India is notorious for its complex tax system. For new businesses and startups, it becomes impossible to navigate through various direct and indirect taxes. Constant changes to taxes like Service Tax are making things even worst. But now, the things are set to change with new Goods and service tax – commonly known as GST.…
Setting up Taxes in ProfitBooks is easy. Just to go Accounting menu and click on Taxes. In this article, we’ll explain how to setup Service Tax, Swacch Bharat Cess and Krishi Kalyan Cess: Important Notes Here is a quick calculation for new service tax rates that is effective from 1st June 2016. Taxes are…
Finance minister, Mr. Jaitley had proposed to impose a Cess, called the Krishi Kalyan Cess (KKC), at 0.5% on all taxable services during Budget 2016. Effective date of Krishi Kalyan Cess is 1st June 2016. In this article, we are trying to answer most commonly asked questions about this new tax. As you know, Service tax is a tax…
Now, get paid faster with ProfitBooks. You can now add a payment link to invoices when you email them to your customers. This guide shows how to integrate your Instamojo account and start receiving payments directly in ProfitBooks. Meet Instamojo Instamojo one of the best payment gateways in India. You can enable your customers to pay you…
Advance accounting, is a skill every business owner should be well aware of. The way advance accounting works may feel very overwhelming for business owners, but this is were this article will come in handy! In the following article, we have listed 10 tips for advance accounting using journal entry. 1. Fixed Asset Purchase. Depreciation allocates…
Each business incurs certain expenditure to run. They can be further divided into purchases’ and expenses’. Expenses can be either cash expenses which are paid off immediately, or credit expenses, which are incurred on a particular date but settled later. Purchase usually deals with procurement process of inventory which we require to either manufacture, or…
One of the most popular methods of financing is borrowing. Loans can be short term, long term, secured, or unsecured and should be recorded accordingly. It is important to keep track of the principle and interest amount, and record them respectively in books for correct accounting. Classification is vital as ‘interest’ paid on loan is…
Setting up Taxes in ProfitBooks is easy. Just to go Accounting menu and click on Taxes. While most of the fields are self-explanatory, please make sure you pay attention to following 3 fields: Adding Linked Taxes In some cases, you might want to add additional taxes that are part of the same tax group. Lets…
Owners or co-founders keep investing in their own businesses during early stage of their startup or even at later stage. This helps them to improve the company’s cashflow or make funds available for new equipment, paid marketing or hiring additional staff. Recording capital investments of your own money or your business partner’s money is important for keeping company accounts…
Creating a professional invoice might seem like an easy thing to do but its often the toughest task, specially if you are doing it for the first time. Its often the last communication with the client and hence, must leave a good impression about your company. Lets find out how you can create a good looking…
