Accrued revenue refers to income earned but not yet billed or received. It typically arises when a company delivers goods or services but hasn’t yet invoiced the customer by the end of the accounting period. 🔹 Key Characteristics: Revenue is recognized before cash is received. Typically recorded as a receivable on the balance sheet. Common… Continue reading ARM: Difference between Accrued Revenue & Deferred Revenue
Category: Finance
Avalara Tax functionality
When working with an invoice in NetSuite, the tax amount may change after you select Save. This happens due to how tax is calculated in NetSuite and Avalara. Environment: NetSuite Tax calculates automatically whenever a change is made to a transaction, such as an invoice, estimate, or credit memo. Selecting Save triggers tax calculation to… Continue reading Avalara Tax functionality
Future of AI in Finance
AI is proving to be more than a buzzy technology fad and one of those rare advancements—like the internet and cloud computing—that promise to revolutionize the business landscape. For CFO’s and their teams, it couldn’t have come at a better time. “An omnipresent challenge finance leaders face is growing revenue while also expanding margins,” said Matt… Continue reading Future of AI in Finance
meter number is not registered error
To resolve the issue of receiving an error message stating “Could not calculate cost for the selected Realtime rate. Account and meter number are not consistent on Sales Order after FedEx Account Registration”, you should register the FedEx Account again, ensuring that the FedEx Meter Number is picked up by the registration. It is important… Continue reading meter number is not registered error
Non-applicability Of TDS Under Section 194R
· Section 194R does not apply to employees who receive benefits from their employers. Section 192 will apply to them. When the recipient is a non-resident, the tax will be deducted under Section 195. · When there is no business relationship, this section will not apply. TDS should not be deducted when the total value involved does… Continue reading Non-applicability Of TDS Under Section 194R
Benefits of AI in Finance
For financial institutions, AI lets organizations accelerate and automate historically manual and time-consuming tasks like market research. AI can quickly analyze large volumes of data to identify trends and help forecast future performance, letting investors chart investment growth and evaluate potential risk. Evaluation can also apply to insurance, where personal data can be harvested and… Continue reading Benefits of AI in Finance
AI In Finance
AI in finance modernizes the entire industry by streamlining traditionally manual banking processes and unlocking deeper insights from generated data, helping dictate how and where investments are made. AI is also changing the customer experience by creating faster, contactless interactions, including real-time credit approvals and improved fraud protection and cybersecurity. As AI evolves, so will… Continue reading AI In Finance
Accounting Principles
Accounting principles are the common guidelines and rules related to accounting transactions that are followed to prepare financial statements successfully. These principles are the founding guidelines for preparing and recording financials for proper analysis. These accounting principles are also known as Generally Accepted Accounting Principles or GAAP. These principles guide accountants in financial analysis and ensure that the quality of financial information a company… Continue reading Accounting Principles
Section 194I – TDS on Rent
Section 194-I is to deduct tax on rent payment for hiring plant, machinery or equipment at a rate of 2% and 10% for rent paid for use of land, building or furniture & fittings. TDS will be deducted if the rent exceeds the threshold limit of Rs 6 lacs in the financial year or Rs… Continue reading Section 194I – TDS on Rent
Updated Preview Tax
In NetSuite, end users can now preview TDS tax as well. Previously, the Indian localization bundle only displayed GST when the standard preview tax button was clicked. With the latest update, TDS is now included in the preview options. Previously clients had to use scripts to show the end user how much TDS would be… Continue reading Updated Preview Tax