Suggested Accounting Entries for GST

1. IntraState Purchase (From Registered Dealer) Purchase (5%) A/c Dr. 200/- CGST Input (2.5%) A/c Dr. 5/- SGST Input (2.5%) A/c Dr. 5/- To Supplier A/c Cr. 210/- 2. InterState Purchase (From Registered Dealer) Purchase (5%) A/c Dr. 200/- IGST Input (5%) A/c Dr. 10/- To Supplier A/c Cr. 210/- 3. IntraState Sale (From Registered…More

Accounting Software : Transition from Book Keeping To Financial Reporting

I had certain thoughts on Accounting Packages – which can help them Transition from being book-keeping (Recording of Transaction) to Financial Reporting packages. 1. At present, Accounting Packages allow only a single grouping for a Ledger Account. However, in a number of factual instances the grouping of account in the Financial Statement depends upon the…More

An Observation in Book-Keeping

Financial Transaction are Diagonally Opposite and Equal* for Counter-parties to a Transaction This hold’s special significance when we consider a Scenario where the Accounting Package sends and receives these Financial Transaction Vouchers and also intelligently deciphers / decodes these Financial Transaction Vouchers to be put to meaningful use without manual extraction or re-keying. [See my…More