My name is Sidharth from Bangalore. Interested to look into new updated software solutions.
Income Statement Format. Definition of income statement The income statement presents information on the financial results of a company’s business activities over a period of time.
It communicates to users how much revenue the company has generated during the period and the cost incurred by it in connection to generating such revenues. Income Statement is also called by different names as “statement of operations” or “statement of earnings” or “profit and loss statement”. A business engaged in services usually prepares income statement instead of profit & loss a/c. While the objective remains the same, owing to the difference in the nature of the business, few components are different in the income statement. Components of income statement Revenue Revenues are the amounts from the sale of goods and services in the normal course of business. For example, Zen Phones, an electronic store selling phones and computers. Let’ take another example. Expenses Net Income. Cost Centre. What is a cost centre?
A cost centre is nothing but a separate department within a business to which costs can be allocated. This also includes departments which do not produce directly but incur costs to the business. For example, the manager and employees of the cost centre are not accountable for the profitability and investment decisions of the business but they are responsible for some of its costs. Place of Supply under GST. Introduction Under GST, the existing system of levy of tax on manufacture, provision of taxable services, and sale of goods will be replaced by the concept of ‘Supply’.
It is very important, therefore, to understand the “place of supply” meaning in determining the right charge of tax on supply. There are two important components which determine the tax to be charged on a supply: Location of the Supplier It is the registered place of business of the supplier Place of Supply It is the registered place of business of the recipient In an intra-state supply, the taxes to be charged are CGST and SGST . In an interstate supply, the tax to be charged is IGST . Benefits of GST.
Introduction to GST GST stands for Goods and Services Tax levied by the Government in a move to replace all of the indirect taxes.
The main reason behind introducing GST is to improve the economy of the nation and that is why it is beneficial. It was introduced to put an end to multiple taxes like CST, VAT, service tax, sales tax, central sales tax which are levied on different products, starting from the source of manufacturing till it reaches to the end consumer which makes the movement of goods and doing business very hard. Advantages of GST. General Ledger. Introduction After passing the entries in journal-register, the transactions are classified and grouped for preparation of accounts.
The principal book which contains all set of accounts (viz. nominal, personal and real accounts), is known as Ledger. It is also known as principal books of account in which account-wise balance of each account is determined. What is general ledger? Accounting Principles. Introduction to accounting principles Accounting is an integral part of every business regardless of business size.
With modern day business requirements, business and accounting are simply inseparable. E-Invoice. Ever since the concept of e-invoicing was approved by the GST council, the buzz around e-invoicing has gained importance among the business community.
The introduction of e-invoice was approved by GST council at its 37th meeting held in the month of September,2019 with the key objective to ensure inter-operability of e-invoices across the GST eco-system. Invoice being a key document and e-invoicing being a reform related to it, it is super important for businesses to understand it fully and accordingly prepare towards to it. In this article, let’s discuss and understand everything about e-invoicing under GST. Accumulated Depreciation. Definition of Accumulated Depreciation Accumulated depreciation is the total amount a company depreciates its assets, while depreciation expense is the amount a company's assets are depreciated for a single period.
Essentially, accumulated depreciation is the total amount of a company's cost that has been allocated to depreciation expense since the asset was put into use. Depreciable Assets Depreciable assets are those assets which fulfil the following conditions: Accounting Cycle. Accounting cycle meaning Accounting cycle refers to the complete process of accounting procedure followed in recording, classifying and summarizing the business transactions.
Accounting cycle starts right from the identification of business transactions and ends with the preparation of financial statements and closing of books. Steps in accounting cycle Whether you are a business owner or aspiring accountant, it is important to know and understand the process involved in the accounting cycle. GST Payment. What is GST payment?
GST payment is the periodical remittance of GST amount payable by the business. It one of the major requisites for a business to stay compliant. As per the guidelines, every registered regular taxpayer must make GST payment with a due date – 20th of every month along with the submission of GSTR-3B return. The GST payment can be made online - promising a seamless and transparent experience.
What is GST Bill. Introduction With GST around the corner, it is extremely critical for businesses to start invoicing under GST mode, and not face any roadblocks, as they usher in the new age. Businesses will need to ensure that the GST transaction invoices are passed with the requisite details, which will later enable them to claim the right ITC and remain GST compliant while growing continuously.
