Meaning of BookkeepingBook-keeping is that branch of
knowledge which tells us how to keep a record of financial transactions. The
need for recording such transactions arise because
(i) it is difficult to remember the
various financial payments and receipts taking place during a period of time;
(ii) in modem forms of business
organizations the control of business rests with different persons and the
results are to be reported to the owners;
(iii) the financial information is,
required for the purposes of costing, budgeting, forecasting and planning; and
(iv) Book-keeping records are
to be submitted to various government agencies like Income Tax and Sales Tax'
authorities for taxation purposes.
Most of us do maintain some kind of a written record of their income and expenditure. The essential idea behind maintaining such a record is to show the correct position regarding income and expenditure. Such a record should be clear and systematic so that it can be easily understood. It should show to whom a payment has been made when and what for. The need for maintaining a record of income and expenditure in a clear and systematic manner has given rise to the subject of book-keeping. Book-keeping can as such be defined "as an art and science of recording business transactions in a systematic and, chronological order". The necessity of recording all the transactions clearly and systematically can not be over emphasized. Goods may be sold on credit to several persons. The latter would pay the price of the goods to the vendor later. The vendor would like to know, from time to time what amount is due and from whom. However, strong one's memory may be, one cannot hope to remember all the details regarding all the transactions. Apart from this, the object of business is to earn profits; and every merchant likes to know at the end of a financial year how much profit he has earned during the course of the year. For this purpose, he would need a lot of factual information which can be derived from written or computerized records of transactions, provided such records have been properly kept; in modern times using a computer software like HiTech Financial Accounting. As such proper maintenance of books of accounts is indispensable for a businessman. |
VAT Ready
GST Ready
Download
More Details
Buy Now
Note for International VAT USers and GST Users in India
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. | ||||||
Send Email Now
