Category: Finance

Upon checking, this is covered in the enhancement request logged on Enhancement # 102645 Transactions > Accept Customer Payment : Ability to expense a bank fee on the customer payment screen. You can go to SuiteIdeas page to vote for the enhancement. Apologies for the inconvenience this limitation may be causing you but I hope this helps clarify your… Continue reading Expense a bank fee on the customer payment screen

Director identification number is a unique number issued to existing Director or a Future Director of a Company and required for company registration. DIN and Designated Partner Identification Number can be used interchangeably. DPIN is required for registering a LLP in India. DIN typically contains all the personal information of the person becoming a Director. DIN can only be… Continue reading Director Identification Number (DIN)

Tax Deduction and Collection Account Number – TAN TAN stands for Tax Deduction and Collection Account Number. It is a ten-digit alphanumeric number allotted to those who are supposed to deduct tax at source or TDS. TAN number or registration is significant for businesses deducting tax at source and must be quoted in TDS or… Continue reading TAN & PAN

Digital Signature Certificates (DSC) is an electronic authorization format that serves as proof of an individual’s identity for certain online transactions and filings. DSCs are mainly used by the MCA (ROC), Income Tax Department, Directorate General of Foreign Trade, GST registration, Employee Provident Fund, and E-Tenders in India. Digital Signatures are classified into three classes… Continue reading Digital Signature Certificate – DSC

The taxpayer can file the application for supplies to a Special Economic Zone unit or a Special Economic Zone developer by: Supplier of goods after such goods have been admitted in full in the Special Economic Zone for authorised operations, as endorsed by the specified officer of the Zone; Supplier of services along with such… Continue reading Refund Policy on Supply to SEZ

A compound journal entry is a journal entry that affects more than two accounts. It is used to record complex transactions that involve multiple debits and credits in a single entry, ensuring that the accounting equation remains balanced. Here’s a detailed explanation along with an example: Explanation In accounting, each transaction must have at least… Continue reading Compound Journal Entry

Capital budgeting is a crucial financial management process that involves evaluating and selecting long-term investment projects that are expected to generate returns over multiple years. It is essential for making informed decisions about which projects or investments a company should undertake to maximize shareholder value. Here are the key components and methods of capital budgeting:… Continue reading Capital Budgeting

Risk assessment and mitigation are essential components of risk management, aimed at identifying, evaluating, and reducing the impact of potential risks on an organization. Risk Assessment 1. Identification Process: Identify all potential risks that could affect the organization. Methods: Brainstorming sessions. SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). Risk checklists. Historical data analysis. Expert judgment. 2.… Continue reading Risk Assessment and Mitigation

Financial risk refers to the possibility of losing money or facing uncertainty in financial markets and transactions. Here are the main types of financial risks: 1. Market Risk Definition: The risk of losses due to changes in market prices. Subtypes: Equity Risk: Risk from changes in stock prices. Interest Rate Risk: Risk from fluctuations in… Continue reading Types of Financial Risk

Section 194C of the Income Tax Act, 1961 in India deals with tax deduction at source (TDS) on payments made to contractors and subcontractors. This section applies to both individuals and businesses who are making payments to contractors or subcontractors for carrying out any work, including: Payments for carrying out any work in pursuance of… Continue reading Section 194C of the Income Tax Act