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Bookkeeping and Accounting mean the recording of financial transactions and are part of the process of accounting in business and other organisations. It involves preparing source documents for all transactions, operations, and other events of a business.
It is essentially a record-keeping function done to assist in the process of accounting. It is a key component in forming the financial statements of the organization at the end of the financial year. Book-keeping also concerns itself with the classification of financial transactions and events. Such classification of transactions is essential to maintain proper financial accounts. It also involves preparing source documents for the financial transactions and other business operations being carried out.
The accounting period that a business entity chooses for its business becomes part of its bookkeeping system and is used to open and close the financial books. The accounting period affects all aspects of the company’s finances, including taxes and analysis of your financial history.
The objection will be lifted if the Trademark Registrar is satisfied with your response, else an interview might be scheduled for you to present your arguments in person. It is important to respond to a legal objection letter against the mark within 30 days, failing which the Trademark Registrar reserves full rights to abandon your application.
The most common method of book-keeping are the double-entry system and the single-entry system. But even methods other than these, which involve the process of recording financial transactions in any manner are acceptable book-keeping systems or processes.
All the transactions are to be recorded and organized systematically and under bookkeeping principles. The following are the bookkeeping principle:
Bookkeeping comprises of a lot of functions and activities bundled together. Some such activities are as under:
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We put your numbers to work and help you keep your business on track. We are experts in accounting and bookkeeping services. We are known to provide timely and accurate financial statements to businesses that help make informed business decisions.
Being a top financial consulting firm, TaxPro Experts has strong functional expertise in end-to-end accounting processes including day-to-day accounting activities, reconciliations, employee reimbursements, corporate payroll services, month-end and year-end account finalization processes, management reporting, and financial analysis, among others.
India has two accounting standards - Indian Accounting Standards (Ind AS) and Indian Generally Accepted Accounting Principles (GAAP). Ind AS is applicable to listed and unlisted companies that have a net worth of more than Rs. 250 crore. GAAP is applicable to companies that do not meet the Ind AS criteria.
The documents required for bookkeeping in India include invoices, receipts, bank statements, purchase orders, sales orders, and credit notes. These documents help businesses keep track of their financial transactions and prepare accurate financial statements.
TDS is a tax deducted at source by businesses while making certain payments such as salary, rent, professional fees, and commission. The tax is deducted at a specified rate and deposited with the government. TDS is applicable to businesses that have a turnover of more than Rs. 1 crore.
Businesses in India can maintain their books of accounts in a foreign currency if they have a foreign exchange income or expense. However, the financial statements must be converted to Indian rupees at the applicable exchange rate.
Yes, it is mandatory for businesses to maintain accounting records in India. The Companies Act, 2013 requires all companies to maintain proper books of accounts and financial statements. The Income Tax Act, 1961 also requires businesses to maintain accounting records for tax purposes.
Bookkeeping involves the systematic recording of financial transactions, while accounting involves the analysis, interpretation, and communication of financial information. Bookkeeping is a part of accounting and provides the basic data for accounting.
Accounting software can automate bookkeeping tasks and provide accurate and up-to-date financial information. It can also help businesses manage their cash flow, prepare financial statements, and comply with regulatory requirements.
Not maintaining proper accounting records can lead to penalties, fines, and legal issues. It can also make it difficult for businesses to manage their finances effectively and make informed decisions. Additionally, it can result in incorrect tax filings and cause the business to pay more taxes than required.
In conclusion, accounting and bookkeeping are important functions for businesses operating in India. Businesses must comply with regulatory requirements, maintain accurate financial records, and use accounting software to automate bookkeeping tasks. Failure to maintain proper accounting records can lead to penalties and legal issues.
Bookkeepers who are engaged in bookkeeping services in Delhi responsible for on-going maintenance of their clients’ general ledgers. Their common responsibilities consist of: Compiling data on a daily basis Categorizing expenses in the general ledger Reviewing the general ledger for accuracy Reconciling bank statements against the general ledger Generating financial statements Accountants who are engaged in accounting services in delhi use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as: Preparing the company’s financial statements Analyzing the company’s financial data Preparing income tax returns Providing tax planning advice Thus accounting is a much broader term in comparison to bookkeeping.
Double-Entry Bookkeeping System is the standard method of record keeping normally used by most businesses, bookkeepers and accountants. The procedure of double-entry bookkeeping system is more detailed and complex than single-entry bookkeeping system. It introduces the concept of debit and credit, which means that for every transaction there is something received (debit) and given up (credit), as such, recorded transaction affects two or more accounts.
Single-entry Bookkeeping System is commonly used for small businesses with very little or minimal transactions. It is often referred to as simple, practical and informal way of recording. Usually, it only maintains a record of cash disbursement, cash receipts, sales and purchases. All the rest of the accounting records, such as inventory, equipment, capital, etc., are only recorded in the form of memorandum or notes.
Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements. It is the responsibility of the bookkeeper to check the day to day operation by checking monthly reports, data entries , reconcile the bank accounts, handle the payables and receivables, and handling payroll and so on. All aforesaid services are included in bookkeeping.