GST Invoice When a registered taxable person supplies taxable goods or services, a GST invoice is issued. To issue and receive a GST compliant invoice is a prerequisite to claim ITC. Reverse Charge Under GST. Services : · Nature of supply and/or nature of supplier · this section is applicable whether the dealer is registered dealer under GST or not · Under this scenario notified supply of goods and services are covered in which specified recipient are liable to pay tax under reverse charge mechanism. · The Illustrative GST Reverse charge list here includes : · GTA Services; · Legal services by advocate; · any service supplied by any person who is located in a non-taxable territory to any person other than nontaxable online recipient, · Services supplied by an arbitral tribunal to a business entity.
Accounting Principles. Financial Accounting. What is Financial Accounting? Statement of final accounts or financial accounting is the process of preparing financial statements that companies use to show their financial performance and position to people outside the company, including investors, creditors, suppliers, and customers. GST Software. What is GST software? A GST software is your one-stop-shop for all your compliance needs. From raising invoices to managing your inward and outward supplies, seamlessly, GST software enables you to keep your books of record up-to-date at all times.
Tally.ERP 9 ensures that your GST returns are in sync with your books of accounts, and reflect the same data as used for filing returns in the GST portal, thus proving to be the right GST return software for you. With GST in place, you might be looking for GST Billing Software and its features. Tally is offering Tally.ERP 9 Release 6 as a GST Ready Software, it's having all the features right from GST Billing to GST Returns, Error Detections & corrections, and many more. Cost Accounting. Just like you work hard exploring all possible ways to earn more, cutting down the unwanted cost is one of way to look at.
Remember,’ A penny saved is a Penny Earned’. Every time you save, it directly goes to your pocket. Here is why cost accounting plays an important role in recording cost incurred by your business and the valuable insights in the form of reports, allows you to make accurate decisions. HSN Code List for GST. Benefits of GST. GST Invoice Format. Bill of Sale. Since time individuals began buying and selling goods to one another, there has been a need to document ownership of the goods as it changed hands. HSN Code List. What is Payroll Management. Components of Balance Sheet. A balance sheet comprises of two parts. General Ledger Process. GSTR 2A. Bill of Sale. Administrative Expenses. What are Administrative Expenses? As the name implies, administrative expenses are the regular expenses you incur as a part of regular business activities. These are the costs associated with running a business that don’t relate to your products or sales.
These are the necessities (and sometimes the luxuries) that most companies require. Keeping a tab on these expenses can help you make financial forecasts, claim tax deductions and determine when it's time to hire new employees. Business Forecasting. Company Balance Sheet Format. Accrual Basis of Accounting. Introduction. Bookkeeping and Accounting. Financial Accounting, Financial Statements and It's Uses. Income Statement Format. Net Working Capital. Financial Accounting. Capital Expenditure. Current Assets. Capital Budgeting.
Balance Sheet. eWay Bill. RET 1 GST. Balance Sheet. What is Accounting. Journal Entries. Working Capital. Cost Accounting. Features of TallyPrime. Cost accounting. Working capital. Journal entries. What is accounting. Cash flow statement. Balance sheet. Contingent liabilities. GST Rate Finder. State GST. Best accounting software in india. GST rate finder. GST Payment. GST return date extended. Bill of Materials. GST annual return. Debtors Turnover Ratio. Sugam GST Return. Types of ERP Software System. Components of balance sheet. SME software. Time of Supply of Goods under GST. GSTR 6. Advertising Expense. Types of GST - Tally Solutions. GST calculator india. Aaccounting Standards. GST Payment. Best Accounting Software in India. E way bill system. GST Tax Structure. State GST. Tally ERP 9. Statutory audit.
RET 1 GST. What is enterprise resource planning system. ERP Software Free Download. How to Calculate GST in India. GST Practitioner Registration Online. GST rate schedule for goods. Input Tax Credit under GST. GST Composition Scheme. Accounting Standards. HSN code list for gst. Benefits of GST. Retail Inventory Management. Computer Billing Software. GST HSN sac codes. ERP System. Gst calculation. Accounting Principles. Accounting Software. Inventory Management. E-Invoice in GST.