Accurate bookkeeping is dependent on appropriate classification of expenses. A common area of confusion is the difference between a regular expense entry or prepaid expenses journal entry. Both involve payment…
A Sales Journal Entry is a journal entry that comes with the sale of a good or service for the books of accounts. It determines the kind of accounts that…
The B2C large invoice limit is an important role to play a critical role in GST reporting for Indian retailers. It decides the value of sales to unregistered customers which…
Tax deduction at source is a serious responsibility for the Indian businesses. One section which wants attention is 194jb of income tax act. This provision requires certain persons to make…
Returns are a part of normal business activity. Every return has to be duly recorded in the form of Sales Return Journal Entry. Products may be damaged, defective, wrongly supplied…
Correct valuation is at the core of GST compliance. Under Section 15 of CGST Act, tax is charged on the “value of supply.” If the value is wrong, the tax…
The interest in GST is automatic. Once tax is paid late or short paid, liability arises under section 50 of CGST act. It does not require a notice. For the…
Inventory has a direct impact on profit, cash flow, and tax reporting directly from it. When you Calculate Average Inventory consistently, you are able to get a realistic picture of…
Every sale starts with a promise to provide the right product to the right price and time. That promise is fulfilled through Sales Order Processing. It links together the sales,…
The Accounts Payable Turnover Ratio is one of the most useful financial indicators for Indian businesses. It reveals the speed of payment of a company to its suppliers in a…
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