Audit Queries
How do you round off Paisa balance in Sundry Debtors at the time of closing the books of accounts?
Please follow the steps below to round off Paisa balance in Sundry Debtors at the time of closing the books of accounts Under chart of accounts >> Income a head called Round off is available- Post invoices(Select income account "Round off") where ...
What is the Journal Entry to transfer SGST/CGST(Input/Output) to GST and also please show the GST remittance entry?
Please login to Admin Dashboard>>Bank and Cash>>Taxes(To find the GST Payable amount). To pass journal entry, Login to Admin Dashboard>>General Ledger>>Journal Entries. Debit Credit 1) State GST A/c Input State A/c GST 2) Output State GST A/c ...
What do you mean by GST?
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST ...
What do you mean by TDS?
Tax Deducted at Source or TDS is a means of collecting income tax in India. The provisions related to TDS are governed by the Income Tax Act of 1961. The law states that any permissible payment shall be paid after deducting prescribed percentage as ...
If there is no output GST what will happen to Input GST, Where will this be accounted in ADDA and why?
Though Input GST is a liability, it will not reflect in liability if there is no output GST, the input GST will be treated as expenses and moved to expenses. Note : This is only a suggestion. For Audit related Accounting clarifications, please ...
What do you mean by bank reconciliation statement and why do we create it?
A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to ...
How Can I get the Fixed deposit module from ADDA itself?
Please follow the steps below to get the Fixed deposit module from ADDA itself : Log in to Admin Dashboard>> Bank & Cash >> Fixed Deposits >> You can add your all activate fixed deposit and this can be used to prepare the Fixed deposit module at the ...
How can I get the Members outstanding/Members receivable and Advance members report in ADDA?
These reports are available in General Ledger >> Reports >> report# 2. Receivable - Members and 5. Advance - Members.
How to create provision for this year?
Please follow the steps below to create provision for this year : Expense Tracker >> By Vendors >> Pass invoice entries as per provisional figures as on 31st March. This all will be shown as payable in report# 6. Outstanding Payments - By Expense ...
How to reverse the provisions of expenses made in last year which was not paid or half paid?
If provisions are passed through Journal Entry then the entry will be(Payment is not made) - Debit Credit Provision for expense A/c Expense A/c To Pass Journal entry, login to Admin Dashboard>>>General Ledger>>Journal Entries. If provisions is passed ...
How do you identify and correct the BRS mismatch in ADDA?
Check the opening balances, Receipts, and Payments for the particular period if the balances do not match break the period and check if the differences are arising after that break period or before on basis of this we will be able to ascertain the ...
What is the Journal Entry for Asset Depreciation?
Reduction in value of tangible fixed assets due to normal usage, wear and tear, new technology or unfavorable market conditions is called Depreciation. Journal entry for depreciation depends on whether the provision for depreciation/accumulated ...