Accounting LedgerIn this web primer we will also
discuss:
Ledger is the most
important book of accounting. It contains summarized, classified description of
all the business transactions. It is divided into various parts and each part is
termed as 'account'. It is necessary to gather at one place all transactions,
during the period, relating to a particular subject-a person, a thing, a class
of expenses, incomes etc. It is only then that the net results can be
ascertained.
Thus the first step in the
procedure of recording transactions is to journalize and the second step is to
post the transactions in the ledger. Ledger is known as the 'principal or chief'
book of accounts. In ledger the financial information is classified by its
nature and relevance.
The statement which records the
transactions at one place relating to a particular subject is known as account.
The book which contains all the accounts is known as ledger and the procedure of
writing up the accounts is known as posting.
The ledger is the most important
book of account and is the destination of the entries made in the Journal or
Sub-divided Journals. It is a collection of all the three types of
accounts --Personal, Real and Nominal. If you are faced with questions
like:
- How much a particular customer
owes you?
- What is the amount payable by you
to anyone of your suppliers?
- What is the amount of goods
purchased by you during specific period ?
- How much sales you have affected
during, say, last three months?
- What has been your expenditure
on, say, labor during the period?
Then the quicker and easier way of
ascertaining the relevant information is to turn to your ledger, find out the
balance of the Customer's A/c or Supplier's A/c or Purchases A/c or Sales A/c or
Wages A/c. |
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Many business use services of Tax Consultants and Chartered Accountants for filing the Tax Return and the tax return of the software is not used. To assist such activity you can export all reports from the software to MS Excel or MS Word and submit it to your tax adviser for financial figures for the business . The software will perform all Inventory Control, Vouchers, Nominal Ledger Accounts along with Working/Trading and Profit & Loss account that will give you all figures ready for export for filing Tax Return. As soon as you are sure about the changes you want in the visual interface and printing regarding your GST requirements we will modify the software software as per your GST requirements. To get any of the off-the-shelf software modified for visual interface and printing please Contact Us Now. We will carry out all required customization for GST as per your requirements in the existing software in professional and timely manner . For any required customization as per GST in any of the off-the-shelf software, please contact us now. We will carry out required customization for GST as per your requirements in the existing software at nominal additional charges. Give us details of required customization for a man-hour or work estimate. For official reference to GST refer to following links:GST (Goods and Service Tax) Circular by Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance, Government of India. Finance Act 2016 of Government of India HSN codes for Goods and Service Tax (GST) in India Central Board of Excise and Customs - HSN Codes Circular by CBEC, Government of India - About HSN Codes.
Central Goods and Services Tax (CGST) Rules, 2017 Draft government Approved Format Under Goods and Services Tax - Invoice Rules What is GST Compliant Business? What are the specific mandatory fields in an GST compliant invoice? Why the invoice an important financial instrument? What are Registered and Un-Registered Dealers? There is a lot for your business to catch up on those links along with online tax filing and registration for trading. Give us the details of required work you want in the off-the-shelf VAT accounting system and we shall make it GST compliant invoicing and accounting for your business at nominal additional charges. Cheers. Happy Accounting. If you want to know the details of for making VAT/CST system compliant to GST system: Standard rate of $15 per man hour shall be applicable for making any of off-the-shelf VAT based accounting software systems into CGST/SGST Compliant Accounting. Give the details of customization required in any of our off-the-shelf VAT accounting systems made for various business to get a quote of additional charges. See demo of software on website. See official Indian Government CGST/SGST Specification on the panel above here. Click for more information on Value Added Tax (VAT). Free Download of Full Featured Software - Try Full Featured Software Before Order - Time Limited 30 days Full Featured Version of these software are available for download from our website www.freeaccounting.in. HiTech Billing, Accounting Software Off-the-Shelf versions are available for Business, Traders, Industry, Hospital, Hotel, Petrol Pump, Medical Store & Distributor, Automobile or Motorcycle Dealers, Newspaper or Magazine Publishers, VAT Accounting & Billing and Commodity Brokers. | ||||||
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