government of India, with a core focus on encouraging long-term financial resilience among Indian populace, particularly in rural regions. Features of Kisan Vikas Patra (KVP): 1. Purpose: Kisan Vikas Patra was introduced with the aim of… Read More »
Expenses Record for Bookkeeping Doctors categorize and Expenses Record for Bookkeeping by following a systematic approach to ensure accurate financial management. They typically adhere to the following steps: 1. Identification and Classification: Doctors start by identifying all expenses related to their medical practice. These can include rent for the clinic, staff salaries, medical… Read More »
Bookkeeping Required for Fashion Designers Bookkeeping required for fashion designers for several important reasons: 1. Financial Management: Bookkeeping helps fashion designers manage their finances effectively. It allows them to track their income, expenses and profits. This information is crucial for making informed financial decisions and ensuring the business remains profitable. 2. Tax Compliance: Fashion… Read More »
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 »
Financial Management for Wholesaler Plays a crucial role in the financial management for wholesaler in India. It refers to the process of completing and closing the financial books and records for a specific accounting period, typically at the end of the financial year. This process involves ensuring that all transactions accurately recorded, classified, and… Read More »
Current Assets for Architects Architectural firms commonly possess a range of Current Assets for Architects featured on their balance sheet. Current assets encompass items anticipated to be either converted into cash or depleted within a year or the operational cycle, depending on which period is lengthier. Some typical current assets that an architect’s firm… Read More »
Effective Bookkeeping Effective bookkeeping plays a crucial role in the financial management of architectural projects by providing accurate, organized, and timely financial information that aids in informed decision-making and overall project success. Here’s how effective bookkeeping contributes to the financial management of architectural projects: 1. Accurate Financial Records: Effective bookkeeping ensures that all financial… Read More »
Role of Accounts Finalization Role of Accounts Finalization in the financial management of architectural projects by ensuring accuracy, transparency, and compliance throughout the project’s financial lifecycle. This process involves the comprehensive review and verification of all financial transactions, records, and documentation related to the architectural project. The key roles that account finalization plays in… Read More »