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Accounting

ACCOUNTING

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    ACCOUNTING

    Accounting refers to book keeping or managing the day to day transaction into a systematic order such as detailed trail for a particular transaction. Some normally occurring accounting are Sale, Purchase, debtors, creditors Bank charges, cash deposit, cash discount etc.

    Under accounting Journal Entries are recorded which are reflected in ledger and gets reflected in trial balance. After the performance of closing entries step are it results into Balance Sheet and Profit and loss Account.

    DOCUMENTS REQUIRED FOR ACCOUNTING

    Bank Account Info
    Bank Account Info

    Entity Bank account statement for the period and other details.

    GST Return Filed
    GST Return Filed

    GST returns filed during the year, if any.

    Debtors & Creditors Information
    Debtors & Creditors Information

    List of Debtors and Creditors will amount receivable and payable.

    Sale & Purchase Details
    Sale & Purchase Details

    Details of sales and purchases made during the year.

    NEED OF ACCOUNTING
    1. For providing Loans banks demand Financial Statement of last few years which requires accounting and book keeping.
    2. User /Clients need proof for every statement of business accounting and Financial Statement justify the profits and returns all together.
    3. Financial statement of the entity is required for filling of Income tax Returns, filling with registrar of companies, audit purpose and accounting acts as the base for formation of financial statement.
    4. Listed companies are required to update the quarterly results which is not possible without preparation of accounts.
    5. Accounting is a form of documentation which helps in tracking the records of payments, receipts, sales, purchases, contribution and all other data relevant for the entity.
    6. It protects the entity from frauds and scams that can occur due to lack of proper accounting.

    RELATED SERVICES

    GST Registration
    ESIC Registration
    PF Registration
    LUT Filing
    GST Filing
    ITR Filing of Individual
    Respond to Tax Notices
    Frequently Ask Questions

    What is Accounting?

    Accounting refers to book keeping or managing the day to day transaction into a systematic order such as detailed trail for a particular transaction. Some normally occurring accounting are Sale, Purchase, debtors, creditors Bank charges, cash deposit, cash discount etc.
    Under accounting Journal Entries are recorded which are reflected in ledger and gets reflected in trial balance. After the performance of closing entries step are it results into Balance Sheet and Profit and loss Account.

    How does accounting assist in forming Financial Statement?

    When journal entries are performed in the software called tally then entries get reflect in ledger by doing all the entries on periodic basis and maintaining books of account one tends to form financial statements.

    Why accounting is required for bank use?

    For providing Loans banks demand Financial Statement of last few years which requires accounting and book keeping.

    How documentation and accounting are linked?

    Accounting is a form of documentation which helps in tracking the records of payments, receipts, sales, purchases, contribution and all other data relevant for the entity.

    Why listed company required accounting?

    Listed companies are required to update the quarterly results which is not possible without preparation of accounts.

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