Book Keeping in Tally
The recording of financial transactions is bookkeeping, whereas, accounting is interpreting, classifying, analyzing, reporting, and summarizing the financial data. A properly maintained accounting & bookkeeping system helps a business to reduce accounting costs and analyze its financial growth.
We offer Accounting & Book-keeping Service to keep you abreast of the costing, bad-debts, overheads and profitability. Here’s how we can help you get rid of all accounting & book-keeping worries;
1.We address all your queries about accounting and book-
2.P Kalusulingam Team of experts help you get the entire process
3.Documents will be delivered to you by courier.
Accounts Finalization
Preparation of Balance Sheet and Profit & Loss Account with perfection and accurate. Normally an account is prepared by an accountant & finalized by a senior accountant or Auditor/Chartered Accountant.
Finalisation of account means check and reconcile the books of accounts is correct perfect and accurate
Follow step by step process to finalise books of account and prepare error-less perfect Balance Sheet and Profit & Loss Accounts.
STEPS FOR FINALISATION OF ACCOUNTS
Step 1 : Verification of Opening Balance with Last year audited balance sheet
Step 2 : Verify Sales & Purchase Register with source documents and Reconcile figure with
GST Returns
Step 3 : Verify TDS deductions on payment of specified nature payment and paid before due
dates.
Step 4 : Verify Bank Balance with Bank Statements periodically and prepare BRS on monthly
basis.
Step 5 : Verify cash transactions payment, receipts both under limit with no negative cash
balance.
Step 6 : Compare expenses ledger with previous year on basis of turnover
Step 7 : Verify Customers and Suppliers ledger send balance confirmation letters to them.
Step 8 : Verify closing stock value and its ratio.
Step 9 : Calculate depreciation on assets on W.D.V. method and pass Journal entries
Step 10 : Calculate interest payable and receivable on loans, investments and pass journal
entries
Step 11 : Make provision for unpaid expenses and provision for pre-paid expenses
Step 12 : Make entries for written off Bad debts.
Step 13 : Make provisions for receivable income.
Step 14 : Compare Gross Profit & Net Profit ratio with last year.
Step 15 : Net Profit transfer to Proprietor capital account in case of proprietorship
concern.
OR
Step 16 : In case of Partnership ship transfer profit to partners account after interest and
remuneration
Monthly / Quarterly / Half Yearly / Annual Reporting
The user's need for financial statements involves knowing the company’s financial results for the most recent period. This allows the users to form an opinion regarding the company’s financial position for the period and the profits it earned. The users calculate financial ratios based on these financial statements and use these results to make decisions regarding extending credit or investing funds. Managers use these financial statements to evaluate their performance for the period and consider potential actions to improve the results.
Financial statements communicate the results of company activities for the period. A company creates periodic financial statements for managers, owners and creditors. These financial statements provide the users with information regarding the company’s performance, allowing the users to analyze the numbers and make decisions. The company’s accounting staff creates financial statements and releases this information at regular intervals, usually quarterly or annually. Publishing this data at periodic intervals serves several important purposes for the users.
